Assetmark Inc. Acquires 3,570 Shares of Tenet Healthcare Co. (NYSE:THC)

Assetmark Inc. grew its holdings in Tenet Healthcare Co. (NYSE:THC) by 190.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,446 shares of the company’s stock after buying an additional 3,570 shares during the period. Assetmark Inc.’s holdings in Tenet Healthcare were worth $905,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. ORG Wealth Partners LLC bought a new stake in shares of Tenet Healthcare in the 3rd quarter valued at about $30,000. Financial Management Professionals Inc. boosted its holdings in Tenet Healthcare by 2,222.2% during the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock worth $35,000 after buying an additional 200 shares in the last quarter. Innealta Capital LLC acquired a new position in Tenet Healthcare during the second quarter worth $28,000. ORG Partners LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at about $31,000. Finally, Blue Trust Inc. grew its holdings in shares of Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 12.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,599 shares of company stock valued at $2,830,834 over the last three months. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Trading Down 4.5 %

NYSE THC opened at $155.34 on Friday. The stock has a 50-day simple moving average of $159.57 and a 200 day simple moving average of $146.75. The company has a market capitalization of $14.77 billion, a PE ratio of 4.98, a P/E/G ratio of 0.73 and a beta of 2.15. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. Tenet Healthcare Co. has a 12 month low of $57.65 and a 12 month high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm earned $1.44 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. Research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare declared that its board has approved a share buyback program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Raymond James lifted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Royal Bank of Canada boosted their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald upped their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare presently has an average rating of “Buy” and an average price target of $170.38.

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.