Allspring Global Investments Holdings LLC Reduces Position in Tenet Healthcare Co. (NYSE:THC)

Allspring Global Investments Holdings LLC trimmed its stake in Tenet Healthcare Co. (NYSE:THCGet Rating) by 15.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 11,665 shares of the company’s stock after selling 2,161 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tenet Healthcare were worth $601,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in THC. US Bancorp DE boosted its position in Tenet Healthcare by 14.6% in the 1st quarter. US Bancorp DE now owns 1,428 shares of the company’s stock valued at $123,000 after buying an additional 182 shares during the period. HighTower Advisors LLC purchased a new stake in Tenet Healthcare in the 1st quarter valued at about $219,000. Natixis Advisors L.P. bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $1,651,000. APG Asset Management N.V. bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $1,769,000. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Tenet Healthcare by 13.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 63,273 shares of the company’s stock valued at $5,604,000 after purchasing an additional 7,365 shares in the last quarter. 98.14% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Down 0.1 %

THC stock opened at $51.50 on Tuesday. The firm’s fifty day simple moving average is $47.13 and its 200-day simple moving average is $52.58. The company has a market capitalization of $5.57 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 1.57 and a beta of 2.16. The company has a debt-to-equity ratio of 5.97, a current ratio of 1.40 and a quick ratio of 1.31. Tenet Healthcare Co. has a 12 month low of $36.69 and a 12 month high of $92.65.

Tenet Healthcare declared that its board has authorized a share buyback program on Thursday, October 20th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on THC shares. The Goldman Sachs Group reduced their price target on shares of Tenet Healthcare from $93.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, November 1st. Wells Fargo & Company boosted their price objective on shares of Tenet Healthcare from $48.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Barclays reduced their price objective on shares of Tenet Healthcare from $104.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, October 24th. Loop Capital boosted their price objective on shares of Tenet Healthcare from $40.00 to $45.00 in a research note on Tuesday, December 6th. Finally, Citigroup reduced their price objective on shares of Tenet Healthcare from $99.00 to $76.00 and set a “buy” rating for the company in a research note on Tuesday, October 25th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.19.

Insider Activity

In other news, CFO Daniel J. Cancelmi purchased 11,000 shares of the stock in a transaction that occurred on Wednesday, October 26th. The shares were purchased at an average cost of $43.07 per share, with a total value of $473,770.00. Following the completion of the acquisition, the chief financial officer now owns 392,815 shares of the company’s stock, valued at approximately $16,918,542.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Richard W. Fisher sold 9,817 shares of the stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $43.86, for a total transaction of $430,573.62. Following the sale, the director now directly owns 24,545 shares of the company’s stock, valued at $1,076,543.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel J. Cancelmi acquired 11,000 shares of Tenet Healthcare stock in a transaction on Wednesday, October 26th. The shares were bought at an average price of $43.07 per share, with a total value of $473,770.00. Following the completion of the transaction, the chief financial officer now directly owns 392,815 shares of the company’s stock, valued at approximately $16,918,542.05. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

About Tenet Healthcare

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Tenet Healthcare Corp. engages in the provision of health care services. It operates through the following segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The Hospital Operations and Other segment consists of acute care hospitals, ancillary outpatient facilities, urgent care centers, microhospitals and physician practices.

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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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