Versor Investments LP Lowers Position in Tenet Healthcare Co. (NYSE:THC)

Versor Investments LP lowered its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 53.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,439 shares of the company's stock after selling 6,161 shares during the period. Versor Investments LP's holdings in Tenet Healthcare were worth $904,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in shares of Tenet Healthcare by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company's stock valued at $831,947,000 after purchasing an additional 790,684 shares during the last quarter. 8 Knots Management LLC raised its stake in shares of Tenet Healthcare by 74.5% in the first quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company's stock valued at $107,814,000 after acquiring an additional 438,033 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company's stock worth $43,385,000 after purchasing an additional 321,789 shares during the period. Farallon Capital Management LLC grew its holdings in Tenet Healthcare by 70.1% during the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company's stock valued at $67,002,000 after purchasing an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Tenet Healthcare by 344.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company's stock worth $52,718,000 after purchasing an additional 245,875 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on THC. The Goldman Sachs Group increased their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Cantor Fitzgerald lifted their target price on Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Citigroup upped their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a "buy" rating in a report on Thursday, July 25th. Barclays boosted their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Finally, 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. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $165.35.

Tenet Healthcare Stock Down 0.7 %

Shares of NYSE THC traded down $1.21 during trading hours on Wednesday, hitting $163.00. 969,401 shares of the stock were exchanged, compared to its average volume of 1,213,579. The company has a market cap of $15.50 billion, a PE ratio of 5.22, a PEG ratio of 0.73 and a beta of 2.15. Tenet Healthcare Co. has a 12 month low of $56.91 and a 12 month high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The firm has a fifty day moving average price of $159.52 and a 200-day moving average price of $146.25.

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

Tenet Healthcare declared that its board has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The shares were 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 directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated 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 of the company's stock, valued at $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company's stock, valued at $2,427,362.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,976 shares of company stock worth $4,137,646 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

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.