Victory Capital Management Inc. Purchases 74,533 Shares of Tenet Healthcare Co. (NYSE:THC)

Victory Capital Management Inc. grew its position in shares of Tenet Healthcare Co. (NYSE:THC) by 33.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 300,148 shares of the company’s stock after buying an additional 74,533 shares during the period. Victory Capital Management Inc.’s holdings in Tenet Healthcare were worth $49,885,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare during the third quarter valued at approximately $1,055,000. Diversified Trust Co purchased a new position in shares of Tenet Healthcare during the second quarter valued at approximately $558,000. Janney Montgomery Scott LLC purchased a new position in shares of Tenet Healthcare during the first quarter valued at approximately $537,000. O Shaughnessy Asset Management LLC boosted its position in shares of Tenet Healthcare by 31.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company’s stock valued at $2,961,000 after buying an additional 6,687 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after buying an additional 7,078 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $155.34 on Friday. The business’s 50-day moving average price is $159.57 and its two-hundred day moving average price is $146.75. Tenet Healthcare Co. has a twelve month low of $57.65 and a twelve month high of $171.20. The stock has a market cap of $14.77 billion, a P/E ratio of 4.98, a PEG ratio of 0.73 and a beta of 2.15. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

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

Tenet Healthcare declared that its board has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,599 shares of company stock valued at $2,830,834. Corporate insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on THC. Wells Fargo & Company lifted their target price on Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Raymond James upped their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald upped their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, UBS Group upped their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and an average target price of $170.38.

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.