Proficio Capital Partners LLC Invests $5.83 Million in Tenet Healthcare Co. (NYSE:THC)

Proficio Capital Partners LLC bought a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 46,200 shares of the company's stock, valued at approximately $5,832,000.

Other hedge funds have also recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC purchased a new stake in shares of Tenet Healthcare during the 4th quarter worth about $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 shares of Tenet Healthcare in the fourth quarter valued at approximately $1,526,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Tenet Healthcare during the 4th quarter valued at approximately $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Tenet Healthcare in the 4th quarter valued at $5,892,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 1.1 %

THC stock traded down $1.43 during midday trading on Thursday, hitting $126.32. 586,951 shares of the company's stock were exchanged, compared to its average volume of 1,402,609. Tenet Healthcare Co. has a 1-year low of $90.03 and a 1-year high of $171.20. The business has a 50-day simple moving average of $132.39 and a two-hundred day simple moving average of $143.83. The stock has a market capitalization of $12.02 billion, a PE ratio of 3.92, a P/E/G ratio of 1.02 and a beta of 2.06. The company has a current ratio of 1.78, a quick ratio of 1.70 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 data on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. On average, sell-side analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

THC has been the topic of several research analyst reports. TD Cowen started coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They issued a "buy" rating and a $175.00 target price on the stock. Wells Fargo & Company cut Tenet Healthcare from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $205.00 to $150.00 in a report on Monday, November 25th. Truist Financial dropped their price target on Tenet Healthcare from $190.00 to $175.00 and set a "buy" rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group lowered Tenet Healthcare from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $196.00 to $140.00 in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and issued a $175.00 price target on shares of Tenet Healthcare in a research note on Tuesday, December 17th. 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $163.88.

Insider Buying and Selling

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction on 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is currently owned by corporate insiders.

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.