Dimensional Fund Advisors LP Sells 142,950 Shares of Tenet Healthcare Co. (NYSE:THC)

Dimensional Fund Advisors LP lowered its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 9.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,305,457 shares of the company’s stock after selling 142,950 shares during the quarter. Dimensional Fund Advisors LP owned 1.34% of Tenet Healthcare worth $173,702,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of THC. Envestnet Portfolio Solutions Inc. grew its holdings in Tenet Healthcare by 4.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,829 shares of the company’s stock worth $365,000 after buying an additional 221 shares in the last quarter. Norges Bank bought a new stake in Tenet Healthcare during the fourth quarter worth $78,254,000. Wells Fargo & Company MN grew its stake in Tenet Healthcare by 2.1% in the 4th quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock valued at $11,745,000 after purchasing an additional 3,237 shares during the period. Quest Partners LLC bought a new position in Tenet Healthcare in the 4th quarter valued at $549,000. Finally, CreativeOne Wealth LLC bought a new position in Tenet Healthcare in the 4th quarter valued at $302,000. Institutional investors own 95.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barclays upped their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. Robert W. Baird initiated coverage on Tenet Healthcare in a research report on Thursday, May 30th. They set an “outperform” rating and a $153.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and a consensus target price of $152.69.

Insider Activity

In other news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the transaction, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 in the last quarter. 0.93% of the stock is owned by company insiders.

Tenet Healthcare Trading Down 1.3 %

NYSE THC opened at $165.10 on Friday. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $167.29. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The stock has a 50 day simple moving average of $152.47 and a two-hundred day simple moving average of $129.74. The stock has a market cap of $16.13 billion, a P/E ratio of 6.41, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. On average, analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.