Tenet Healthcare Co. (NYSE:THC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its stake in Tenet Healthcare Co. (NYSE:THC) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,853 shares of the company’s stock after selling 4,421 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Tenet Healthcare were worth $13,604,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 acquiring an additional 790,684 shares during the last quarter. 8 Knots Management LLC boosted its stake in Tenet Healthcare by 74.5% during the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after purchasing an additional 438,033 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares during the last quarter. Farallon Capital Management LLC lifted its stake in shares of Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after buying an additional 262,600 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Tenet Healthcare by 344.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after acquiring an additional 245,875 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,599 shares of company stock worth $2,830,834. Company insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

THC has been the topic of several recent research reports. Royal Bank of Canada boosted their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Cantor Fitzgerald upped their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup increased their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Raymond James upped their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Finally, UBS Group boosted their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Trading Down 4.5 %

NYSE:THC opened at $155.34 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The stock’s 50 day simple moving average is $159.57 and its 200-day simple moving average is $147.00. Tenet Healthcare Co. has a 12-month low of $57.65 and a 12-month high of $171.20. The firm has a market cap of $14.77 billion, a P/E ratio of 4.98, a PEG ratio of 0.70 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. Tenet Healthcare’s quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts anticipate that Tenet Healthcare Co. will post 11.37 EPS for the current year.

Tenet Healthcare declared that its Board of Directors 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 reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.