Swiss National Bank Cuts Stake in Tenet Healthcare Co. (NYSE:THC)

Swiss National Bank cut its stake in Tenet Healthcare Co. (NYSE:THC) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 188,400 shares of the company’s stock after selling 2,400 shares during the period. Swiss National Bank’s holdings in Tenet Healthcare were worth $23,782,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in THC. New Wave Wealth Advisors LLC acquired a new stake in Tenet Healthcare in the fourth quarter valued at $343,000. Swedbank AB raised its position in shares of Tenet Healthcare by 100.0% during the 4th quarter. Swedbank AB now owns 40,000 shares of the company’s stock worth $5,049,000 after acquiring an additional 20,000 shares in the last quarter. Signet Financial Management LLC purchased a new stake in Tenet Healthcare during the fourth quarter worth approximately $1,526,000. China Universal Asset Management Co. Ltd. acquired a new stake in Tenet Healthcare during the fourth quarter worth approximately $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Tenet Healthcare in the 4th quarter valued at $5,892,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 4.4 %

NYSE:THC opened at $128.09 on Tuesday. The stock has a market capitalization of $12.18 billion, a price-to-earnings ratio of 3.97, a PEG ratio of 1.02 and a beta of 2.06. Tenet Healthcare Co. has a 1 year low of $90.03 and a 1 year high of $171.20. The stock has a fifty day moving average price of $132.51 and a two-hundred day moving average price of $144.23. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. As a group, sell-side analysts anticipate that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on THC shares. Truist Financial dropped their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research report on Friday, November 22nd. The Goldman Sachs Group downgraded Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $196.00 to $140.00 in a report on Monday, December 16th. Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $205.00 to $150.00 in a research note on Monday, November 25th. Finally, StockNews.com raised Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $163.88.

Insiders Place Their Bets

In related news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the sale, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. The trade was a 25.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.93% of the stock is owned by company insiders.

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.