Point72 Asia Singapore Pte. Ltd. Purchases New Holdings in Tenet Healthcare Co. (NYSE:THC)

Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 15,290 shares of the company’s stock, valued at approximately $2,034,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter worth approximately $28,000. Rise Advisors LLC bought a new position in shares of Tenet Healthcare during the first quarter valued at $29,000. ORG Partners LLC acquired a new stake in shares of Tenet Healthcare in the 2nd quarter valued at $31,000. Blue Trust Inc. increased 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 purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Tenet Healthcare during the 2nd quarter valued at about $34,000. Institutional investors own 95.44% of the company’s stock.

Insider Buying and Selling

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $2,328,533.09. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 over the last ninety days. Company insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on THC shares. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 7th. Baird R W raised Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. Citigroup lifted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Wells Fargo & Company increased their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $166.21 on Wednesday. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 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 market capitalization of $15.93 billion, a PE ratio of 6.45, a PEG ratio of 0.86 and a beta of 2.14. The stock’s fifty day simple moving average is $154.48 and its 200 day simple moving average is $131.68.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (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 during the quarter, compared to analyst estimates of $4.98 billion. On average, research analysts predict that Tenet Healthcare Co. will post 10.72 EPS 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 usually an indication that the company’s board believes its shares are undervalued.

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.