AlphaQuest LLC Cuts Position in Tenet Healthcare Co. (NYSE:THC)

AlphaQuest LLC reduced its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 21.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,999 shares of the company’s stock after selling 835 shares during the quarter. AlphaQuest LLC’s holdings in Tenet Healthcare were worth $379,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in Tenet Healthcare during the 3rd quarter worth $28,000. True Wealth Design LLC acquired a new position in shares of Tenet Healthcare in the third quarter worth about $38,000. WR Wealth Planners LLC grew its stake in Tenet Healthcare by 2,836.4% during the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock valued at $41,000 after purchasing an additional 312 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Tenet Healthcare by 30.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock worth $59,000 after purchasing an additional 110 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in shares of Tenet Healthcare during the 4th quarter valued at approximately $60,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

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 transaction of $1,194,720.75. Following the transaction, the director now owns 27,378 shares in the company, valued at $3,434,022.54. This trade represents a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

THC opened at $119.30 on Friday. The business’s 50 day moving average is $132.57 and its 200-day moving average is $145.21. The stock has a market cap of $11.35 billion, a PE ratio of 3.70, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. Tenet Healthcare Co. has a twelve month low of $90.03 and a twelve month high of $171.20.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating 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%. On average, analysts predict that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on THC shares. Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $175.00 price target on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Truist Financial lowered their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a report on Monday, January 6th. TD Cowen started coverage on Tenet Healthcare in a research report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. 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 company’s stock. Based on data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Moderate Buy” and an average price target of $163.88.

Tenet Healthcare Profile

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.