Tenet Healthcare Corporation $THC Stock Sold by Alamar Capital Management LLC

Key Points

• Alamar Capital cut its Tenet Healthcare stake by 34.8% in the third quarter, selling 6,279 shares and retaining 11,783 shares valued at about $3.0 million.
• Tenet reported quarterly earnings of $6.64 per share, beating the $4.68 consensus estimate; revenue of $6.28 billion also exceeded forecasts and rose 6.5% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $293.48. Company insiders also sold 98,462 shares worth about $26.8 million in the last quarter.

Alamar Capital Management LLC lessened its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 34.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,783 shares of the company's stock after selling 6,279 shares during the quarter. Tenet Healthcare makes up about 1.5% of Alamar Capital Management LLC's investment portfolio, making the stock its 19th largest holding. Alamar Capital Management LLC's holdings in Tenet Healthcare were worth $3,011,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in THC. Manning & Napier Advisors LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at $168,761,000. Bank of New York Mellon Corp bought a new stake in shares of Tenet Healthcare during the second quarter valued at approximately $106,342,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company's stock valued at $126,757,000 after acquiring an additional 244,901 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Tenet Healthcare by 535.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 127,677 shares of the company's stock worth $24,094,000 after purchasing an additional 107,600 shares during the period. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Tenet Healthcare by 37.6% in the second quarter. Wedge Capital Management L L P NC now owns 221,453 shares of the company's stock worth $41,429,000 after purchasing an additional 60,478 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Insiders Place Their Bets

In other news, EVP Lisa Foo sold 24,000 shares of the company's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $266.32, for a total value of $6,391,680.00. Following the completion of the sale, the executive vice president directly owned 8,053 shares of the company's stock, valued at $2,144,674.96. This represents a 74.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Saumya Sutaria sold 50,000 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $278.71, for a total transaction of $13,935,500.00. Following the transaction, the chief executive officer owned 483,564 shares in the company, valued at approximately $134,774,122.44. The trade was a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 98,462 shares of company stock valued at $26,788,234 in the last quarter. 0.97% of the stock is currently owned by insiders.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $283.51 on Friday. Tenet Healthcare Corporation has a 52 week low of $157.58 and a 52 week high of $301.44. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $22.56 billion, a P/E ratio of 8.22, a PEG ratio of 1.44 and a beta of 1.20. The firm has a fifty day simple moving average of $265.32 and a two-hundred day simple moving average of $222.39.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The company reported $6.64 EPS for the quarter, topping the consensus estimate of $4.68 by $1.96. The firm had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The business's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $3.70 EPS. On average, analysts expect that Tenet Healthcare Corporation will post 22.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

THC has been the subject of a number of recent analyst reports. UBS Group boosted their price objective on shares of Tenet Healthcare from $288.00 to $308.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Barclays lifted their price objective on Tenet Healthcare from $271.00 to $297.00 and gave the company an "overweight" rating in a research note on Wednesday. Raymond James Financial restated an "outperform" rating and issued a $285.00 target price on shares of Tenet Healthcare in a research report on Friday, August 14th. Robert W. Baird increased their price target on Tenet Healthcare from $210.00 to $280.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. Finally, Zacks Research downgraded Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Twenty research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Tenet Healthcare has a consensus rating of "Moderate Buy" and an average price target of $293.48.

Tenet Healthcare Profile

Tenet Healthcare Corp. NYSE: THC is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.

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