Envestnet Asset Management Inc. cut its stake in Tenet Healthcare Co. (NYSE:THC – Get Rating) by 7.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 22,403 shares of the company’s stock after selling 1,779 shares during the period. Envestnet Asset Management Inc.’s holdings in Tenet Healthcare were worth $1,178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of THC. NN Investment Partners Holdings N.V. bought a new position in Tenet Healthcare during the first quarter valued at about $258,000. Arete Wealth Advisors LLC bought a new position in Tenet Healthcare during the first quarter valued at about $207,000. Yousif Capital Management LLC boosted its stake in Tenet Healthcare by 1.6% during the first quarter. Yousif Capital Management LLC now owns 54,736 shares of the company’s stock valued at $4,705,000 after buying an additional 881 shares in the last quarter. Arizona State Retirement System boosted its stake in Tenet Healthcare by 12.4% during the second quarter. Arizona State Retirement System now owns 27,655 shares of the company’s stock valued at $1,454,000 after buying an additional 3,041 shares in the last quarter. Finally, Coldstream Capital Management Inc. boosted its stake in Tenet Healthcare by 13.6% during the first quarter. Coldstream Capital Management Inc. now owns 4,079 shares of the company’s stock valued at $351,000 after buying an additional 488 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on THC shares. SVB Leerink decreased their price target on Tenet Healthcare from $89.00 to $55.00 and set an “outperform” rating for the company in a research report on Tuesday, October 25th. Wells Fargo & Company decreased their price target on Tenet Healthcare from $82.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, October 24th. Truist Financial decreased their price target on Tenet Healthcare from $80.00 to $55.00 in a research report on Monday, October 24th. Credit Suisse Group decreased their price target on Tenet Healthcare to $80.00 in a research report on Thursday, October 27th. Finally, Stephens decreased their price target on Tenet Healthcare from $65.00 to $45.00 and set an “equal weight” rating for the company in a research report on Monday, October 24th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.38.
Tenet Healthcare Stock Up 3.3 %
Tenet Healthcare (NYSE:THC – Get Rating) last posted its earnings results on Friday, October 21st. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.16. The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.80 billion. Tenet Healthcare had a return on equity of 38.12% and a net margin of 2.93%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 EPS. Research analysts forecast that Tenet Healthcare Co. will post 6.14 EPS for the current year.
Tenet Healthcare announced that its board has initiated a share repurchase plan on Thursday, October 20th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
Insiders Place Their Bets
In other Tenet Healthcare news, CFO Daniel J. Cancelmi purchased 11,000 shares of the company’s stock in a transaction on Wednesday, October 26th. The shares were bought at an average cost of $43.07 per share, with a total value of $473,770.00. Following the transaction, the chief financial officer now directly owns 392,815 shares in the company, valued at approximately $16,918,542.05. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.70% of the company’s stock.
Tenet Healthcare Company Profile
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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