Tenet Healthcare Co. (NYSE:THC) Stake Lessened by Securian Asset Management Inc.

Securian Asset Management Inc. trimmed its position in shares of Tenet Healthcare Co. (NYSE:THC) by 6.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 7,791 shares of the company’s stock after selling 509 shares during the quarter. Securian Asset Management Inc.’s holdings in Tenet Healthcare were worth $1,036,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Artemis Investment Management LLP acquired a new position in Tenet Healthcare during the second quarter worth $5,380,000. SG Americas Securities LLC grew its position in shares of Tenet Healthcare by 506.0% in the second quarter. SG Americas Securities LLC now owns 37,610 shares of the company’s stock valued at $5,003,000 after purchasing an additional 31,404 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Tenet Healthcare by 198.8% in the second quarter. QRG Capital Management Inc. now owns 7,856 shares of the company’s stock valued at $1,045,000 after purchasing an additional 5,227 shares during the last quarter. CWM LLC grew its position in shares of Tenet Healthcare by 49.7% in the second quarter. CWM LLC now owns 2,255 shares of the company’s stock valued at $300,000 after purchasing an additional 749 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in Tenet Healthcare by 19.2% during the second quarter. Park Avenue Securities LLC now owns 15,804 shares of the company’s stock worth $2,102,000 after buying an additional 2,549 shares in the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the business’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 sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now directly owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,261 shares of company stock valued at $4,565,464. 0.93% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on THC shares. StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Stephens lifted their target price on shares of Tenet Healthcare from $95.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. Barclays lifted their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Wells Fargo & Company lifted 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. Finally, Raymond James lifted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and an average price target of $149.75.

Tenet Healthcare Stock Up 0.4 %

THC traded up $0.66 during trading on Monday, hitting $150.72. The company had a trading volume of 483,231 shares, compared to its average volume of 1,244,075. The company has a market capitalization of $14.72 billion, a PE ratio of 5.82, a PEG ratio of 0.76 and a beta of 2.15. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $155.00. The firm’s 50-day moving average price is $138.28 and its 200 day moving average price is $115.90. 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 declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.