GSA Capital Partners LLP Acquires New Position in Tenet Healthcare Co. (NYSE:THC)

GSA Capital Partners LLP bought a new position in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 4,053 shares of the company’s stock, valued at approximately $674,000.

A number of other institutional investors have also made changes to their positions in THC. 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 boosted its holdings in shares of Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after buying an additional 438,033 shares during the period. Acadian Asset Management LLC raised its stake in Tenet Healthcare by 7,223.1% during the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after acquiring an additional 321,789 shares during the period. Farallon Capital Management LLC lifted its holdings in Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after acquiring an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after purchasing an additional 245,875 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Trading Down 4.5 %

NYSE:THC opened at $155.34 on Monday. The stock has a fifty day simple moving average of $159.57 and a 200 day simple moving average of $147.21. The firm has a market capitalization of $14.77 billion, a price-to-earnings ratio of 4.98, a price-to-earnings-growth ratio of 0.70 and a beta of 2.15. Tenet Healthcare Co. has a 1-year low of $57.65 and a 1-year high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm posted $1.44 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. Sell-side analysts forecast that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

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

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were 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 approximately $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare 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 $2,328,533.09. This trade represents a 12.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,599 shares of company stock valued at $2,830,834 over the last quarter. Company insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Cantor Fitzgerald raised their price target on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Barclays boosted their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. KeyCorp assumed coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. UBS Group upped their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $170.38.

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.