Letko Brosseau & Associates Inc. Trims Holdings in Tenet Healthcare Co. (NYSE:THC)

Letko Brosseau & Associates Inc. lessened its position in shares of Tenet Healthcare Co. (NYSE:THC) by 99.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 5,300 shares of the company’s stock after selling 1,123,651 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Tenet Healthcare were worth $705,000 as of its most recent SEC filing.

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

Tenet Healthcare Price Performance

Shares of THC stock traded down $8.58 during mid-day trading on Friday, hitting $153.40. 2,237,319 shares of the stock were exchanged, compared to its average volume of 1,210,055. 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 $166.89. The firm has a fifty day moving average of $147.68 and a 200 day moving average of $125.51. The company has a market cap of $14.98 billion, a PE ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last issued 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. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Research analysts anticipate that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare declared that its board has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on THC. Raymond James lifted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Truist Financial reiterated a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $152.69.

Insider Buying and Selling at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tenet Healthcare news, Director Richard W. Fisher sold 1,400 shares of Tenet Healthcare stock in a transaction on Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 129,603 shares of company stock valued at $19,940,133 over the last ninety days. Corporate 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.