Tenet Healthcare Co. (NYSE:THC) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC trimmed its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 7.0% during the second quarter, Holdings Channel reports. The firm owned 4,607 shares of the company’s stock after selling 347 shares during the quarter. ProShare Advisors LLC’s holdings in Tenet Healthcare were worth $613,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of THC. Wells Fargo & Company MN raised its holdings in shares of Tenet Healthcare by 2.1% during the fourth quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock worth $11,745,000 after purchasing an additional 3,237 shares during the period. Franklin Resources Inc. increased its holdings in shares of Tenet Healthcare by 10.0% in the 4th quarter. Franklin Resources Inc. now owns 46,209 shares of the company’s stock worth $3,492,000 after acquiring an additional 4,196 shares during the period. TD Asset Management Inc increased its holdings in shares of Tenet Healthcare by 337.9% in the 4th quarter. TD Asset Management Inc now owns 76,190 shares of the company’s stock worth $5,758,000 after acquiring an additional 58,790 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of Tenet Healthcare by 4.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 46,189 shares of the company’s stock worth $3,491,000 after acquiring an additional 1,861 shares during the period. Finally, Bank of Nova Scotia acquired a new stake in shares of Tenet Healthcare in the 4th quarter worth about $13,628,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

NYSE:THC opened at $163.22 on Monday. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month 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 50-day moving average of $156.42 and a 200-day moving average of $133.07. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.98 billion. Analysts forecast 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 share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently weighed in on THC. Raymond James increased their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, June 28th. UBS Group increased their target price on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Citigroup increased their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Barclays increased their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $152.69.

Insider Buying and Selling at Tenet Healthcare

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 transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by corporate insiders.

About Tenet Healthcare

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.