Tenet Healthcare Co. (NYSE:THC) Shares Acquired by Farallon Capital Management LLC

Farallon Capital Management LLC boosted its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 7.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 687,442 shares of the company’s stock after buying an additional 50,000 shares during the period. Farallon Capital Management LLC owned 0.70% of Tenet Healthcare worth $91,450,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of THC. Vanguard Group Inc. grew its stake in shares of Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after buying an additional 172,913 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after purchasing an additional 29,172 shares during the period. Headlands Technologies LLC purchased a new stake in Tenet Healthcare in the 1st quarter valued at about $410,000. Hsbc Holdings PLC boosted its stake in Tenet Healthcare by 113.0% during the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock worth $34,266,000 after buying an additional 240,611 shares during the period. Finally, First Light Asset Management LLC acquired a new stake in shares of Tenet Healthcare during the fourth quarter valued at about $14,706,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on THC. StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Robert W. Baird initiated coverage on Tenet Healthcare in a research note on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price objective for the company. Wells Fargo & Company increased their target price on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Raymond James lifted their target price 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. Finally, Truist Financial reissued a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Stock Performance

Shares of THC opened at $167.98 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $171.20. The stock has a 50 day moving average price of $153.82 and a 200 day moving average price of $131.20. The company has a market capitalization of $16.41 billion, a price-to-earnings ratio of 6.52, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate 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%. Research analysts predict that Tenet Healthcare Co. will post 10.7 EPS for the current fiscal year.

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

Insider Activity

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on Wednesday, August 14th. The shares were 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 in the company, valued at $2,126,688.93. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction dated 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 owns 13,773 shares in the company, valued at approximately $2,126,688.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by company 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.