New York State Common Retirement Fund Trims Position in Tenet Healthcare Co. (NYSE:THC)

New York State Common Retirement Fund lessened its stake in Tenet Healthcare Co. (NYSE:THC) by 10.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 196,740 shares of the company’s stock after selling 23,354 shares during the quarter. New York State Common Retirement Fund’s holdings in Tenet Healthcare were worth $14,868,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in THC. Nordea Investment Management AB boosted its position in shares of Tenet Healthcare by 324.3% in the fourth quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after buying an additional 30,623 shares during the period. First Eagle Investment Management LLC grew its holdings in Tenet Healthcare by 37.3% during the 3rd quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company’s stock valued at $11,623,000 after purchasing an additional 47,952 shares in the last quarter. Bleakley Financial Group LLC grew its stake in shares of Tenet Healthcare by 6.0% during the fourth quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock valued at $6,889,000 after acquiring an additional 5,198 shares in the last quarter. Vanguard Group Inc. increased its holdings in Tenet Healthcare by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock worth $720,671,000 after purchasing an additional 63,253 shares during the last quarter. Finally, TD Asset Management Inc bought a new stake in shares of Tenet Healthcare in the third quarter worth $1,146,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Activity

In related news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the sale, the executive vice president now owns 29,803 shares in the company, valued at approximately $2,889,698.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,268 shares of company stock worth $4,944,810. 0.93% of the stock is owned by company insiders.

Tenet Healthcare Price Performance

Shares of THC opened at $99.15 on Tuesday. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 3.08 and a beta of 2.08. The stock’s fifty day moving average is $98.38 and its 200-day moving average is $81.03. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $107.80. The company has a debt-to-equity ratio of 4.77, a quick ratio of 1.42 and a current ratio of 1.51.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Thursday, February 8th. The company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The company had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the firm earned $1.96 EPS. Tenet Healthcare’s revenue was up 7.8% on a year-over-year basis. Equities analysts anticipate that Tenet Healthcare Co. will post 6.3 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on THC shares. Cantor Fitzgerald restated an “overweight” rating and set a $104.00 price objective on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Truist Financial boosted their target price on shares of Tenet Healthcare from $92.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Mizuho lifted their price target on shares of Tenet Healthcare from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, February 9th. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $105.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Barclays assumed coverage on Tenet Healthcare in a report on Wednesday, March 6th. They set an “overweight” rating and a $113.00 target price for the company. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $100.38.

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.