Fmr LLC Reduces Stake in Tenet Healthcare Co. (NYSE:THC)

Fmr LLC lessened its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 5.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 7,255,930 shares of the company’s stock after selling 444,763 shares during the period. Fmr LLC owned about 0.08% of Tenet Healthcare worth $915,916,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dynamic Technology Lab Private Ltd raised its position in shares of Tenet Healthcare by 314.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 14,360 shares of the company’s stock worth $1,813,000 after buying an additional 10,899 shares in the last quarter. Islay Capital Management LLC bought a new stake in shares of Tenet Healthcare in the 4th quarter worth approximately $691,000. Prudential PLC increased its holdings in shares of Tenet Healthcare by 0.7% in the fourth quarter. Prudential PLC now owns 15,344 shares of the company’s stock worth $1,937,000 after buying an additional 107 shares during the period. Huber Capital Management LLC boosted its stake in shares of Tenet Healthcare by 5.7% during the fourth quarter. Huber Capital Management LLC now owns 11,101 shares of the company’s stock valued at $1,401,000 after purchasing an additional 600 shares during the period. Finally, Cinctive Capital Management LP purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth about $2,455,000. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $120.29 on Tuesday. The firm has a market capitalization of $11.44 billion, a PE ratio of 3.73, a P/E/G ratio of 1.02 and a beta of 1.77. Tenet Healthcare Co. has a 12 month low of $90.03 and a 12 month high of $171.20. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The business has a 50-day moving average of $131.75 and a two-hundred day moving average of $140.96.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. As a group, research analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. This represents a 25.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on THC. Truist Financial dropped their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. KeyCorp dropped their price target on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $177.00 price objective on shares of Tenet Healthcare in a research note on Thursday, February 13th. Finally, TD Cowen began coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare presently has an average rating of “Moderate Buy” and a consensus target price of $166.41.

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.