Meiji Yasuda Asset Management Co Ltd. Sells 140 Shares of Tenet Healthcare Co. (NYSE:THC)

Meiji Yasuda Asset Management Co Ltd. lessened its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 5.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,461 shares of the company’s stock after selling 140 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Tenet Healthcare were worth $327,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of THC. Innealta Capital LLC bought a new position in shares of Tenet Healthcare during the second quarter worth about $28,000. Rise Advisors LLC acquired a new position in shares of Tenet Healthcare in the 1st quarter worth approximately $29,000. ORG Partners LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at $31,000. Blue Trust Inc. raised its stake in Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its position in Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after acquiring an additional 319 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $165.16 on Friday. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $167.29. The company has a market cap of $16.13 billion, a P/E ratio of 6.41, a P/E/G ratio of 0.80 and a beta of 2.14. The firm 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.

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

Tenet Healthcare declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

THC has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a report on Monday, August 19th. Barclays lifted their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $152.69.

Insider Activity

In related news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the completion of the sale, the executive vice president now directly owns 21,426 shares in the company, valued at approximately $3,342,456. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock valued at $19,754,997 in the last ninety days. 0.93% of the stock is currently owned by insiders.

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.