Retirement Systems of Alabama Sells 6,959 Shares of Tenet Healthcare Co. (NYSE:THC)

Retirement Systems of Alabama cut its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 5.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,564 shares of the company’s stock after selling 6,959 shares during the period. Retirement Systems of Alabama owned about 0.12% of Tenet Healthcare worth $16,039,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. International Assets Investment Management LLC lifted its holdings in Tenet Healthcare by 5,297.5% during the 4th quarter. International Assets Investment Management LLC now owns 6,423 shares of the company’s stock worth $485,000 after buying an additional 6,304 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Tenet Healthcare by 5.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,041 shares of the company’s stock worth $1,514,000 after acquiring an additional 1,075 shares during the period. Xponance Inc. increased its position in Tenet Healthcare by 1.2% during the 4th quarter. Xponance Inc. now owns 12,337 shares of the company’s stock valued at $932,000 after purchasing an additional 147 shares during the period. abrdn plc acquired a new position in shares of Tenet Healthcare in the 4th quarter worth approximately $11,265,000. Finally, Illinois Municipal Retirement Fund boosted its stake in shares of Tenet Healthcare by 40.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 16,709 shares of the company’s stock valued at $1,263,000 after purchasing an additional 4,832 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 2.5 %

Shares of Tenet Healthcare stock opened at $164.53 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock has a fifty day simple moving average of $142.34 and a 200 day simple moving average of $120.63. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $165.58. The company has a market capitalization of $16.07 billion, a P/E ratio of 6.38, a price-to-earnings-growth ratio of 0.76 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 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 company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion. On average, sell-side analysts anticipate that Tenet Healthcare Co. will post 10.68 earnings per share for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has initiated a share 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 repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on THC. StockNews.com upgraded shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Friday, June 7th. UBS Group upped their target price on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Stephens boosted their price target on Tenet Healthcare from $95.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. Truist Financial reaffirmed a “buy” rating and set a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $152.69.

Insider Activity

In other Tenet Healthcare news, EVP Paola M. Arbour sold 8,377 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the transaction, the executive vice president now owns 21,426 shares in the company, valued at approximately $3,342,456. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Christopher S. Lynch sold 10,861 shares of the company’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 owns 14,759 shares in the company, valued at $1,975,196.97. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Paola M. Arbour sold 8,377 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the sale, the executive vice president now owns 21,426 shares in the company, valued at $3,342,456. The disclosure for this sale can be found here. Insiders sold a total of 126,865 shares of company stock valued at $19,186,587 over the last three months. Corporate insiders own 0.93% of the company’s stock.

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.