Adage Capital Partners GP L.L.C. Sells 86,794 Shares of Tenet Healthcare Co. (NYSE:THC)

Adage Capital Partners GP L.L.C. reduced its stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 28.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 222,215 shares of the company's stock after selling 86,794 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.23% of Tenet Healthcare worth $28,050,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. GeoWealth Management LLC increased its holdings in Tenet Healthcare by 39.8% in the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock valued at $37,000 after buying an additional 84 shares in the last quarter. WR Wealth Planners LLC raised its stake in shares of Tenet Healthcare by 2,836.4% during the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company's stock worth $41,000 after buying an additional 312 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in Tenet Healthcare by 30.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after acquiring an additional 110 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Tenet Healthcare during the fourth quarter worth about $60,000. Finally, Wilmington Savings Fund Society FSB lifted its holdings in shares of Tenet Healthcare by 1,352.8% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company's stock valued at $66,000 after purchasing an additional 487 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Price Performance

NYSE:THC traded up $2.46 during mid-day trading on Wednesday, reaching $140.81. 1,501,051 shares of the stock were exchanged, compared to its average volume of 1,540,884. Tenet Healthcare Co. has a 1-year low of $109.82 and a 1-year high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The firm has a market capitalization of $13.29 billion, a PE ratio of 4.37, a PEG ratio of 1.02 and a beta of 1.77. The business has a fifty day moving average price of $126.28 and a 200 day moving average price of $136.58.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.11 by $1.25. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same period in the previous year, the firm earned $3.22 earnings per share. Tenet Healthcare's revenue for the quarter was down 2.5% compared to the same quarter last year. Research analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Insider Activity

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the transaction, the director now owns 27,378 shares in the company, valued at approximately $3,434,022.54. This represents a 25.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on THC shares. Cantor Fitzgerald restated an "overweight" rating and issued a $177.00 price objective on shares of Tenet Healthcare in a research report on Thursday, February 13th. Truist Financial decreased their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Baird R W cut Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. StockNews.com upgraded Tenet Healthcare from a "hold" rating to a "buy" rating in a research note on Thursday, March 13th. Finally, UBS Group upped their price objective on shares of Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Tenet Healthcare presently has a consensus rating of "Moderate Buy" and an average target price of $166.50.

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.