Mount Lucas Management LP Grows Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Mount Lucas Management LP raised its position in Tenet Healthcare Co. (NYSE:THC) by 2.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,785 shares of the company’s stock after acquiring an additional 228 shares during the quarter. Mount Lucas Management LP’s holdings in Tenet Healthcare were worth $1,626,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of THC. Natixis Advisors LLC increased its stake in Tenet Healthcare by 19.4% during the 3rd quarter. Natixis Advisors LLC now owns 39,948 shares of the company’s stock worth $6,639,000 after buying an additional 6,491 shares during the period. Simplify Asset Management Inc. increased its position in shares of Tenet Healthcare by 68.0% during the third quarter. Simplify Asset Management Inc. now owns 7,872 shares of the company’s stock worth $1,308,000 after acquiring an additional 3,186 shares during the period. Empowered Funds LLC boosted its holdings in Tenet Healthcare by 63.8% in the third quarter. Empowered Funds LLC now owns 83,161 shares of the company’s stock valued at $13,821,000 after purchasing an additional 32,387 shares during the period. CIBC Asset Management Inc increased its holdings in Tenet Healthcare by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after purchasing an additional 94 shares during the period. Finally, KBC Group NV boosted its stake in shares of Tenet Healthcare by 54.7% in the 3rd quarter. KBC Group NV now owns 5,698 shares of the company’s stock valued at $947,000 after buying an additional 2,014 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

NYSE THC opened at $155.34 on Friday. The business’s 50-day moving average price is $159.57 and its 200 day moving average price is $147.00. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The firm has a market cap of $14.77 billion, a P/E ratio of 4.98, a P/E/G ratio of 0.70 and a beta of 2.15. Tenet Healthcare Co. has a 52-week low of $57.65 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.44 earnings per share. On average, equities research analysts expect that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on THC shares. Raymond James boosted their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Barclays increased their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Citigroup upped 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. The Goldman Sachs Group boosted their target price on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company increased their price target on shares of Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. One 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. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and an average target price of $170.38.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,599 shares of company stock valued at $2,830,834 over the last ninety days. Corporate insiders own 0.93% of the company’s stock.

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.