Norges Bank purchased a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,511,677 shares of the company's stock, valued at approximately $190,819,000. Norges Bank owned approximately 1.59% of Tenet Healthcare at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in THC. True Wealth Design LLC bought a new position in Tenet Healthcare in the third quarter worth approximately $38,000. WR Wealth Planners LLC raised its holdings in Tenet Healthcare by 2,836.4% during the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company's stock worth $41,000 after buying an additional 312 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Tenet Healthcare by 30.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after buying an additional 110 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Tenet Healthcare during the fourth quarter worth about $60,000. Finally, Wilmington Savings Fund Society FSB lifted its position in Tenet Healthcare by 1,352.8% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company's stock valued at $66,000 after acquiring an additional 487 shares in the last quarter. Institutional investors own 95.44% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on THC shares. StockNews.com raised Tenet Healthcare from a "hold" rating to a "buy" rating in a research note on Thursday, March 13th. Truist Financial cut their price objective on shares of Tenet Healthcare from $190.00 to $175.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Barclays lowered their target price on shares of Tenet Healthcare from $190.00 to $161.00 and set an "overweight" rating for the company in a report on Thursday, February 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $177.00 price objective on shares of Tenet Healthcare in a research report on Thursday, February 13th. Finally, KeyCorp dropped their target price on shares of Tenet Healthcare from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $166.41.
View Our Latest Analysis on Tenet Healthcare
Insider Activity
In other news, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction 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. This represents a 25.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.93% of the stock is owned by company insiders.
Tenet Healthcare Stock Performance
THC traded down $2.92 during trading hours on Thursday, hitting $134.26. The stock had a trading volume of 685,397 shares, compared to its average volume of 1,472,557. The stock has a market cap of $12.77 billion, a PE ratio of 4.17, a price-to-earnings-growth 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 company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The company's fifty day simple moving average is $132.55 and its 200 day simple moving average is $141.91.
Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, beating 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%. Equities analysts anticipate that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.
Tenet Healthcare Company Profile
(
Free Report)
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.
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