Renaissance Technologies LLC Purchases Shares of 206,375 Tenet Healthcare Co. (NYSE:THC)

Renaissance Technologies LLC purchased a new stake in Tenet Healthcare Co. (NYSE:THC) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 206,375 shares of the company’s stock, valued at approximately $27,454,000.

A number of other large investors also recently bought and sold shares of the stock. Innealta Capital LLC purchased a new stake in shares of Tenet Healthcare in the second quarter valued at approximately $28,000. Rise Advisors LLC purchased a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $29,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare in the second quarter valued at approximately $31,000. Blue Trust Inc. increased its position 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 buying an additional 120 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in shares of Tenet Healthcare by 759.5% in the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after buying an additional 319 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $167.23 on Friday. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $167.29. The business’s fifty day simple moving average is $151.81 and its 200-day simple moving average is $129.48. The firm has a market cap of $16.34 billion, a PE ratio of 6.49, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.98 billion. Equities analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on THC. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Truist Financial reiterated a “buy” rating and set a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Citigroup boosted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. boosted their price target on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a research report on Monday, August 19th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $152.69.

Insider Activity

In related news, 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 of the company’s stock, valued at approximately $2,234,465.46. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 value of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock valued at $19,754,997 in the last quarter. Insiders own 0.93% of the company’s stock.

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.