Geode Capital Management LLC Acquires 390,316 Shares of Tenet Healthcare Co. (NYSE:THC)

Geode Capital Management LLC grew its holdings in Tenet Healthcare Co. (NYSE:THC - Free Report) by 23.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,044,667 shares of the company's stock after purchasing an additional 390,316 shares during the quarter. Geode Capital Management LLC owned about 2.15% of Tenet Healthcare worth $339,893,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Legacy Capital Group California Inc. bought a new position in Tenet Healthcare in the 3rd quarter worth approximately $1,055,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company's stock valued at $1,701,000 after acquiring an additional 7,078 shares during the period. Caprock Group LLC acquired a new stake in Tenet Healthcare in the second quarter worth about $477,000. Intech Investment Management LLC raised its holdings in Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company's stock worth $13,174,000 after purchasing an additional 24,385 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of Tenet Healthcare by 8.7% in the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company's stock valued at $31,711,000 after purchasing an additional 15,200 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the 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 $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.93% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on THC. Truist Financial restated a "buy" rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an "overweight" rating and a $200.00 price target on the stock. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $173.00 to $196.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Barclays raised their target price on Tenet Healthcare from $171.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Finally, Raymond James downgraded shares of Tenet Healthcare from a "strong-buy" rating to an "outperform" rating and set a $195.00 price target on the stock. in a research report on Friday, November 22nd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of "Buy" and a consensus target price of $168.19.

Tenet Healthcare Stock Up 1.0 %

Tenet Healthcare stock traded up $1.35 during midday trading on Friday, reaching $136.71. The stock had a trading volume of 1,009,359 shares, compared to its average volume of 1,223,606. Tenet Healthcare Co. has a 1-year low of $73.21 and a 1-year high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm's fifty day simple moving average is $152.09 and its 200-day simple moving average is $149.26. The stock has a market capitalization 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 (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 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 business had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter in the prior year, the company posted $1.44 earnings per share. The firm's revenue was up 1.1% on a year-over-year basis. As a group, analysts expect that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

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.