The Manufacturers Life Insurance Company Sells 19,155 Shares of Tenet Healthcare Co. (NYSE:THC)

The Manufacturers Life Insurance Company decreased its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 13.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 127,403 shares of the company's stock after selling 19,155 shares during the quarter. The Manufacturers Life Insurance Company owned 0.13% of Tenet Healthcare worth $21,174,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Legacy Capital Group California Inc. purchased a new position in shares of Tenet Healthcare in the third quarter worth approximately $1,055,000. Diversified Trust Co acquired a new stake in Tenet Healthcare during the 2nd quarter valued at $558,000. Envestnet Portfolio Solutions Inc. boosted its position in shares of Tenet Healthcare by 124.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company's stock worth $1,701,000 after buying an additional 7,078 shares during the period. Caprock Group LLC acquired a new position in Tenet Healthcare during the second quarter valued at $477,000. Finally, Swiss National Bank boosted its position in Tenet Healthcare by 8.7% during the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company's stock worth $31,711,000 after acquiring an additional 15,200 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Insider Transactions at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the business's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The stock was 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 of the company's stock, valued at approximately $2,427,362.04. The trade was 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 owned by insiders.

Tenet Healthcare Stock Performance

THC stock traded up $0.70 on Friday, reaching $142.68. 490,282 shares of the company were exchanged, compared to its average volume of 1,413,630. Tenet Healthcare Co. has a 12 month low of $66.64 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. The firm has a market capitalization of $13.57 billion, a PE ratio of 4.57, a PEG ratio of 0.64 and a beta of 2.15. The stock's fifty day moving average price is $156.87 and its 200 day moving average price is $148.62.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter in the previous year, the firm posted $1.44 earnings per share. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on THC shares. KeyCorp initiated coverage on shares of Tenet Healthcare in a research report on Friday, October 11th. They set an "overweight" rating and a $200.00 price objective on the stock. Truist Financial reaffirmed a "buy" rating and issued a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Wells Fargo & Company cut Tenet Healthcare from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $205.00 to $150.00 in a research report on Monday, November 25th. The Goldman Sachs Group upped their target price on Tenet Healthcare from $173.00 to $196.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Two 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 presently has a consensus rating of "Buy" and a consensus target price of $168.19.

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.