Texas Permanent School Fund Corp Increases Stake in Tenet Healthcare Co. (NYSE:THC)

Texas Permanent School Fund Corp lifted its position in shares of Tenet Healthcare Co. (NYSE:THC) by 37.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,559 shares of the company’s stock after purchasing an additional 33,682 shares during the quarter. Texas Permanent School Fund Corp owned 0.13% of Tenet Healthcare worth $16,304,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in THC. International Assets Investment Management LLC grew its holdings in Tenet Healthcare by 5,297.5% in the fourth quarter. International Assets Investment Management LLC now owns 6,423 shares of the company’s stock valued at $485,000 after purchasing an additional 6,304 shares during the period. M&T Bank Corp increased its holdings in Tenet Healthcare by 10.8% in the 4th quarter. M&T Bank Corp now owns 4,521 shares of the company’s stock worth $342,000 after acquiring an additional 439 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Tenet Healthcare by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,043,214 shares of the company’s stock worth $78,836,000 after acquiring an additional 16,490 shares during the period. Principal Securities Inc. acquired a new stake in shares of Tenet Healthcare in the fourth quarter valued at about $445,000. Finally, Qsemble Capital Management LP increased its stake in shares of Tenet Healthcare by 25.9% during the fourth quarter. Qsemble Capital Management LP now owns 4,279 shares of the company’s stock worth $323,000 after purchasing an additional 879 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now directly owns 15,269 shares in the company, valued at $2,234,465.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock valued at $19,754,997 in the last ninety days. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

THC has been the subject of several research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 price target on shares of Tenet Healthcare in a research report on Monday, August 19th. UBS Group boosted their price target on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, The Goldman Sachs Group boosted their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $152.69.

Tenet Healthcare Trading Up 0.9 %

Shares of NYSE:THC traded up $1.39 during mid-day trading on Monday, reaching $154.79. 66,470 shares of the company were exchanged, compared to its average volume of 1,203,444. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. The firm’s 50-day simple moving average is $147.68 and its 200 day simple moving average is $125.99. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $166.89. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 5.95, a P/E/G ratio of 0.78 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, beating analysts’ consensus estimates of $1.89 by $0.42. The company had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. Equities research analysts forecast that Tenet Healthcare Co. will post 10.7 EPS for the current year.

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

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.