Tenet Healthcare Co. (NYSE:THC) Position Increased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 67.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 209,020 shares of the company’s stock after acquiring an additional 83,935 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Tenet Healthcare worth $27,806,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in THC. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare during the second quarter valued at approximately $28,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at $31,000. Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of Tenet Healthcare during the first quarter worth about $29,000. Finally, Capital Advisors Ltd. LLC raised its holdings in Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after acquiring an additional 319 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the transaction, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock worth $19,754,997 in the last ninety days. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $165.16 on Friday. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $167.29. The firm has a market cap of $16.13 billion, a PE ratio of 6.41, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The company’s 50 day moving average is $153.09 and its two-hundred day moving average is $130.48.

Tenet Healthcare (NYSE:THC) last issued 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. The company had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, research analysts expect that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

Tenet Healthcare announced that its board has authorized a share buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on THC shares. UBS Group lifted their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Robert W. Baird assumed coverage on shares of Tenet Healthcare in a report on Thursday, May 30th. They issued an “outperform” rating and a $153.00 target price on the stock. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. The Goldman Sachs Group raised their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Barclays raised their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price 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.