Tenet Healthcare Co. (NYSE:THC) Insider R. Scott Ramsey Sells 11,599 Shares

Tenet Healthcare Co. (NYSE:THC) insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Tenet Healthcare Trading Down 5.3 %

NYSE:THC opened at $153.41 on Friday. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $166.89. The firm’s fifty day moving average is $147.68 and its 200-day moving average is $125.51. The firm has a market cap of $14.99 billion, a P/E ratio of 5.95, a P/E/G ratio of 0.85 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion during the quarter, compared to analyst estimates of $4.98 billion. Equities analysts expect that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

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

Institutional Trading of Tenet Healthcare

Several hedge funds have recently modified their holdings of the stock. Innealta Capital LLC bought a new stake in Tenet Healthcare in the second quarter valued at $28,000. ORG Partners LLC bought a new stake in Tenet Healthcare in the 2nd quarter valued at about $31,000. Blue Trust Inc. boosted its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after acquiring an additional 120 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Tenet Healthcare in the second quarter valued at approximately $34,000. Finally, Rise Advisors LLC acquired a new position in shares of Tenet Healthcare during the first quarter worth approximately $29,000. Institutional investors own 95.44% of the company’s stock.

Analysts Set New Price Targets

THC has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Truist Financial restated a “buy” rating and issued a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Citigroup increased their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. The Goldman Sachs Group boosted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, Robert W. Baird began coverage on Tenet Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $153.00 price target on the stock. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and a consensus price target of $152.69.

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.