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

Assetmark Inc. raised its holdings in Tenet Healthcare Co. (NYSE:THC) by 190.3% during the third quarter, HoldingsChannel reports. The firm owned 5,446 shares of the company’s stock after acquiring an additional 3,570 shares during the quarter. Assetmark Inc.’s holdings in Tenet Healthcare were worth $905,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Tenet Healthcare by 11.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after purchasing an additional 790,684 shares in the last quarter. 8 Knots Management LLC boosted its holdings in shares of Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after purchasing an additional 438,033 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Tenet Healthcare by 7.3% in the 2nd quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after purchasing an additional 48,626 shares in the last quarter. Farallon Capital Management LLC boosted its holdings in shares of Tenet Healthcare by 7.8% in the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock valued at $91,450,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Integral Health Asset Management LLC boosted its holdings in shares of Tenet Healthcare by 17.6% during the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after acquiring an additional 75,000 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on THC. Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. The Goldman Sachs Group raised their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Wells Fargo & Company raised their price objective on Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada raised their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $170.38.

Tenet Healthcare Stock Performance

THC stock opened at $155.34 on Friday. The stock has a 50-day moving average price of $159.57 and a 200-day moving average price of $146.75. Tenet Healthcare Co. has a 1-year low of $57.65 and a 1-year high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The firm has a market cap of $14.77 billion, a PE ratio of 4.98, a price-to-earnings-growth ratio of 0.73 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $5.05 billion. During the same period last year, the company posted $1.44 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts expect that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,599 shares of company stock valued at $2,830,834 over the last ninety days. 0.93% of the stock is owned by company insiders.

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.