Manufacturers’ Life Insurance Company reduced its holding in Tenet Healthcare (NYSE: THC – Get Rating) by 3.0% during the third quarter, according to its latest 13F filing with the SEC. The fund owned 87,622 shares of the company after selling 2,707 of his shares during the quarter. Manufacturers’ Life Insurance Company said at the end of the most recent quarter he owned approximately 0.08% of Tenet Healthcare worth $4,520,000.
Other big investors have also recently changed positions in the company. Vanguard Group Inc. boosted his Tenet Healthcare stock position by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,932,708 shares worth $939,775,000 after he purchased an additional 77,543 shares last quarter. FMR LLC boosted its position in Tenet Healthcare stock by 30.6% in the second quarter. FMR LLC now owns 6,940,816 shares of the company worth $364,810,000 after he purchased an additional 1,625,431 shares last quarter. Glenview Capital Management LLC increased its position in Tenet Healthcare stock by 7.0% in the second quarter. Glenview Capital Management LLC now owns 6,825,671 shares valued at $358,757,000 after purchasing an additional 444,628 shares in the previous quarter. State Street Corp increased its shares in Tenet Healthcare by 2.4% in the first quarter. State Street Corp now owns 3,377,944 shares worth $290,368,000 after purchasing an additional 78,687 shares during the previous quarter. Finally, Goldman Sachs Group Inc. increased its shares in Tenet Healthcare by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,180,627 shares worth $187,446,000 after purchasing an additional 415,945 shares during the previous quarter. Currently 98.14% of the shares are owned by institutional investors.
In related news, Director Richard W. Fisher sold 9,817 shares of the company in a transaction on Tuesday, December 6th. The shares sold at an average price of $43.86, giving him a total of $430,573.62. After the sale, the directors now directly own 24,545 shares of the company, valued at $1,076,543.70. The transaction was disclosed in documents filed with the Securities and Exchange Commission, which are available at this link. His 1.70% of the shares are owned by insiders.
Tenet Healthcare stock performance
NYSE THC opened at $54.85 on Wednesday. The company has a market capitalization of $5.93 billion, a price/earnings ratio of 10.80, a price/earnings ratio of 1.69 and a beta of 2.16. The company has a quick ratio of 1.31, a current ratio of 1.40 and a debt to equity ratio of 5.97. His 50-day moving average price for this business is $48.15 and his 200-day moving average price is $52.49. Tenet Healthcare Co. has a 12-month low of $36.69 and a 12-month high of $92.65.
Tenet Healthcare announced that its board of directors approved a stock repurchase program on Thursday, October 20. This would allow the company to buy back his $1 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. A stock buyback program is usually a sign that a company’s management thinks its stock is undervalued.
Analyst Rating Change
Many research analysts have published reports on the company. Trust Financial raised Tenet Healthcare’s target price to $60.00 from his $55.00 in a research note on Tuesday, Jan. 3. StockNews.com began covering Tenet Healthcare in a research note on Wednesday, October 12th. They issued a “pending” rating to the company. Bank of America lowered Tenet Healthcare’s target price from $79.00 to $64.00 in a report on Friday, Oct. 21. Credit Suisse Group lowered Tenet Healthcare’s price target to $80.00 in a report on Thursday, October 27th. Finally, SVB Leerink lowered Tenet Healthcare’s price target from $89.00 to $55.00 in its Tuesday, October 25 report, setting the company’s “excellent” rating. Two research analysts rated the stock with a hold rating, 13 gave a buy rating, and one gave the stock a strong buy rating. According to MarketBeat.com, Tenet Healthcare’s current average rating is “moderate buy” with an average target price of $71.19.
About Tenet Healthcare
Tenet Healthcare Corp. is engaged in providing healthcare services. It operates through the following segments: Hospital Operations and Other, Ambulatory Care, and Softwood. The Hospital Operations & Others segment consists of acute care hospitals, ancillary outpatient facilities, urgent care centers, microhospitals and physician practices.
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