DnB Asset Management AS Takes $6.49 Million Position in Tenet Healthcare Co. (NYSE:THC)

DnB Asset Management AS acquired a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 51,402 shares of the company's stock, valued at approximately $6,488,000. DnB Asset Management AS owned 0.05% of Tenet Healthcare as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company's stock worth $339,893,000 after purchasing an additional 390,316 shares in the last quarter. Norges Bank acquired a new position in Tenet Healthcare during the fourth quarter valued at approximately $190,819,000. Allianz Asset Management GmbH raised its holdings in shares of Tenet Healthcare by 15.1% during the 4th quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company's stock worth $72,853,000 after buying an additional 75,688 shares in the last quarter. Wealthfront Advisers LLC acquired a new stake in Tenet Healthcare in the fourth quarter valued at about $69,059,000. Finally, Victory Capital Management Inc. lifted its stake in Tenet Healthcare by 68.9% in the 4th quarter. Victory Capital Management Inc. now owns 507,055 shares of the company's stock valued at $64,006,000 after purchasing an additional 206,907 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Price Performance

Shares of THC stock traded down $3.55 on Thursday, reaching $133.63. The company's stock had a trading volume of 703,644 shares, compared to its average volume of 1,472,930. The stock's 50 day simple moving average is $132.55 and its 200-day simple moving average is $141.91. Tenet Healthcare Co. has a 12-month low of $90.03 and a 12-month high of $171.20. The company has a market capitalization of $12.71 billion, a P/E ratio of 4.15, a PEG ratio of 1.02 and a beta of 2.06. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25.

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Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping analysts' consensus estimates 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, equities analysts predict that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on THC shares. The Goldman Sachs Group cut Tenet Healthcare from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $196.00 to $140.00 in a report on Monday, December 16th. StockNews.com upgraded shares of Tenet Healthcare from a "hold" rating to a "buy" rating in a research report on Thursday, March 13th. TD Cowen initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They set a "buy" rating and a $175.00 price objective for the company. JPMorgan Chase & Co. restated an "overweight" rating and issued a $175.00 target price on shares of Tenet Healthcare in a research note on Tuesday, December 17th. Finally, Barclays reduced their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an "overweight" rating for the company in a research report on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $166.41.

Insider Activity at Tenet Healthcare

In other news, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.93% of the stock is owned by insiders.

Tenet Healthcare Company 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.