25,586 Shares in Tenet Healthcare Co. (NYSE:THC) Purchased by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 25,586 shares of the company’s stock, valued at approximately $3,404,000. Tenet Healthcare makes up 1.2% of Wakefield Asset Management LLLP’s portfolio, making the stock its 27th biggest holding.

Several other large investors have also recently made changes to their positions in the company. Savant Capital LLC boosted its stake in Tenet Healthcare by 65.6% during the 2nd quarter. Savant Capital LLC now owns 7,522 shares of the company’s stock worth $1,001,000 after purchasing an additional 2,979 shares during the last quarter. Foster & Motley Inc. boosted its position in Tenet Healthcare by 5.5% during the second quarter. Foster & Motley Inc. now owns 3,771 shares of the company’s stock worth $502,000 after acquiring an additional 195 shares during the last quarter. Range Financial Group LLC acquired a new stake in Tenet Healthcare in the 2nd quarter valued at about $866,000. TD Asset Management Inc lifted its stake in Tenet Healthcare by 22.6% in the 2nd quarter. TD Asset Management Inc now owns 144,654 shares of the company’s stock worth $19,243,000 after purchasing an additional 26,698 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC purchased a new stake in shares of Tenet Healthcare in the second quarter valued at approximately $402,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Richard W. Fisher sold 1,400 shares of the 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 completion of the transaction, the director now directly owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $132.24, for a total transaction of $185,136.00. Following the transaction, the director now owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares in the company, valued at $2,328,533.09. The disclosure for this sale can be found here. Insiders have sold a total of 129,603 shares of company stock valued at $19,940,133 over the last quarter. Corporate insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company upped their target price on Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Raymond James raised their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Citigroup boosted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. raised their price target on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Finally, Robert W. Baird assumed coverage on Tenet Healthcare in a report on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Stock Down 5.3 %

Shares of THC opened at $153.41 on Friday. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $166.89. The company’s 50-day simple moving average is $147.68 and its 200-day simple moving average is $125.51. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The stock has a market capitalization of $14.99 billion, a PE ratio of 5.95, a P/E/G ratio of 0.85 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors 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.