Arrowstreet Capital Limited Partnership Decreases Position in Tenet Healthcare Co. (NYSE:THC)

Arrowstreet Capital Limited Partnership lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 2.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,773,791 shares of the company’s stock after selling 41,693 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.87% of Tenet Healthcare worth $223,906,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on THC. KeyCorp lowered their target price on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. StockNews.com upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Truist Financial decreased their target price on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group cut shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their price target for the company from $196.00 to $140.00 in a research report on Monday, December 16th. Finally, Morgan Stanley began coverage on Tenet Healthcare in a research report on Wednesday, March 26th. They set an “overweight” rating and a $165.00 price objective for the company. Three 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.41.

Tenet Healthcare Stock Performance

Shares of THC opened at $133.17 on Monday. The stock has a market cap of $12.67 billion, a price-to-earnings ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06. The company has a 50-day moving average of $132.43 and a two-hundred day moving average of $142.31. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. Tenet Healthcare Co. has a one year low of $90.03 and a one year high of $171.20.

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 return on equity of 21.88% and a net margin of 15.48%. On average, equities research analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In related news, Director J Robert Kerrey sold 9,525 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. This represents a 25.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.93% of the company’s stock.

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.