Richard W. Fisher Sells 2,000 Shares of Tenet Healthcare Co. (NYSE:THC) Stock

Tenet Healthcare Co. (NYSE:THC) Director Richard W. Fisher sold 2,000 shares of the 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 transaction, the director now owns 14,227 shares in the company, valued at $2,328,533.09. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Tenet Healthcare Stock Up 0.7 %

THC stock opened at $165.85 on Friday. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $166.08. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company has a market capitalization of $16.20 billion, a P/E ratio of 6.44, a PEG ratio of 0.76 and a beta of 2.15. The firm has a 50 day simple moving average of $145.14 and a 200-day simple moving average of $123.03.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. On average, equities research analysts predict that Tenet Healthcare Co. will post 10.68 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in Tenet Healthcare during the fourth quarter valued at $78,254,000. Glenview Capital Management LLC increased its stake in Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC bought a new stake in Tenet Healthcare during the fourth quarter valued at $44,412,000. Finally, Wedge Capital Management L L P NC increased its stake in Tenet Healthcare by 1,265.6% during the first quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock valued at $49,208,000 after purchasing an additional 433,877 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on THC shares. JPMorgan Chase & Co. increased their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. UBS Group increased their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $168.00 price target on shares of Tenet Healthcare in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, June 28th. Finally, Raymond James raised their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $152.69.

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.