Creative Planning Increases Stake in Tenet Healthcare Co. (NYSE:THC)

Creative Planning grew its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,099 shares of the company’s stock after purchasing an additional 461 shares during the quarter. Creative Planning’s holdings in Tenet Healthcare were worth $2,676,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. ORG Wealth Partners LLC bought a new position in Tenet Healthcare during the 3rd quarter valued at approximately $30,000. Willner & Heller LLC bought a new position in shares of Tenet Healthcare during the third quarter valued at approximately $204,000. Exchange Traded Concepts LLC bought a new stake in Tenet Healthcare in the third quarter valued at $421,000. Ritholtz Wealth Management increased its position in Tenet Healthcare by 15.1% during the 3rd quarter. Ritholtz Wealth Management now owns 18,800 shares of the company’s stock valued at $3,125,000 after purchasing an additional 2,466 shares during the period. Finally, Private Advisory Group LLC raised its holdings in Tenet Healthcare by 21.3% in the 3rd quarter. Private Advisory Group LLC now owns 5,481 shares of the company’s stock worth $911,000 after purchasing an additional 963 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 7.5 %

Shares of NYSE:THC opened at $139.77 on Friday. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $171.20. The stock’s fifty day moving average price is $159.85 and its 200-day moving average price is $140.50. The company has a market cap of $13.65 billion, a P/E ratio of 5.42, a PEG ratio of 0.80 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

Tenet Healthcare (NYSE:THC) last announced 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. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Sell-side analysts expect that Tenet Healthcare Co. will post 10.72 earnings per share for the current year.

Tenet Healthcare announced that its Board of Directors has initiated 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

THC has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target 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. Barclays increased their target price on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their price target on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Finally, UBS Group upped their target price 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. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and a consensus target price of $157.24.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,203 shares of company stock valued at $19,754,997. Company 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.