Symmetry Investments LP Takes $433,000 Position in Tenet Healthcare Co. (NYSE:THC)

Symmetry Investments LP bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 3,256 shares of the company’s stock, valued at approximately $433,000.

Several other institutional investors and hedge funds also recently made changes to their positions in THC. Innealta Capital LLC acquired a new stake in Tenet Healthcare in the second quarter worth $28,000. Rise Advisors LLC bought a new position in Tenet Healthcare during the first quarter valued at about $29,000. ORG Partners LLC bought a new position in Tenet Healthcare during the second quarter valued at about $31,000. Blue Trust Inc. boosted its stake in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare during the second quarter valued at about $34,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on THC. Wells Fargo & Company increased their price target on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. UBS Group increased their price target on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Raymond James increased their price target on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. One 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 stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Stock Down 1.2 %

THC opened at $165.16 on Friday. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $167.29. The business has a 50-day moving average of $153.09 and a 200-day moving average of $130.48. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The company has a market capitalization 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.

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

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

Insider Activity at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’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 value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’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 value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company’s stock.

About Tenet Healthcare

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.