Tenet Healthcare Co. (NYSE:THC) Position Cut by Dark Forest Capital Management LP

Dark Forest Capital Management LP lessened its position in Tenet Healthcare Co. (NYSE:THC) by 80.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,793 shares of the company’s stock after selling 7,224 shares during the period. Dark Forest Capital Management LP’s holdings in Tenet Healthcare were worth $239,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Glenview Capital Management LLC raised its holdings in shares of 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 buying an additional 877,180 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after acquiring an additional 790,684 shares during the period. 8 Knots Management LLC bought a new position in shares of Tenet Healthcare in the fourth quarter worth $44,412,000. Greenlight Capital Inc. raised its stake in shares of Tenet Healthcare by 44.3% during the fourth quarter. Greenlight Capital Inc. now owns 1,315,970 shares of the company’s stock valued at $99,448,000 after purchasing an additional 404,190 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after purchasing an additional 321,789 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Down 1.0 %

NYSE:THC opened at $163.22 on Monday. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $171.20. The firm has a market capitalization of $15.94 billion, a price-to-earnings ratio of 6.33, a PEG ratio of 0.86 and a beta of 2.14. 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 business’s fifty day moving average price is $156.42 and its 200 day moving average price is $133.07.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating 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 firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. On average, sell-side analysts forecast that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

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

Insider Activity at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the firm’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 completion of the transaction, 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. Over the last 90 days, insiders sold 128,203 shares of company stock valued at $19,754,997. Insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. UBS Group boosted their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Citigroup increased their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Truist Financial restated 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. 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 research report on Thursday, July 25th. Finally, Barclays raised their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus 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.