KLP Kapitalforvaltning AS Purchases Shares of 22,000 Tenet Healthcare Co. (NYSE:THC)

KLP Kapitalforvaltning AS acquired a new stake in Tenet Healthcare Co. (NYSE:THC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 22,000 shares of the company’s stock, valued at approximately $2,777,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. lifted its position in shares of Tenet Healthcare by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after buying an additional 74 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Tenet Healthcare by 9.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company’s stock valued at $119,000 after acquiring an additional 80 shares in the last quarter. Spire Wealth Management increased its position in shares of Tenet Healthcare by 19.5% during the fourth quarter. Spire Wealth Management now owns 558 shares of the company’s stock worth $70,000 after purchasing an additional 91 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Tenet Healthcare by 1.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,109 shares of the company’s stock worth $1,024,000 after buying an additional 100 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in Tenet Healthcare by 30.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock valued at $59,000 after buying an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on THC shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $177.00 target price on shares of Tenet Healthcare in a report on Thursday, February 13th. The Goldman Sachs Group cut shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and reduced their target price for the company from $196.00 to $140.00 in a report on Monday, December 16th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $175.00 price target on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Truist Financial decreased their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Barclays cut their price target on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tenet Healthcare has an average rating of “Moderate Buy” and a consensus price target of $163.94.

Insider Transactions at Tenet Healthcare

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

Tenet Healthcare Stock Performance

NYSE THC opened at $133.24 on Thursday. The business has a 50 day moving average price of $132.35 and a 200 day moving average price of $142.70. 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 company has a market capitalization of $12.67 billion, a P/E ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06. Tenet Healthcare Co. has a 1-year low of $90.03 and a 1-year high of $171.20.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Sell-side analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

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.