Amalgamated Bank Trims Stake in Tenet Healthcare Co. (NYSE:THC)

Amalgamated Bank reduced its position in Tenet Healthcare Co. (NYSE:THC) by 25.2% in the 3rd quarter, Holdings Channel reports. The fund owned 45,713 shares of the company’s stock after selling 15,380 shares during the period. Amalgamated Bank’s holdings in Tenet Healthcare were worth $7,598,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in THC. Innealta Capital LLC acquired a new position in Tenet Healthcare in the second quarter valued at $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare during the 3rd quarter worth about $30,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare during the 2nd quarter valued at $31,000. Blue Trust Inc. increased its holdings in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Tenet Healthcare in the second quarter valued at approximately $34,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $160.36 on Thursday. Tenet Healthcare Co. has a 1-year low of $52.08 and a 1-year high of $171.20. The firm has a market capitalization of $15.25 billion, a PE ratio of 5.14, a P/E/G ratio of 0.73 and a beta of 2.15. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The business’s fifty day moving average price is $159.42 and its two-hundred day moving average price is $143.73.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. Tenet Healthcare’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.44 EPS. On average, research analysts expect that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare declared that its board has initiated a share repurchase program on Wednesday, July 24th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the company’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 directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,203 shares of company stock valued at $17,451,957 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on THC shares. Truist Financial restated a “buy” rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. KeyCorp started coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target on the stock. Citigroup lifted their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada increased their target price on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Raymond James upped their price target 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. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $164.24.

Tenet Healthcare Company 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.