Rhenman & Partners Asset Management AB Sells 23,700 Shares of Tenet Healthcare Co. (NYSE:THC)

Rhenman & Partners Asset Management AB trimmed its holdings in Tenet Healthcare Co. (NYSE:THC) by 10.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 197,700 shares of the company’s stock after selling 23,700 shares during the period. Tenet Healthcare accounts for 2.6% of Rhenman & Partners Asset Management AB’s holdings, making the stock its 10th biggest holding. Rhenman & Partners Asset Management AB’s holdings in Tenet Healthcare were worth $24,956,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Townsquare Capital LLC acquired a new stake in Tenet Healthcare during the third quarter valued at $384,000. Captrust Financial Advisors grew its position in shares of Tenet Healthcare by 80.7% during the 3rd quarter. Captrust Financial Advisors now owns 2,747 shares of the company’s stock valued at $456,000 after acquiring an additional 1,227 shares during the period. HighTower Advisors LLC raised its holdings in Tenet Healthcare by 12.1% in the 3rd quarter. HighTower Advisors LLC now owns 7,036 shares of the company’s stock worth $1,161,000 after purchasing an additional 758 shares during the period. Janus Henderson Group PLC boosted its position in Tenet Healthcare by 7.6% during the third quarter. Janus Henderson Group PLC now owns 44,102 shares of the company’s stock worth $7,329,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Maven Securities LTD purchased a new stake in shares of Tenet Healthcare in the third quarter valued at approximately $332,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Activity

In related news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the sale, the director now owns 27,378 shares of the company’s stock, valued at $3,434,022.54. This trade represents a 25.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

THC has been the subject of several recent analyst reports. Morgan Stanley began coverage on shares of Tenet Healthcare in a report on Wednesday, March 26th. They issued an “overweight” rating and a $165.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. KeyCorp cut their price objective on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. TD Cowen began coverage on Tenet Healthcare in a research report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 target price on the stock. Finally, Truist Financial reduced their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $166.41.

Tenet Healthcare Trading Down 9.5 %

Shares of THC stock opened at $120.23 on Friday. The stock has a market capitalization of $11.44 billion, a P/E ratio of 3.73, a price-to-earnings-growth ratio of 1.02 and a beta of 1.77. Tenet Healthcare Co. has a fifty-two week low of $90.03 and a fifty-two week high of $171.20. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. The company has a 50 day moving average price of $132.13 and a 200 day moving average price of $141.54.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. Equities research analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

About Tenet Healthcare

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.