Tenet Healthcare Co. (NYSE:THC) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp lowered its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 0.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,975 shares of the company’s stock after selling 372 shares during the period. Hancock Whitney Corp’s holdings in Tenet Healthcare were worth $4,097,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in THC. Norges Bank bought a new stake in shares of Tenet Healthcare during the 4th quarter worth about $78,254,000. Glenview Capital Management LLC boosted its holdings in Tenet Healthcare by 12.8% during the fourth quarter. Glenview Capital Management LLC now owns 7,742,322 shares of the company’s stock valued at $585,087,000 after purchasing an additional 877,180 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Tenet Healthcare by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock worth $831,947,000 after buying an additional 790,684 shares in the last quarter. 8 Knots Management LLC bought a new position in Tenet Healthcare in the fourth quarter valued at approximately $44,412,000. Finally, Wedge Capital Management L L P NC boosted its position in shares of Tenet Healthcare by 1,265.6% in the 1st quarter. Wedge Capital Management L L P NC now owns 468,158 shares of the company’s stock worth $49,208,000 after purchasing an additional 433,877 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE:THC traded down $1.92 on Thursday, hitting $147.78. The company’s stock had a trading volume of 608,267 shares, compared to its average volume of 1,238,070. The company has a 50-day simple moving average of $136.19 and a 200 day simple moving average of $112.42. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $155.00. The company has a market capitalization of $14.44 billion, a PE ratio of 5.89, a PEG ratio of 0.77 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 earnings per share. Sell-side analysts forecast that Tenet Healthcare Co. will post 10.68 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on THC shares. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Royal Bank of Canada lifted their target price on Tenet Healthcare from $109.00 to $136.00 and gave the company an “outperform” rating in a research report on Wednesday, May 1st. Baird R W upgraded shares of Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a report on Friday, June 7th. Finally, JPMorgan Chase & Co. boosted their price target on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and a consensus price target of $146.71.

Insider Buying and Selling at Tenet Healthcare

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 transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Tenet Healthcare news, Director Christopher S. Lynch sold 10,861 shares of Tenet Healthcare 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nadja West sold 1,782 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $126.41, for a total transaction of $225,262.62. Following the completion of the transaction, the director now directly owns 29,680 shares of the company’s stock, valued at $3,751,848.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,543 shares of company stock valued at $2,171,926. 0.93% of the stock is currently owned by corporate insiders.

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.