Simplify Asset Management Inc. Has $1.31 Million Stake in Tenet Healthcare Co. (NYSE:THC)

Simplify Asset Management Inc. increased its holdings in Tenet Healthcare Co. (NYSE:THC) by 68.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,872 shares of the company’s stock after buying an additional 3,186 shares during the period. Simplify Asset Management Inc.’s holdings in Tenet Healthcare were worth $1,308,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

THC has been the subject of several recent research reports. Cantor Fitzgerald increased their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Royal Bank of Canada increased their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Barclays upped their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. UBS Group lifted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target for the company. One 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 company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $170.38.

Tenet Healthcare Stock Performance

THC stock traded down $6.91 during midday trading on Friday, reaching $155.74. 254,528 shares of the company’s stock traded hands, compared to its average volume of 1,212,252. Tenet Healthcare Co. has a 52 week low of $57.65 and a 52 week high of $171.20. The company has a 50-day moving average price of $159.54 and a two-hundred day moving average price of $146.36. 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 firm has a market capitalization of $14.81 billion, a PE ratio of 5.21, a price-to-earnings-growth ratio of 0.73 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $1.44 earnings per share. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current year.

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

Insider Transactions at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This trade represents a 20.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,599 shares of company stock valued at $2,830,834 in the last quarter. Insiders own 0.93% of the company’s stock.

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.