Simplicity Wealth LLC trimmed its position in Tenet Healthcare Co. (NYSE:THC - Free Report) by 95.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,531 shares of the company's stock after selling 93,885 shares during the quarter. Simplicity Wealth LLC's holdings in Tenet Healthcare were worth $753,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of THC. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare in the second quarter worth about $28,000. Rise Advisors LLC bought a new position in shares of Tenet Healthcare in the first quarter worth approximately $29,000. ORG Partners LLC bought a new position in shares of Tenet Healthcare in the second quarter worth approximately $31,000. Blue Trust Inc. increased its position in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company's stock worth $33,000 after purchasing an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Tenet Healthcare in the second quarter worth approximately $34,000. 95.44% of the stock is owned by hedge funds and other institutional investors.
In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer now owns 13,773 shares of the company's stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer now owns 13,773 shares of the company's stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, the director now owns 15,269 shares of the company's stock, valued at $2,234,465.46. The trade was a 0.00 % decrease in their ownership of the stock. 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. 0.93% of the stock is currently owned by company insiders.
Shares of THC stock opened at $155.82 on Friday. The stock has a fifty day moving average of $158.58 and a 200 day moving average of $136.73. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of 5.72, a PEG ratio of 0.78 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 (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.10 billion during the quarter, compared to analyst estimates of $4.98 billion. As a group, research analysts expect that Tenet Healthcare Co. will post 10.73 earnings per share for the current year.
Tenet Healthcare declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.
Several research analysts recently weighed in on THC shares. Truist Financial restated a "buy" rating and issued a $170.00 price objective (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. The Goldman Sachs Group increased 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. Deutsche Bank Aktiengesellschaft increased their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a "buy" rating in a research report on Friday, June 28th. Barclays increased their price target 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. Finally, Wells Fargo & Company increased their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an "overweight" rating in a research report on Tuesday, July 30th. One 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 stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $155.47.
Read Our Latest Report on Tenet Healthcare
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.
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