New York State Common Retirement Fund Reduces Stock Position in Tenet Healthcare Corporation (NYSE:THC)

New York State Common Retirement Fund trimmed its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,434 shares of the company’s stock after selling 200 shares during the quarter. New York State Common Retirement Fund’s holdings in Tenet Healthcare were worth $5,573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of THC. GeoWealth Management LLC lifted its holdings in Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock worth $37,000 after buying an additional 84 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in Tenet Healthcare by 1.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company’s stock valued at $732,000 after purchasing an additional 92 shares during the last quarter. Prudential PLC boosted its holdings in shares of Tenet Healthcare by 0.7% in the 4th quarter. Prudential PLC now owns 15,344 shares of the company’s stock valued at $1,937,000 after buying an additional 107 shares during the period. Colonial Trust Co SC raised its stake in Tenet Healthcare by 85.7% during the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock worth $31,000 after acquiring an additional 114 shares during the period. Finally, Xponance Inc. boosted its stake in Tenet Healthcare by 1.1% in the first quarter. Xponance Inc. now owns 11,053 shares of the company’s stock valued at $1,487,000 after acquiring an additional 124 shares during the period. Institutional investors own 95.44% of the company’s stock.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 3,077 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $165.72, for a total value of $509,920.44. Following the completion of the sale, the director owned 12,128 shares in the company, valued at $2,009,852.16. This represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Paola M. Arbour sold 7,738 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total value of $1,338,674.00. Following the transaction, the executive vice president directly owned 20,110 shares in the company, valued at $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is currently owned by insiders.

Tenet Healthcare Stock Down 0.1%

THC stock opened at $174.96 on Monday. The firm has a market cap of $16.25 billion, a PE ratio of 11.57, a P/E/G ratio of 1.35 and a beta of 1.64. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $179.91. The firm has a 50 day simple moving average of $168.41 and a 200 day simple moving average of $144.34. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.78 and a quick ratio of 1.70.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.11 by $1.25. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 22.58% and a net margin of 7.09%. Tenet Healthcare’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.22 earnings per share. Equities research analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on THC shares. UBS Group increased their target price on Tenet Healthcare from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Morgan Stanley lifted their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Bank of America upped their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, May 14th. Wall Street Zen cut Tenet Healthcare from a “buy” rating to a “hold” rating in a report on Friday. Finally, Truist Financial set a $205.00 target price on Tenet Healthcare and gave the company a “buy” rating in a research report on Wednesday, July 16th. Four 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $185.41.

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.