California State Teachers Retirement System Trims Stock Position in Tenet Healthcare Co. (NYSE:THC)

California State Teachers Retirement System cut its stake in shares of Tenet Healthcare Co. (NYSE:THCFree Report) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 99,425 shares of the company’s stock after selling 5,398 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of Tenet Healthcare worth $7,514,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC purchased a new position in Tenet Healthcare during the fourth quarter valued at approximately $52,000. Sunbelt Securities Inc. purchased a new position in Tenet Healthcare during the third quarter valued at approximately $67,000. FinTrust Capital Advisors LLC boosted its stake in Tenet Healthcare by 108.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock valued at $68,000 after acquiring an additional 467 shares in the last quarter. USA Financial Formulas acquired a new stake in Tenet Healthcare in the third quarter valued at approximately $92,000. Finally, Neo Ivy Capital Management acquired a new stake in Tenet Healthcare in the third quarter valued at approximately $155,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $133.73 on Monday. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $136.80. The firm’s 50 day moving average price is $116.02 and its 200-day moving average price is $95.71. The firm has a market cap of $13.06 billion, a P/E ratio of 5.19, a P/E/G ratio of 1.37 and a beta of 2.12. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.37 and a current ratio of 1.44.

Tenet Healthcare (NYSE:THCGet Free Report) last announced its earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the firm earned $1.42 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities research analysts predict that Tenet Healthcare Co. will post 8.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on THC. Truist Financial restated a “buy” rating and issued a $130.00 target price (up from $120.00) on shares of Tenet Healthcare in a research note on Wednesday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Tenet Healthcare from $126.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $104.00 price objective on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Finally, Robert W. Baird initiated coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $153.00 price objective for the company. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $120.41.

Check Out Our Latest Analysis on THC

Insider Buying and Selling

In related news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the sale, the director now directly owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Richard W. Fisher sold 2,500 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $123.20, for a total value of $308,000.00. Following the transaction, the director now directly owns 17,627 shares of the company’s stock, valued at approximately $2,171,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard J. Mark sold 14,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the transaction, the director now directly owns 33,303 shares in the company, valued at $3,296,330.94. The disclosure for this sale can be found here. Insiders have sold a total of 37,291 shares of company stock valued at $4,318,493 in the last ninety days. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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