Assenagon Asset Management S.A. Has $26.23 Million Stake in Tenet Healthcare Co. (NYSE:THC)

Assenagon Asset Management S.A. cut its holdings in Tenet Healthcare Co. (NYSE:THC) by 50.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 157,825 shares of the company’s stock after selling 161,970 shares during the quarter. Assenagon Asset Management S.A. owned about 0.16% of Tenet Healthcare worth $26,231,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of THC. 180 Wealth Advisors LLC bought a new stake in Tenet Healthcare during the first quarter valued at about $241,000. Optas LLC bought a new position in shares of Tenet Healthcare in the first quarter worth about $237,000. Allspring Global Investments Holdings LLC lifted its position in Tenet Healthcare by 8.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 47,236 shares of the company’s stock valued at $4,965,000 after purchasing an additional 3,869 shares during the period. State of Michigan Retirement System grew its holdings in Tenet Healthcare by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 24,893 shares of the company’s stock worth $2,617,000 after acquiring an additional 500 shares during the period. Finally, Silverlake Wealth Management LLC bought a new position in Tenet Healthcare during the first quarter worth about $223,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Citigroup upped their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their target price on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Barclays upped their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and a consensus target price of $157.24.

Tenet Healthcare Trading Down 7.5 %

Shares of Tenet Healthcare stock opened at $139.70 on Friday. The firm’s 50-day moving average price is $159.85 and its two-hundred day moving average price is $140.23. The company has a market capitalization of $13.65 billion, a price-to-earnings ratio of 5.42, a PEG ratio of 0.80 and a beta of 2.14. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $171.20.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $4.98 billion. On average, analysts forecast that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

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

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on 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 sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction 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 approximately $2,328,533.09. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company’s stock.

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.