Shell Asset Management Co. Reduces Holdings in Tenet Healthcare Co. (NYSE:THC)

Shell Asset Management Co. lessened its position in Tenet Healthcare Co. (NYSE:THC) by 3.4% in the 1st quarter, Holdings Channel.com reports. The fund owned 11,138 shares of the company’s stock after selling 392 shares during the period. Shell Asset Management Co.’s holdings in Tenet Healthcare were worth $1,171,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Tenet Healthcare by 1.6% in the fourth 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 during the period. Glenview Capital Management LLC lifted its holdings in Tenet Healthcare by 12.8% during the 4th quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after buying an additional 877,180 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Tenet Healthcare by 16.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,516,792 shares of the company’s stock valued at $114,629,000 after buying an additional 212,185 shares during the period. Greenlight Capital Inc. increased 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 worth $99,448,000 after acquiring an additional 404,190 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Tenet Healthcare by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,043,214 shares of the company’s stock valued at $78,836,000 after acquiring an additional 16,490 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded down $1.24 during midday trading on Friday, reaching $148.50. The company had a trading volume of 392,579 shares, compared to its average volume of 1,227,392. The stock has a market cap of $14.51 billion, a P/E ratio of 5.81, a P/E/G ratio of 1.08 and a beta of 2.15. The company has a current ratio of 1.45, a quick ratio of 1.37 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $151.89. The business’s 50-day simple moving average is $134.51 and its 200 day simple moving average is $110.23.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the previous year, the business earned $1.42 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts forecast that Tenet Healthcare Co. will post 10.77 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $132.24, for a total value of $185,136.00. Following the sale, the director now directly owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $132.24, for a total value of $185,136.00. Following the sale, the director now owns 16,227 shares in the company, valued at $2,145,858.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher S. Lynch sold 10,861 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,691 shares of company stock valued at $3,117,909. 0.93% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on THC. UBS Group upped their target price on Tenet Healthcare from $137.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Barclays increased their target price on shares of Tenet Healthcare from $147.00 to $156.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Mizuho reissued a “buy” rating and set a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Finally, Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $137.12.

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.