Tenet Healthcare Co. (NYSE:THC) Shares Purchased by Empowered Funds LLC

Empowered Funds LLC grew its position in shares of Tenet Healthcare Co. (NYSE:THC) by 63.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 83,161 shares of the company’s stock after purchasing an additional 32,387 shares during the quarter. Empowered Funds LLC owned approximately 0.09% of Tenet Healthcare worth $13,821,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in THC. CIBC Asset Management Inc increased its position in Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after buying an additional 94 shares during the period. KBC Group NV increased its position in Tenet Healthcare by 54.7% during the 3rd quarter. KBC Group NV now owns 5,698 shares of the company’s stock worth $947,000 after purchasing an additional 2,014 shares during the period. Plato Investment Management Ltd acquired a new stake in shares of Tenet Healthcare in the 3rd quarter valued at approximately $28,000. MQS Management LLC acquired a new position in Tenet Healthcare during the third quarter worth $227,000. Finally, Victory Capital Management Inc. raised its position in Tenet Healthcare by 33.0% in the third quarter. Victory Capital Management Inc. now owns 300,148 shares of the company’s stock worth $49,885,000 after acquiring an additional 74,533 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Down 1.2 %

Shares of NYSE:THC opened at $160.63 on Friday. Tenet Healthcare Co. has a 12-month low of $57.65 and a 12-month high of $171.20. The stock’s 50-day moving average price is $159.54 and its two-hundred day moving average price is $146.36. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The firm has a market cap of $15.28 billion, a price-to-earnings ratio of 5.21, a PEG ratio of 0.73 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. Tenet Healthcare’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.44 earnings per share. On average, research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare declared that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on THC. Cantor Fitzgerald lifted their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Citigroup boosted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Raymond James lifted their price target on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. KeyCorp assumed coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Finally, The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $170.38.

Insiders Place Their Bets

In other news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,599 shares of company stock worth $2,830,834 over the last three months. 0.93% of the stock is owned by insiders.

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.