Neo Ivy Capital Management Takes $2.77 Million Position in Tenet Healthcare Co. (NYSE:THC)

Neo Ivy Capital Management purchased a new stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 21,969 shares of the company's stock, valued at approximately $2,773,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. New Wave Wealth Advisors LLC purchased a new stake in Tenet Healthcare in the 4th quarter worth approximately $343,000. Swedbank AB increased its holdings in Tenet Healthcare by 100.0% in the 4th quarter. Swedbank AB now owns 40,000 shares of the company's stock worth $5,049,000 after acquiring an additional 20,000 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in Tenet Healthcare in the 4th quarter worth approximately $410,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Tenet Healthcare in the 4th quarter worth approximately $5,892,000. Finally, abrdn plc boosted its stake in Tenet Healthcare by 29.0% in the 4th quarter. abrdn plc now owns 98,229 shares of the company's stock worth $12,320,000 after purchasing an additional 22,066 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Stock Up 1.1%

NYSE THC traded up $1.72 during trading on Friday, hitting $163.05. The company's stock had a trading volume of 1,248,741 shares, compared to its average volume of 1,531,916. Tenet Healthcare Co. has a fifty-two week low of $109.82 and a fifty-two week high of $171.20. The company has a market cap of $15.14 billion, a PE ratio of 5.06, a P/E/G ratio of 1.02 and a beta of 1.63. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The business's 50 day simple moving average is $136.90 and its 200-day simple moving average is $136.22.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating the consensus estimate of $3.11 by $1.25. The company had revenue of $5.22 billion during 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%. Tenet Healthcare's quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $3.22 earnings per share. On average, equities analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. UBS Group increased their target price on Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Truist Financial increased their target price on Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Cantor Fitzgerald restated an "overweight" rating and set a $177.00 price target on shares of Tenet Healthcare in a research note on Thursday, February 13th. Morgan Stanley raised their price target on Tenet Healthcare from $165.00 to $175.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Finally, Barclays raised their price target on Tenet Healthcare from $161.00 to $171.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Tenet Healthcare currently has an average rating of "Moderate Buy" and a consensus target price of $174.94.

Insider Activity

In other news, EVP Paola M. Arbour sold 6,461 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total value of $1,035,052.20. Following the sale, the executive vice president now directly owns 27,848 shares of the company's stock, valued at $4,461,249.60. The trade was a 18.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Thomas W. Arnst sold 9,786 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total value of $1,624,476.00. The disclosure for this sale can be found here. Insiders sold 30,773 shares of company stock worth $4,596,897 over the last three months. 0.81% 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.