Tenet Healthcare Co. (NYSE:THC) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC cut its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 46.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,690 shares of the company’s stock after selling 11,156 shares during the period. Fred Alger Management LLC’s holdings in Tenet Healthcare were worth $1,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after buying an additional 172,913 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after buying an additional 29,172 shares in the last quarter. Headlands Technologies LLC purchased a new position in Tenet Healthcare in the first quarter valued at $410,000. Hsbc Holdings PLC increased its holdings in Tenet Healthcare by 113.0% in the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock valued at $34,266,000 after buying an additional 240,611 shares in the last quarter. Finally, First Light Asset Management LLC purchased a new position in Tenet Healthcare in the fourth quarter valued at $14,706,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on THC shares. Truist Financial reaffirmed a “buy” rating and issued a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a report on Thursday, July 25th. StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research note on Monday, August 19th. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group boosted their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One research 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. According to MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Stock Performance

NYSE:THC opened at $163.13 on Friday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of 6.33, a PEG ratio of 0.86 and a beta of 2.14. The company’s 50-day moving average is $156.42 and its two-hundred day moving average is $132.62. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Analysts forecast that Tenet Healthcare Co. will post 10.72 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are 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.