Great West Life Assurance Co. Can Acquires Shares of 69,477 Tenet Healthcare Co. (NYSE:THC)

Great West Life Assurance Co. Can acquired a new stake in Tenet Healthcare Co. (NYSE:THC – Get Rating) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 69,477 shares of the company’s stock, valued at approximately $3,585,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund grew its holdings in Tenet Healthcare by 63.6% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 11,877 shares of the company’s stock valued at $624,000 after buying an additional 4,619 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Tenet Healthcare by 14.5% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 60,547 shares of the company’s stock valued at $3,182,000 after buying an additional 7,661 shares in the last quarter. Arizona State Retirement System grew its holdings in Tenet Healthcare by 12.4% in the 2nd 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. Ensign Peak Advisors Inc grew its holdings in shares of Tenet Healthcare by 17.2% during the 2nd quarter. Ensign Peak Advisors Inc now owns 38,453 shares of the company’s stock worth $2,022,000 after purchasing an additional 5,655 shares in the last quarter. Finally, Yousif Capital Management LLC grew its holdings in shares of Tenet Healthcare by 4.6% during the 2nd quarter. Yousif Capital Management LLC now owns 57,251 shares of the company’s stock worth $3,009,000 after purchasing an additional 2,515 shares in the last quarter. 98.14% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 9,817 shares of the firm’s stock in a transaction dated Tuesday, December 6th. The stock was sold at an average price of $43.86, for a total transaction of $430,573.62. Following the completion of the transaction, the director now directly owns 24,545 shares in the company, valued at $1,076,543.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Daniel J. Cancelmi acquired 11,000 shares of the stock in a transaction dated Wednesday, October 26th. The stock was bought at an average cost of $43.07 per share, for a total transaction 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 $16,918,542.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 9,817 shares of the firm’s stock in a transaction dated Tuesday, December 6th. The stock was sold at an average price of $43.86, for a total value of $430,573.62. Following the transaction, the director now owns 24,545 shares of the company’s stock, valued at $1,076,543.70. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. The Goldman Sachs Group reduced their target price on Tenet Healthcare from $93.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, November 1st. Citigroup reduced their target price on Tenet Healthcare from $99.00 to $76.00 and set a “buy” rating on the stock in a report on Tuesday, October 25th. StockNews.com began coverage on Tenet Healthcare in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Truist Financial upped their price objective on Tenet Healthcare from $55.00 to $60.00 in a research report on Tuesday, January 3rd. Finally, Raymond James dropped their price objective on Tenet Healthcare from $135.00 to $80.00 and set a “strong-buy” rating for the company in a research report on Thursday, October 27th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Moderate Buy” and a consensus price target of $71.19.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $51.50 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 1.31 and a debt-to-equity ratio of 5.97. The company has a market capitalization of $5.57 billion, a PE ratio of 10.14, a P/E/G ratio of 1.57 and a beta of 2.16. Tenet Healthcare Co. has a 12 month low of $36.69 and a 12 month high of $92.65. The stock has a 50-day moving average price of $47.13 and a two-hundred day moving average price of $52.58.

Tenet Healthcare announced that its board has approved a stock repurchase program on Thursday, October 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Tenet Healthcare Profile

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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.