Mutual of America Capital Management LLC Trims Stock Position in Tenet Healthcare Co. (NYSE:THC)

Mutual of America Capital Management LLC lowered its position in Tenet Healthcare Co. (NYSE:THC) by 5.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,853 shares of the company’s stock after selling 4,421 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.09% of Tenet Healthcare worth $13,604,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of THC. Janney Montgomery Scott LLC purchased a new position in shares of Tenet Healthcare during the first quarter valued at $537,000. SG Americas Securities LLC raised its holdings in shares of Tenet Healthcare by 73.0% in the 1st quarter. SG Americas Securities LLC now owns 6,206 shares of the company’s stock valued at $652,000 after purchasing an additional 2,619 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Tenet Healthcare during the first quarter valued at approximately $276,000. Banco Santander S.A. purchased a new position in Tenet Healthcare during the first quarter valued at approximately $448,000. Finally, Acadian Asset Management LLC lifted its holdings in Tenet Healthcare by 102.9% during the first quarter. Acadian Asset Management LLC now owns 4,455 shares of the company’s stock worth $468,000 after buying an additional 2,259 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $155.34 on Friday. The stock 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. Tenet Healthcare Co. has a 12 month low of $57.65 and a 12 month high of $171.20. The company has a 50 day simple moving average of $159.57 and a two-hundred day simple moving average of $147.00. 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 posted its quarterly 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 company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.44 earnings per share. As a group, analysts predict that Tenet Healthcare Co. will post 11.37 earnings per share for the current year.

Tenet Healthcare announced that its board has approved a share buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have recently commented on THC. Citigroup boosted their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. KeyCorp started coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target for the company. UBS Group lifted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Truist Financial reiterated a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Buy” and a consensus target price of $170.38.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 12.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. The trade was a 20.44 % 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 valued at $2,830,834. 0.93% of the stock is owned by company insiders.

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.