Mutual of America Capital Management LLC Trims Holdings in Tenet Healthcare Co. (NYSE:THC)

Mutual of America Capital Management LLC trimmed its stake in Tenet Healthcare Co. (NYSE:THC) by 6.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 86,274 shares of the company’s stock after selling 5,894 shares during the period. Mutual of America Capital Management LLC’s holdings in Tenet Healthcare were worth $11,477,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock valued at $1,325,000 after purchasing an additional 90 shares in the last quarter. Violich Capital Management Inc. grew its holdings in shares of Tenet Healthcare by 3.2% in the first quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after purchasing an additional 105 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Tenet Healthcare by 17.0% in the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock valued at $77,000 after purchasing an additional 106 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Tenet Healthcare by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after purchasing an additional 115 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in 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 acquiring an additional 120 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction 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. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last ninety days. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $161.15 on Thursday. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 6.25, a PEG ratio of 0.80 and a beta of 2.14. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $166.89. The company’s 50-day moving average price is $151.20 and its 200 day moving average price is $129.25. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. As a group, research 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 authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have commented on the stock. Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Truist Financial restated a “buy” rating and set a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Robert W. Baird assumed coverage on shares of Tenet Healthcare in a research report on Thursday, May 30th. They set an “outperform” rating and a $153.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research report on Monday, August 19th. Finally, StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Buy” and an average target price of $152.69.

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.