Public Employees Retirement System of Ohio Sells 3,641 Shares of Tenet Healthcare Co. (NYSE:THC)

Public Employees Retirement System of Ohio cut its stake in Tenet Healthcare Co. (NYSE:THC) by 8.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,630 shares of the company’s stock after selling 3,641 shares during the period. Public Employees Retirement System of Ohio’s holdings in Tenet Healthcare were worth $4,060,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of THC. Rise Advisors LLC bought a new stake in Tenet Healthcare during the first quarter worth about $29,000. GAMMA Investing LLC acquired a new stake in Tenet Healthcare during the 4th quarter valued at $52,000. FinTrust Capital Advisors LLC raised its position in Tenet Healthcare by 108.6% in the 4th quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock valued at $68,000 after purchasing an additional 467 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Tenet Healthcare during the first quarter worth $78,000. Finally, Bellevue Group AG increased its stake in shares of Tenet Healthcare by 106.7% in the fourth quarter. Bellevue Group AG now owns 1,447 shares of the company’s stock valued at $109,000 after buying an additional 747 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Insider Activity

In related news, Director Richard W. Fisher sold 1,400 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $132.24, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Nadja West sold 1,782 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $126.41, for a total value of $225,262.62. Following the sale, the director now directly owns 29,680 shares in the company, valued at $3,751,848.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 1,400 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the completion of the transaction, the director now directly owns 16,227 shares of the company’s stock, valued at approximately $2,145,858.48. The disclosure for this sale can be found here. Insiders sold 16,543 shares of company stock worth $2,171,926 over the last quarter. 0.93% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Cantor Fitzgerald boosted their price objective on shares of Tenet Healthcare from $112.00 to $168.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Mizuho reiterated a “buy” rating and issued a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a research report on Wednesday, May 1st. Royal Bank of Canada upped their price target on Tenet Healthcare from $109.00 to $136.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Finally, Stephens lifted their price objective on Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $146.71.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $149.70 on Thursday. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 month high of $155.00. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The company has a market capitalization of $14.62 billion, a PE ratio of 5.81, a PEG ratio of 0.77 and a beta of 2.15. The stock’s fifty day simple moving average is $136.19 and its 200 day simple moving average is $112.42.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $1.77. The business had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Tenet Healthcare’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 EPS. On average, research analysts predict that Tenet Healthcare Co. will post 10.68 EPS for the current year.

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

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.