Retirement Systems of Alabama Has $29.38 Million Position in Tenet Healthcare Co. (NYSE:THC)

Retirement Systems of Alabama increased its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 46.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 176,757 shares of the company's stock after purchasing an additional 56,193 shares during the quarter. Retirement Systems of Alabama owned 0.19% of Tenet Healthcare worth $29,377,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in THC. FMR LLC raised its position in Tenet Healthcare by 88.0% in the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company's stock valued at $1,279,855,000 after buying an additional 3,604,161 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Tenet Healthcare by 23.6% in the third 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. Marshall Wace LLP grew its position in Tenet Healthcare by 7.3% in the second quarter. Marshall Wace LLP now owns 713,979 shares of the company's stock valued at $94,981,000 after purchasing an additional 48,626 shares in the last quarter. Farallon Capital Management LLC increased its stake in Tenet Healthcare by 7.8% in the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company's stock valued at $91,450,000 after buying an additional 50,000 shares during the last quarter. Finally, Integral Health Asset Management LLC boosted its stake in shares of Tenet Healthcare by 17.6% during the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company's stock worth $66,515,000 after buying an additional 75,000 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Price Performance

Shares of THC stock traded up $1.35 on Friday, hitting $136.71. 1,009,359 shares of the company's stock were exchanged, compared to its average volume of 1,223,606. The company has a 50 day moving average of $152.09 and a 200 day moving average of $149.13. The stock has a market cap of $13.00 billion, a P/E ratio of 4.38, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. Tenet Healthcare Co. has a 12 month low of $73.21 and a 12 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.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the business earned $1.44 earnings per share. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Truist Financial reaffirmed a "buy" rating and set a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. 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. Cantor Fitzgerald raised their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Wells Fargo & Company cut shares of Tenet Healthcare from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $205.00 to $150.00 in a research report on Monday, November 25th. Finally, The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating 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.com, the company has a consensus rating of "Buy" and a consensus target price of $168.19.

Insider Buying and Selling

In related news, EVP Lisa Y. Foo sold 4,000 shares of the business's stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is owned by corporate 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.