Letko Brosseau & Associates Inc. Sells 1,123,651 Shares of Tenet Healthcare Co. (NYSE:THC)

Letko Brosseau & Associates Inc. lowered its holdings in Tenet Healthcare Co. (NYSE:THC) by 99.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,300 shares of the company’s stock after selling 1,123,651 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Tenet Healthcare were worth $705,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after purchasing an additional 172,913 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after buying an additional 790,684 shares during the period. Glenview Capital Management LLC grew its holdings in shares of Tenet Healthcare by 12.8% during the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock worth $585,087,000 after acquiring an additional 877,180 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Tenet Healthcare by 16.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock worth $114,629,000 after acquiring an additional 212,185 shares in the last quarter. Finally, Greenlight Capital Inc. boosted its position in shares of Tenet Healthcare by 44.3% during the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after purchasing an additional 404,190 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

THC stock traded down $8.58 during midday trading on Friday, hitting $153.40. The company’s stock had a trading volume of 2,237,319 shares, compared to its average volume of 1,210,055. The firm has a market capitalization of $14.98 billion, a price-to-earnings ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14. 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 12 month low of $51.04 and a 12 month high of $166.89. The company has a 50 day moving average of $147.68 and a two-hundred day moving average of $125.51.

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

Tenet Healthcare announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated 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 transaction, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. 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 in the last quarter. 0.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on THC shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. JPMorgan Chase & Co. raised their target price 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. Baird R W raised Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Wells Fargo & Company increased their target price on Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare presently has an average rating of “Buy” and an average price target of $152.69.

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.