Wakefield Asset Management LLLP Takes $3.40 Million Position in Tenet Healthcare Co. (NYSE:THC)

Wakefield Asset Management LLLP acquired a new stake in Tenet Healthcare Co. (NYSE:THC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 25,586 shares of the company’s stock, valued at approximately $3,404,000. Tenet Healthcare comprises approximately 1.2% of Wakefield Asset Management LLLP’s portfolio, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth approximately $28,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare in the second quarter valued at $31,000. Blue Trust Inc. increased its position in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Rise Advisors LLC purchased a new position in Tenet Healthcare in the 1st quarter valued at about $29,000. Finally, Capital Advisors Ltd. LLC boosted its stake in shares of Tenet Healthcare by 759.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after purchasing an additional 319 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research report on Monday, August 19th. Barclays raised their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Citigroup increased their target price on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. UBS Group upped their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $152.69.

Insider Transactions at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,603 shares of company stock valued at $19,940,133. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Down 5.3 %

Shares of Tenet Healthcare stock opened at $153.41 on Friday. The company has a fifty day moving average price of $147.68 and a 200 day moving average price of $125.51. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $166.89. The stock has a market cap of $14.99 billion, a price-to-earnings ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. The business had revenue of $5.10 billion during the quarter, compared to analyst estimates of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Equities research analysts forecast that Tenet Healthcare Co. will post 10.7 earnings per share for the current fiscal year.

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

About Tenet Healthcare

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.