Premier Fund Managers Ltd Sells 1,539 Shares of Tenet Healthcare Co. (NYSE:THC)

Premier Fund Managers Ltd reduced its position in Tenet Healthcare Co. (NYSE:THC) by 13.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,511 shares of the company’s stock after selling 1,539 shares during the quarter. Premier Fund Managers Ltd’s holdings in Tenet Healthcare were worth $1,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Innealta Capital LLC purchased a new stake in Tenet Healthcare in the 2nd quarter worth $28,000. Plato Investment Management Ltd purchased a new stake in shares of Tenet Healthcare during the third quarter worth about $28,000. ORG Wealth Partners LLC purchased a new position in Tenet Healthcare in the 3rd quarter worth approximately $30,000. ORG Partners LLC bought a new position in Tenet Healthcare in the 2nd quarter worth approximately $31,000. Finally, Blue Trust Inc. raised its position in shares of Tenet Healthcare by 93.0% during the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after buying an additional 120 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on THC. Cantor Fitzgerald raised their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Raymond James lifted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Truist Financial restated a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, UBS Group boosted their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Trading Down 0.1 %

Shares of NYSE THC opened at $153.35 on Wednesday. The business’s 50 day moving average price is $159.55 and its 200-day moving average price is $147.69. Tenet Healthcare Co. has a fifty-two week low of $62.70 and a fifty-two week high of $171.20. 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 company has a market cap of $14.58 billion, a price-to-earnings ratio of 4.91, a PEG ratio of 0.70 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.44 earnings per share. On average, sell-side analysts expect that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

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

Insider Transactions at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare 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 directly owns 15,566 shares in the company, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,599 shares of company stock valued at $2,830,834. 0.93% of the stock is currently owned by company insiders.

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.