AE Wealth Management LLC Makes New Investment in Tenet Healthcare Co. (NYSE:THC)

AE Wealth Management LLC purchased a new stake in Tenet Healthcare Co. (NYSE:THC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 35,723 shares of the company’s stock, valued at approximately $4,752,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Tenet Healthcare by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after buying an additional 172,913 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares during the period. Glenview Capital Management LLC raised its holdings in shares of Tenet Healthcare by 12.8% in the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares in the last quarter. Greenlight Capital Inc. boosted its stake in shares of Tenet Healthcare by 44.3% during the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after purchasing an additional 404,190 shares in the last quarter. Finally, Norges Bank purchased a new position in Tenet Healthcare during the fourth quarter valued at approximately $78,254,000. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE THC 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 company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The firm 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 business’s 50 day moving average price is $153.09 and its 200 day moving average price is $130.48.

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 analysts’ consensus estimates of $1.89 by $0.42. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, sell-side analysts expect that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare 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 directly owns 13,773 shares in the company, valued at $2,126,688.93. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tenet Healthcare news, 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 completion of the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. 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 quarter. 0.93% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on THC. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Friday, June 7th. Deutsche Bank Aktiengesellschaft boosted their target price 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. Truist Financial reaffirmed a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Wells Fargo & Company increased their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $152.69.

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.