General American Investors Co. Inc. Sells 3,399 Shares of Tenet Healthcare Co. (NYSE:THC)

General American Investors Co. Inc. trimmed its holdings in Tenet Healthcare Co. (NYSE:THC) by 3.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 106,601 shares of the company’s stock after selling 3,399 shares during the quarter. General American Investors Co. Inc.’s holdings in Tenet Healthcare were worth $14,181,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in THC. Mirae Asset Global Investments Co. Ltd. raised its holdings in Tenet Healthcare by 0.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after purchasing an additional 90 shares during the last quarter. Violich Capital Management Inc. grew its holdings in shares of Tenet Healthcare by 3.2% in the 1st quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after buying an additional 105 shares during the period. GAMMA Investing LLC lifted its holdings in Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after acquiring an additional 106 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Tenet Healthcare by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock worth $1,186,000 after acquiring an additional 115 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Stock Down 5.3 %

THC opened at $153.41 on Friday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The stock has a fifty day moving average of $147.68 and a 200-day moving average of $125.51. Tenet Healthcare Co. has a fifty-two week low of $51.04 and a fifty-two week high of $166.89. The company has a market capitalization 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.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. On average, equities analysts expect that Tenet Healthcare Co. will post 10.7 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on THC shares. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Monday, August 19th. JPMorgan Chase & Co. lifted their price target on Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Barclays boosted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Wells Fargo & Company boosted their price objective on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $152.69.

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now 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 can be accessed through the SEC website. In related news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The stock was 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 in the company, valued at $1,024,867.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 129,603 shares of company stock valued at $19,940,133. 0.93% of the stock is owned by corporate insiders.

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.