MQS Management LLC Takes Position in Tenet Healthcare Co. (NYSE:THC)

MQS Management LLC bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,366 shares of the company’s stock, valued at approximately $227,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings 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 worth $831,947,000 after purchasing an additional 790,684 shares in the last quarter. 8 Knots Management LLC raised its holdings in Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock worth $107,814,000 after purchasing an additional 438,033 shares in the last quarter. Marshall Wace LLP raised its holdings in Tenet Healthcare by 7.3% during the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock worth $94,981,000 after purchasing an additional 48,626 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Tenet Healthcare by 7.8% during the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Integral Health Asset Management LLC raised its holdings in Tenet Healthcare by 17.6% during the second quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock worth $66,515,000 after purchasing an additional 75,000 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

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 completion of the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,599 shares of company stock worth $2,830,834. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Trading Down 4.5 %

Shares of THC stock opened at $155.34 on Friday. Tenet Healthcare Co. has a 1-year low of $57.65 and a 1-year high of $171.20. The firm’s 50-day simple moving average is $159.57 and its 200-day simple moving average is $146.75. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The firm has a market cap of $14.77 billion, a P/E ratio of 4.98, 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 EPS for the quarter, beating 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 firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the firm posted $1.44 earnings per share. Tenet Healthcare’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare announced that its board has authorized a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on THC shares. Truist Financial reiterated a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Barclays increased their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. KeyCorp started coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. Cantor Fitzgerald increased their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Raymond James increased their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and an average target price of $170.38.

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.