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% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 300,148 shares of the company’s stock after buying an additional 74,533 shares during the period. Victory Capital Management Inc. owned approximately 0.32% of Tenet Healthcare worth $49,885,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new position in Tenet Healthcare during the 3rd quarter worth $674,000. Entropy Technologies LP increased its position in Tenet Healthcare by 437.8% during the 3rd quarter. Entropy Technologies LP now owns 10,567 shares of the company’s stock worth $1,756,000 after buying an additional 8,602 shares during the period. Venturi Wealth Management LLC increased its position in shares of Tenet Healthcare by 36.0% in the third quarter. Venturi Wealth Management LLC now owns 521 shares of the company’s stock worth $87,000 after purchasing an additional 138 shares during the period. GDS Wealth Management bought a new position in shares of Tenet Healthcare in the third quarter worth $508,000. Finally, Chartwell Investment Partners LLC increased its position in shares of Tenet Healthcare by 90.6% in the third quarter. Chartwell Investment Partners LLC now owns 32,464 shares of the company’s stock worth $5,396,000 after purchasing an additional 15,428 shares during the period. Institutional investors own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on THC. The Goldman Sachs Group raised their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Raymond James raised their price target on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Citigroup raised their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, KeyCorp initiated coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $170.38.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $155.34 on Friday. Tenet Healthcare Co. has a 12 month low of $57.65 and a 12 month high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $14.77 billion, a price-to-earnings ratio of 4.98, a PEG ratio of 0.73 and a beta of 2.15. The business’s 50-day moving average price is $159.57 and its 200-day moving average price is $146.75.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the company earned $1.44 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. Equities research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Tenet Healthcare announced that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board 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 that occurred on 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 completion of the sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction that occurred on 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 sale, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,599 shares of company stock worth $2,830,834 over the last ninety days. 0.93% of the stock is owned by insiders.

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.