Tenet Healthcare Co. (NYSE:THC) Holdings Boosted by Simplify Asset Management Inc.

Simplify Asset Management Inc. increased its position in Tenet Healthcare Co. (NYSE:THC) by 68.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,872 shares of the company’s stock after acquiring an additional 3,186 shares during the period. Simplify Asset Management Inc.’s holdings in Tenet Healthcare were worth $1,308,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in THC. Price T Rowe Associates Inc. MD boosted its holdings in 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 boosted its position in Tenet Healthcare by 74.5% during the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after purchasing an additional 438,033 shares during the last quarter. Marshall Wace LLP grew its position in Tenet Healthcare by 7.3% in the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock worth $94,981,000 after acquiring an additional 48,626 shares in the last quarter. Farallon Capital Management LLC increased its holdings in shares of Tenet Healthcare by 7.8% during the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock valued at $91,450,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Integral Health Asset Management LLC raised its position in shares of Tenet Healthcare by 17.6% in the second quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after purchasing an additional 75,000 shares during the period. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Down 4.2 %

NYSE:THC traded down $6.91 during mid-day trading on Friday, hitting $155.74. The company had a trading volume of 254,528 shares, compared to its average volume of 1,212,252. The firm has a market cap of $14.81 billion, a P/E ratio of 5.21, a P/E/G ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a fifty-two week low of $57.65 and a fifty-two week high of $171.20. The business’s fifty day moving average is $159.54 and its two-hundred day moving average is $146.36. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58.

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

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on THC shares. Raymond James raised their target price on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Barclays upped their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. KeyCorp initiated coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Royal Bank of Canada boosted their price target 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, UBS Group boosted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and an average price target of $170.38.

Insiders Place Their Bets

In other news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction 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 transaction, the director now directly owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This trade represents a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,599 shares of company stock worth $2,830,834. 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.