Tenet Healthcare Co. (NYSE:THC) Shares Sold by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd decreased its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 70.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,763 shares of the company's stock after selling 28,495 shares during the quarter. Point72 Hong Kong Ltd's holdings in Tenet Healthcare were worth $1,955,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of THC. Plato Investment Management Ltd purchased a new position in Tenet Healthcare during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare during the 3rd quarter valued at $30,000. Financial Management Professionals Inc. raised its position in 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 purchasing an additional 200 shares in 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 bought a new stake in Tenet Healthcare during the 3rd quarter valued at $38,000. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Price Performance

Shares of NYSE:THC traded down $0.15 during midday trading on Monday, hitting $142.53. The company had a trading volume of 384,772 shares, compared to its average volume of 1,225,324. Tenet Healthcare Co. has a twelve month low of $67.78 and a twelve month high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The stock has a market cap of $13.55 billion, a price-to-earnings ratio of 4.55, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. The business's 50-day simple moving average is $156.87 and its 200-day simple moving average is $148.73.

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

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm's stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on THC. UBS Group boosted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Barclays upped their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Raymond James lowered Tenet Healthcare from a "strong-buy" rating to an "outperform" rating and set a $195.00 target price on the stock. in a research report on Friday, November 22nd. Truist Financial reaffirmed a "buy" rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald boosted their price target on Tenet Healthcare from $168.00 to $177.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of "Buy" and a consensus target price of $168.19.

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.