Tenet Healthcare Co. (NYSE:THC) Shares Sold by Columbus Hill Capital Management L.P.

Columbus Hill Capital Management L.P. cut its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 58.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 132,900 shares of the company’s stock after selling 184,903 shares during the quarter. Tenet Healthcare makes up approximately 3.6% of Columbus Hill Capital Management L.P.’s portfolio, making the stock its 13th biggest position. Columbus Hill Capital Management L.P. owned 0.14% of Tenet Healthcare worth $17,680,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in THC. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Tenet Healthcare by 4.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,829 shares of the company’s stock valued at $365,000 after purchasing an additional 221 shares in the last quarter. Norges Bank purchased a new stake in Tenet Healthcare during the 4th quarter worth about $78,254,000. Wells Fargo & Company MN boosted its position in shares of Tenet Healthcare by 2.1% during the 4th quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock worth $11,745,000 after acquiring an additional 3,237 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Tenet Healthcare during the 4th quarter worth about $549,000. Finally, CreativeOne Wealth LLC purchased a new stake in Tenet Healthcare during the fourth quarter worth approximately $302,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE THC opened at $165.10 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The business’s 50 day moving average is $152.47 and its two-hundred day moving average is $129.74. The stock has a market capitalization of $16.13 billion, a price-to-earnings ratio of 6.41, a PEG ratio of 0.80 and a beta of 2.14. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $167.29.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) 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 firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Research analysts expect that Tenet Healthcare Co. will post 10.7 EPS for the current year.

Tenet Healthcare announced that its board has initiated a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup boosted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a report on Monday, August 19th. The Goldman Sachs Group boosted their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Robert W. Baird began coverage on shares of Tenet Healthcare in a research report on Thursday, May 30th. They set an “outperform” rating and a $153.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare 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.