Paloma Partners Management Co Acquires New Stake in Tenet Healthcare Co. (NYSE:THC)

Paloma Partners Management Co acquired a new stake in Tenet Healthcare Co. (NYSE:THC) during the 1st quarter, Holdings Channel reports. The fund acquired 3,370 shares of the company’s stock, valued at approximately $354,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Rise Advisors LLC bought a new stake in Tenet Healthcare during the 1st quarter worth about $29,000. GAMMA Investing LLC bought a new stake in Tenet Healthcare during the 4th quarter worth about $52,000. FinTrust Capital Advisors LLC lifted its position in Tenet Healthcare by 108.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock worth $68,000 after buying an additional 467 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in Tenet Healthcare during the 1st quarter worth about $78,000. Finally, Bellevue Group AG lifted its position in Tenet Healthcare by 106.7% during the 4th quarter. Bellevue Group AG now owns 1,447 shares of the company’s stock worth $109,000 after buying an additional 747 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Stock Performance

Shares of NYSE:THC traded up $1.17 on Monday, reaching $152.80. 1,306,939 shares of the company’s stock were exchanged, compared to its average volume of 1,235,351. The company has a fifty day moving average of $135.41 and a 200-day moving average of $111.67. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $155.00. 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 company has a market capitalization of $14.93 billion, a price-to-earnings ratio of 5.93, a PEG ratio of 0.78 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the prior year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts predict that Tenet Healthcare Co. will post 10.68 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In other news, Director Christopher S. Lynch sold 10,861 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the completion of the sale, the director now owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the transaction, the director now owns 14,759 shares of the company’s stock, valued at approximately $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,691 shares of company stock valued at $3,117,909. Company insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

THC has been the topic of several recent analyst reports. Robert W. Baird initiated coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $153.00 price objective on the stock. UBS Group boosted their price objective on shares of Tenet Healthcare from $137.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Mizuho restated a “buy” rating and set a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. Citigroup boosted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada boosted their price objective on shares of Tenet Healthcare from $109.00 to $136.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Buy” and an average target price of $138.00.

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.