Phocas Financial Corp. Lowers Holdings in Tenet Healthcare Co. (NYSE:THC)

Phocas Financial Corp. cut its position in shares of Tenet Healthcare Co. (NYSE:THC) by 5.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 49,070 shares of the company’s stock after selling 3,093 shares during the period. Phocas Financial Corp.’s holdings in Tenet Healthcare were worth $8,155,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Optas LLC grew its holdings in Tenet Healthcare by 3.4% during the 3rd quarter. Optas LLC now owns 2,821 shares of the company’s stock valued at $469,000 after purchasing an additional 93 shares during the last quarter. Signaturefd LLC lifted its holdings in Tenet Healthcare by 17.6% during the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after buying an additional 94 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Tenet Healthcare by 3.4% during the third quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock valued at $480,000 after acquiring an additional 94 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock valued at $74,000 after purchasing an additional 96 shares during the period. Finally, First Citizens Bank & Trust Co. raised its holdings in shares of Tenet Healthcare by 5.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,226 shares of the company’s stock valued at $370,000 after purchasing an additional 109 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 1.2 %

Shares of Tenet Healthcare stock opened at $153.45 on Tuesday. The company has a market cap of $14.59 billion, a P/E ratio of 4.92, a price-to-earnings-growth ratio of 0.70 and a beta of 2.15. The firm has a 50-day simple moving average of $159.58 and a two-hundred day simple moving average of $147.46. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare Co. has a fifty-two week low of $62.70 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.44 earnings per share. As a group, equities analysts predict that Tenet Healthcare Co. will post 11.37 earnings per share for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other 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 transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the sale, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,599 shares of company stock valued at $2,830,834 in the last 90 days. 0.93% of the stock is owned by insiders.

Analyst Ratings Changes

THC has been the topic of several research reports. The Goldman Sachs Group lifted their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $195.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. UBS Group boosted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald boosted their price target on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $170.38.

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.