AlphaCentric Advisors LLC Increases Stake in Tenet Healthcare Co. (NYSE:THC)

AlphaCentric Advisors LLC raised its position in Tenet Healthcare Co. (NYSE:THC) by 66.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,466 shares of the company’s stock after purchasing an additional 584 shares during the period. AlphaCentric Advisors LLC’s holdings in Tenet Healthcare were worth $195,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC lifted its holdings in Tenet Healthcare by 759.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after purchasing an additional 319 shares in the last quarter. Optas LLC raised its holdings in shares of Tenet Healthcare by 20.8% during the 2nd quarter. Optas LLC now owns 2,728 shares of the company’s stock worth $363,000 after acquiring an additional 470 shares during the period. New York State Teachers Retirement System raised its holdings in shares of Tenet Healthcare by 4.6% during the 2nd quarter. New York State Teachers Retirement System now owns 120,232 shares of the company’s stock worth $15,994,000 after acquiring an additional 5,329 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Tenet Healthcare by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after acquiring an additional 115 shares during the period. Finally, Private Advisory Group LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth $601,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Down 0.5 %

THC stock traded down $0.85 during trading on Monday, hitting $163.68. 671,127 shares of the company’s stock were exchanged, compared to its average volume of 1,220,203. 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 52-week low of $51.04 and a 52-week high of $165.58. The business has a 50-day moving average price of $142.34 and a two-hundred day moving average price of $120.86. The stock has a market capitalization of $15.99 billion, a price-to-earnings ratio of 6.34, a PEG ratio of 0.76 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. As a group, equities research analysts expect that Tenet Healthcare Co. will post 10.68 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Raymond James boosted their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. The Goldman Sachs Group boosted their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Robert W. Baird started coverage on shares of Tenet Healthcare in a report on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price objective on the stock. Finally, Stephens lifted their target price on Tenet Healthcare from $95.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. One investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $152.69.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Christopher S. Lynch sold 10,861 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Insiders sold 126,865 shares of company stock worth $19,186,587 over the last 90 days. 0.93% of the stock is currently owned by insiders.

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.