GSA Capital Partners LLP Makes New Investment in Tenet Healthcare Co. (NYSE:THC)

GSA Capital Partners LLP acquired a new stake in Tenet Healthcare Co. (NYSE:THC) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 4,053 shares of the company’s stock, valued at approximately $674,000.

Other hedge funds have also recently bought and sold shares of the company. Janney Montgomery Scott LLC bought a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $537,000. QRG Capital Management Inc. acquired a new stake in shares of Tenet Healthcare in the first quarter worth $276,000. Acadian Asset Management LLC grew its stake in Tenet Healthcare by 102.9% in the 1st quarter. Acadian Asset Management LLC now owns 4,455 shares of the company’s stock valued at $468,000 after buying an additional 2,259 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Tenet Healthcare by 31.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 28,171 shares of the company’s stock worth $2,961,000 after acquiring an additional 6,687 shares during the period. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Tenet Healthcare during the first quarter valued at about $221,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $155.34 on Monday. Tenet Healthcare Co. has a 52-week low of $57.65 and a 52-week high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The stock has a fifty day moving average price of $159.57 and a two-hundred day moving average price of $147.21. The firm has a market capitalization of $14.77 billion, a P/E ratio of 4.98, a P/E/G ratio of 0.70 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the business earned $1.44 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts anticipate that Tenet Healthcare Co. will post 11.37 EPS for the current fiscal year.

Tenet Healthcare announced that its board has authorized a share repurchase program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The trade was a 64.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,599 shares of company stock worth $2,830,834. 0.93% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on THC. Cantor Fitzgerald boosted their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. Citigroup upped their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. The Goldman Sachs Group boosted their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Buy” and an average target price 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.