Insider Selling: Tenet Healthcare Co. (NYSE:THC) Insider Sells 11,599 Shares of Stock

Tenet Healthcare Co. (NYSE:THC) insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $153.41 on Friday. The stock has a market cap of $14.99 billion, a P/E ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $166.89. The firm’s fifty day moving average price is $147.68 and its 200-day moving average price is $125.51.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating 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 return on equity of 24.66% and a net margin of 13.17%. On average, equities research analysts expect that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on THC shares. Deutsche Bank Aktiengesellschaft lifted their price objective 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. The Goldman Sachs Group boosted their target price on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research report on Monday, August 19th. JPMorgan Chase & Co. raised their price target on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Finally, Raymond James upped 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 research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $152.69.

Hedge Funds Weigh In On Tenet Healthcare

Large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its holdings in shares of Tenet Healthcare by 5,297.5% in the fourth quarter. International Assets Investment Management LLC now owns 6,423 shares of the company’s stock worth $485,000 after buying an additional 6,304 shares during the period. M&T Bank Corp boosted its stake in shares of Tenet Healthcare by 10.8% during the fourth quarter. M&T Bank Corp now owns 4,521 shares of the company’s stock valued at $342,000 after purchasing an additional 439 shares during the period. National Bank of Canada FI increased its stake in shares of Tenet Healthcare by 267.1% in the fourth quarter. National Bank of Canada FI now owns 67,695 shares of the company’s stock worth $5,147,000 after buying an additional 49,255 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Tenet Healthcare by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,043,214 shares of the company’s stock valued at $78,836,000 after buying an additional 16,490 shares during the period. Finally, Picton Mahoney Asset Management increased its position in shares of Tenet Healthcare by 54.7% in the fourth quarter. Picton Mahoney Asset Management now owns 4,285 shares of the company’s stock valued at $324,000 after acquiring an additional 1,515 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

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.