Forum Financial Management LP Has $286,000 Stock Position in Tenet Healthcare Co. (NYSE:THC)

Forum Financial Management LP trimmed its holdings in Tenet Healthcare Co. (NYSE:THC) by 4.1% in the third quarter, Holdings Channel reports. The fund owned 1,720 shares of the company’s stock after selling 74 shares during the period. Forum Financial Management LP’s holdings in Tenet Healthcare were worth $286,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its position in shares of Tenet Healthcare by 11.1% in 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. 8 Knots Management LLC increased its position in shares of Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after acquiring an additional 438,033 shares in the last quarter. Marshall Wace LLP lifted its position in Tenet Healthcare by 7.3% in the 2nd quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after acquiring an additional 48,626 shares in the last quarter. Farallon Capital Management LLC boosted its stake in Tenet Healthcare by 7.8% in the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after purchasing an additional 50,000 shares during the period. Finally, Integral Health Asset Management LLC raised its stake in shares of Tenet Healthcare by 17.6% in the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after purchasing an additional 75,000 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 2.8 %

Shares of THC opened at $166.87 on Wednesday. The firm’s 50-day simple moving average is $159.36 and its 200 day simple moving average is $143.22. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm has a market cap of $15.87 billion, a P/E ratio of 5.35, a price-to-earnings-growth ratio of 0.70 and a beta of 2.15. Tenet Healthcare Co. has a 52 week low of $52.08 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.44 earnings per share. On average, analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,203 shares of company stock valued at $17,451,957. 0.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald lifted their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup raised their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $163.65.

Tenet Healthcare 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.