Somerset Trust Co Invests $210,000 in Tenet Healthcare Co. (NYSE:THC)

Somerset Trust Co purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,265 shares of the company’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Innealta Capital LLC acquired a new stake in Tenet Healthcare in the second quarter valued at $28,000. Rise Advisors LLC purchased a new stake in Tenet Healthcare during the first quarter worth approximately $29,000. ORG Partners LLC purchased a new position in Tenet Healthcare in the second quarter valued at approximately $31,000. Blue Trust Inc. lifted its position in shares of Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Tenet Healthcare in the 2nd quarter valued at $34,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares in the company, valued at approximately $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. Insiders sold 128,203 shares of company stock worth $19,754,997 in the last ninety days. Insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. UBS Group upped their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Truist Financial restated a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. The Goldman Sachs Group raised their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. 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 company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Stock Up 2.2 %

THC stock opened at $154.00 on Thursday. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20. 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 cap of $15.04 billion, a P/E ratio of 5.98, a P/E/G ratio of 0.86 and a beta of 2.14. The company’s 50-day moving average price is $158.20 and its 200 day moving average price is $136.01.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, research analysts expect that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare announced that its board has initiated a stock repurchase program on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership 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.