Fifth Third Bancorp Buys 130 Shares of Tenet Healthcare Co. (NYSE:THC)

Fifth Third Bancorp boosted its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 15.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 968 shares of the company’s stock after purchasing an additional 130 shares during the period. Fifth Third Bancorp’s holdings in Tenet Healthcare were worth $129,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. First Citizens Bank & Trust Co. acquired a new position in Tenet Healthcare during the second quarter worth $282,000. Neo Ivy Capital Management acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth about $810,000. First Horizon Advisors Inc. lifted its stake in Tenet Healthcare by 922.3% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,053 shares of the company’s stock valued at $140,000 after purchasing an additional 950 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Tenet Healthcare by 160.0% during the second quarter. Nisa Investment Advisors LLC now owns 9,331 shares of the company’s stock worth $1,241,000 after purchasing an additional 5,742 shares during the period. Finally, Raymond James & Associates raised its stake in Tenet Healthcare by 39.9% in the second quarter. Raymond James & Associates now owns 104,474 shares of the company’s stock valued at $13,898,000 after buying an additional 29,781 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $132.24, for a total value of $185,136.00. Following the transaction, the director now owns 16,227 shares in the company, valued at approximately $2,145,858.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Richard W. Fisher sold 1,400 shares of Tenet Healthcare stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now directly owns 16,227 shares in the company, valued at $2,145,858.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Paola M. Arbour sold 8,377 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the transaction, the executive vice president now owns 21,426 shares of the company’s stock, valued at approximately $3,342,456. The disclosure for this sale can be found here. In the last ninety days, insiders sold 126,865 shares of company stock valued at $19,186,587. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $164.53 on Monday. The stock has a market cap of $16.07 billion, a P/E ratio of 6.38, a price-to-earnings-growth ratio of 0.76 and a beta of 2.15. The stock’s 50-day moving average is $142.34 and its 200-day moving average is $120.86. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $165.58. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last released 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. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Equities research analysts anticipate that Tenet Healthcare Co. will post 10.68 earnings per share for the current year.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Robert W. Baird initiated coverage on Tenet Healthcare in a report on Thursday, May 30th. They set an “outperform” rating and a $153.00 target price on the stock. The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Raymond James upped their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Citigroup raised their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Stephens increased their target price on Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price 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.