ProShare Advisors LLC Decreases Position in Tenet Healthcare Co. (NYSE:THC)

ProShare Advisors LLC decreased its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 7.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,607 shares of the company’s stock after selling 347 shares during the quarter. ProShare Advisors LLC’s holdings in Tenet Healthcare were worth $613,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Tenet Healthcare during the second quarter worth approximately $28,000. ORG Partners LLC acquired a new position in Tenet Healthcare during the second quarter worth approximately $31,000. Blue Trust Inc. increased its position 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 period. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Tenet Healthcare during the second quarter worth approximately $34,000. Finally, Rise Advisors LLC acquired a new position in Tenet Healthcare during the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on THC. Raymond James lifted their price target on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Barclays boosted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. UBS Group boosted their target price on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a report on Monday, August 19th. Finally, The Goldman Sachs Group boosted their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One equities research 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Stock Down 1.0 %

Tenet Healthcare stock opened at $163.22 on Monday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The firm has a market capitalization of $15.94 billion, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14. The stock’s fifty day moving average is $156.42 and its two-hundred day moving average is $133.07. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Analysts predict that Tenet Healthcare Co. will post 10.72 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’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 $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction 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 owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,203 shares of company stock worth $19,754,997. 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.