Lecap Asset Management Ltd. Sells 9,792 Shares of Tenet Healthcare Co. (NYSE:THC)

Lecap Asset Management Ltd. trimmed its position in Tenet Healthcare Co. (NYSE:THC) by 52.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 8,804 shares of the company’s stock after selling 9,792 shares during the period. Lecap Asset Management Ltd.’s holdings in Tenet Healthcare were worth $1,171,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare during the second quarter worth about $31,000. Blue Trust Inc. grew its position in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the last quarter. Rise Advisors LLC bought a new position in shares of Tenet Healthcare during the first quarter valued at approximately $29,000. Versant Capital Management Inc purchased a new stake in Tenet Healthcare in the second quarter worth $71,000. Finally, GAMMA Investing LLC purchased a new position in Tenet Healthcare during the 4th quarter valued at $52,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on THC. Wells Fargo & Company lifted their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. upped their target price on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. The Goldman Sachs Group lifted their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Truist Financial reissued a “buy” rating and issued a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Price Performance

Shares of NYSE:THC traded up $3.01 during midday trading on Wednesday, reaching $158.23. 666,496 shares of the company’s stock traded hands, compared to its average volume of 1,229,227. The company has a market cap of $15.46 billion, a P/E ratio of 6.14, a PEG ratio of 0.76 and a beta of 2.15. The company has a fifty day simple moving average of $141.04 and a two-hundred day simple moving average of $119.34. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $158.48.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion. Equities analysts predict that Tenet Healthcare Co. will post 10.68 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Paola M. Arbour sold 8,377 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the completion of the sale, the executive vice president now owns 21,426 shares of the company’s stock, valued at $3,342,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the transaction, the executive vice president now owns 21,426 shares in the company, valued at $3,342,456. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $132.24, for a total value of $185,136.00. Following the completion of the sale, the director now owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The disclosure for this sale can be found here. Insiders have sold a total of 126,865 shares of company stock worth $19,186,587 over the last quarter. 0.93% of the stock is currently owned by corporate insiders.

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.