Tenet Healthcare Co. (NYSE:THC) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC trimmed its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 13.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 210,518 shares of the company's stock after selling 33,306 shares during the quarter. Lord Abbett & CO. LLC owned 0.22% of Tenet Healthcare worth $34,988,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of THC. Plato Investment Management Ltd acquired a new stake in Tenet Healthcare in the third quarter valued at approximately $28,000. ORG Wealth Partners LLC purchased a new stake in Tenet Healthcare during the third quarter worth about $30,000. Financial Management Professionals Inc. lifted its position in shares of Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company's stock valued at $35,000 after buying an additional 200 shares during the last quarter. Innealta Capital LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $28,000. Finally, True Wealth Design LLC purchased a new stake in shares of Tenet Healthcare in the third quarter worth about $38,000. Institutional investors own 95.44% of the company's stock.

Tenet Healthcare Price Performance

Tenet Healthcare stock traded up $1.35 during mid-day trading on Friday, reaching $136.71. 1,009,359 shares of the company's stock traded hands, compared to its average volume of 1,223,606. The company has a market cap of $13.00 billion, a price-to-earnings ratio of 4.38, a PEG ratio of 0.63 and a beta of 2.06. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The stock has a 50 day moving average of $152.09 and a two-hundred day moving average of $149.38. Tenet Healthcare Co. has a 12-month low of $73.21 and a 12-month high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the firm posted $1.44 EPS. The firm's revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company's stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company's stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.93% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on THC shares. UBS Group boosted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Wells Fargo & Company lowered Tenet Healthcare from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $205.00 to $150.00 in a research note on Monday, November 25th. Barclays upped their price target on Tenet Healthcare from $171.00 to $190.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, Truist Financial restated a "buy" rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $168.19.

About Tenet Healthcare

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.