Mount Lucas Management LP Purchases 228 Shares of Tenet Healthcare Co. (NYSE:THC)

Mount Lucas Management LP raised its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,785 shares of the company’s stock after purchasing an additional 228 shares during the period. Mount Lucas Management LP’s holdings in Tenet Healthcare were worth $1,626,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Optas LLC increased its position in Tenet Healthcare by 3.4% during the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after buying an additional 93 shares in the last quarter. Signaturefd LLC raised its position in shares of Tenet Healthcare by 17.6% in the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after purchasing an additional 94 shares during the last quarter. CIBC Asset Management Inc grew its position in Tenet Healthcare by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after purchasing an additional 94 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Tenet Healthcare by 20.7% during the second quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after buying an additional 96 shares during the period. Finally, First Citizens Bank & Trust Co. increased its position in shares of Tenet Healthcare by 5.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock valued at $370,000 after acquiring an additional 109 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on THC. KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective for the company. Barclays raised their price target on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Cantor Fitzgerald raised their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Raymond James boosted their price objective on 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, thirteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $170.38.

Insider Buying and Selling

In other news, 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 sale, the insider now owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The trade was a 64.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,599 shares of company stock worth $2,830,834. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Down 4.5 %

THC stock opened at $155.34 on Friday. The company has a market cap of $14.77 billion, a price-to-earnings ratio of 4.98, a PEG ratio of 0.70 and a beta of 2.15. The firm has a 50-day moving average of $159.57 and a two-hundred day moving average of $147.00. Tenet Healthcare Co. has a 12 month low of $57.65 and a 12 month high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the company posted $1.44 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts forecast that Tenet Healthcare Co. will post 11.37 earnings per share for the current fiscal year.

Tenet Healthcare announced that its board has initiated a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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.