Tenet Healthcare Co. (NYSE:THC) Shares Sold by Avidity Partners Management LP

Avidity Partners Management LP decreased its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 45.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 137,000 shares of the company's stock after selling 116,000 shares during the quarter. Tenet Healthcare makes up about 1.7% of Avidity Partners Management LP's portfolio, making the stock its 25th biggest holding. Avidity Partners Management LP owned approximately 0.14% of Tenet Healthcare worth $17,294,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of THC. GeoWealth Management LLC lifted 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 acquiring an additional 84 shares during the last quarter. WR Wealth Planners LLC increased its position 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 purchasing an additional 312 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Tenet Healthcare by 30.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after buying an additional 110 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Tenet Healthcare during the fourth quarter worth about $60,000. Finally, Wilmington Savings Fund Society FSB raised its stake in shares of Tenet Healthcare by 1,352.8% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company's stock valued at $66,000 after acquiring an additional 487 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

Shares of THC stock traded up $0.68 during mid-day trading on Wednesday, hitting $152.16. 1,244,286 shares of the stock were exchanged, compared to its average volume of 1,551,921. The stock has a market capitalization of $14.13 billion, a price-to-earnings ratio of 4.72, a P/E/G ratio of 1.02 and a beta of 1.63. Tenet Healthcare Co. has a 12-month low of $109.82 and a 12-month high of $171.20. The stock's fifty day simple moving average is $128.37 and its two-hundred day simple moving average is $136.22. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $1.25. The firm had revenue of $5.22 billion for the quarter, compared to analysts' expectations of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.22 EPS. On average, analysts forecast that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the sale, the director now directly owns 27,378 shares in the company, valued at approximately $3,434,022.54. The trade was a 25.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.81% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on THC. Guggenheim initiated coverage on shares of Tenet Healthcare in a report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $177.00 price objective on shares of Tenet Healthcare in a report on Thursday, February 13th. Royal Bank of Canada lifted their target price on Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley increased their price target on shares of Tenet Healthcare from $165.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Barclays upped their target price on shares of Tenet Healthcare from $161.00 to $171.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $173.69.

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.