Convergence Investment Partners LLC Purchases Shares of 8,096 Tenet Healthcare Co. (NYSE:THC)

Convergence Investment Partners LLC purchased a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,096 shares of the company’s stock, valued at approximately $1,077,000.

Several other institutional investors have also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in Tenet Healthcare by 0.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after buying an additional 90 shares during the last quarter. Violich Capital Management Inc. increased its holdings in shares of Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after purchasing an additional 105 shares during the last quarter. GAMMA Investing LLC grew its stake in Tenet Healthcare by 17.0% in the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after buying an additional 106 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of Tenet Healthcare by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after acquiring an additional 115 shares during the period. Finally, Blue Trust Inc. lifted 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 purchasing an additional 120 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC stock traded up $1.17 on Monday, hitting $165.84. 651,300 shares of the stock were exchanged, compared to its average volume of 1,204,352. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $166.08. The firm’s 50 day moving average is $145.14 and its two-hundred day moving average is $123.52. The firm has a market capitalization of $16.20 billion, a PE ratio of 6.44, a P/E/G ratio of 0.85 and a beta of 2.15. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion during the quarter, compared to analyst estimates of $4.98 billion. Sell-side analysts expect that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

THC has been the topic of several analyst reports. Wells Fargo & Company increased their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group boosted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Raymond James increased 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 report on Thursday, July 25th. Truist Financial reaffirmed a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Finally, Robert W. Baird began coverage on Tenet Healthcare in a research note on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $152.69.

Insiders Place Their Bets

In related news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the transaction, the director now directly owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The disclosure for this sale can be found here. Insiders sold a total of 118,004 shares of company stock worth $18,060,399 in the last quarter. 0.93% of the stock is owned by company insiders.

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.