Choreo LLC Purchases New Shares in Tenet Healthcare Co. (NYSE:THC)

Choreo LLC bought a new position in Tenet Healthcare Co. (NYSE:THC) during the second quarter, HoldingsChannel.com reports. The fund bought 2,515 shares of the company’s stock, valued at approximately $335,000.

A number of other institutional investors have also recently made changes to their positions in THC. Innealta Capital LLC purchased a new stake in Tenet Healthcare during the second quarter valued at approximately $28,000. Rise Advisors LLC purchased a new position in Tenet Healthcare during the first quarter worth $29,000. ORG Partners LLC bought a new position in Tenet Healthcare during the second quarter valued at $31,000. Blue Trust Inc. lifted its holdings in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its holdings in Tenet Healthcare by 759.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after purchasing an additional 319 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Down 4.7 %

Tenet Healthcare stock opened at $156.95 on Wednesday. The firm has a market cap of $15.33 billion, a P/E ratio of 6.09, a P/E/G ratio of 0.80 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $166.89. The business has a fifty day moving average of $150.68 and a two-hundred day moving average of $128.81.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

THC has been the subject of several recent analyst reports. Baird R W upgraded Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. UBS Group upped their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and a consensus price target of $152.69.

Insider Activity at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the transaction, the insider now directly 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 SEC, which is accessible through the SEC website. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 approximately $2,328,533.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last 90 days. Insiders own 0.93% of the company’s stock.

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.