Allianz Asset Management GmbH Sells 8,534 Shares of Tenet Healthcare Corporation $THC

Allianz Asset Management GmbH trimmed its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 1.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 487,502 shares of the company’s stock after selling 8,534 shares during the quarter. Allianz Asset Management GmbH owned about 0.55% of Tenet Healthcare worth $98,982,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Tenet Healthcare during the second quarter worth about $206,981,000. Boston Partners boosted its position in shares of Tenet Healthcare by 95.0% during the 2nd quarter. Boston Partners now owns 2,267,142 shares of the company’s stock worth $398,949,000 after acquiring an additional 1,104,500 shares in the last quarter. Alliancebernstein L.P. increased its stake in Tenet Healthcare by 375.7% in the second quarter. Alliancebernstein L.P. now owns 790,254 shares of the company’s stock valued at $139,085,000 after acquiring an additional 624,125 shares during the last quarter. Holocene Advisors LP acquired a new position in Tenet Healthcare during the second quarter valued at approximately $102,855,000. Finally, WCM Investment Management LLC boosted its holdings in shares of Tenet Healthcare by 244.4% in the 3rd quarter. WCM Investment Management LLC now owns 510,224 shares of the company’s stock valued at $102,657,000 after purchasing an additional 362,083 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Buying and Selling

In other Tenet Healthcare news, insider R. Scott Ramsey sold 13,322 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $205.11, for a total transaction of $2,732,475.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Nadja West sold 2,178 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $197.47, for a total transaction of $430,089.66. Following the completion of the sale, the director directly owned 28,480 shares in the company, valued at approximately $5,623,945.60. This represents a 7.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

THC has been the subject of several recent analyst reports. TD Cowen restated a “buy” rating on shares of Tenet Healthcare in a research report on Wednesday, January 7th. KeyCorp increased their target price on shares of Tenet Healthcare from $205.00 to $225.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. The Goldman Sachs Group initiated coverage on shares of Tenet Healthcare in a report on Tuesday, October 14th. They set a “buy” rating and a $224.00 price target on the stock. UBS Group reissued a “buy” rating on shares of Tenet Healthcare in a research note on Tuesday. Finally, Mizuho boosted their target price on shares of Tenet Healthcare from $194.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Tenet Healthcare presently has an average rating of “Moderate Buy” and a consensus target price of $233.88.

Tenet Healthcare Stock Up 2.8%

Shares of NYSE:THC opened at $193.32 on Wednesday. The business has a fifty day simple moving average of $199.86 and a 200 day simple moving average of $192.38. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $222.82. The firm has a market cap of $16.99 billion, a P/E ratio of 13.25, a P/E/G ratio of 0.80 and a beta of 1.44. The company has a quick ratio of 1.64, a current ratio of 1.71 and a debt-to-equity ratio of 2.27.

Tenet Healthcare Profile

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.