Price T Rowe Associates Inc. MD Raises Stock Position in Tenet Healthcare Co. (NYSE:THC)

Price T Rowe Associates Inc. MD boosted its stake in Tenet Healthcare Co. (NYSE:THC) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,915,000 shares of the company’s stock after purchasing an additional 790,684 shares during the period. Price T Rowe Associates Inc. MD owned approximately 8.10% of Tenet Healthcare worth $831,947,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Tenet Healthcare by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after purchasing an additional 172,913 shares during the period. BNP Paribas Financial Markets grew its stake in Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after buying an additional 29,172 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Tenet Healthcare in the 1st quarter worth about $410,000. Hsbc Holdings PLC boosted its position in shares of Tenet Healthcare by 113.0% during the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock worth $34,266,000 after buying an additional 240,611 shares during the period. Finally, First Light Asset Management LLC acquired a new position in Tenet Healthcare during the 4th quarter worth $14,706,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total value of $945,982.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the transaction, the director now directly owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total value of $945,982.80. The disclosure for this sale can be found here. Insiders sold a total of 24,691 shares of company stock worth $3,117,909 over the last quarter. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC stock traded up $1.89 during mid-day trading on Friday, reaching $151.63. The stock had a trading volume of 1,459,260 shares, compared to its average volume of 1,318,933. The firm has a market cap of $14.81 billion, a PE ratio of 5.88, a P/E/G ratio of 0.86 and a beta of 2.15. The company has a quick ratio of 1.37, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $152.37. The firm’s 50 day simple moving average is $134.97 and its 200 day simple moving average is $110.95.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 earnings per share. On average, analysts forecast that Tenet Healthcare Co. will post 10.68 EPS for the current year.

Tenet Healthcare announced that its board has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Citigroup raised their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Baird R W raised Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. UBS Group increased their price objective on Tenet Healthcare from $137.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Finally, Royal Bank of Canada raised their price target on Tenet Healthcare from $109.00 to $136.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and an average price target of $137.12.

Tenet Healthcare 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.