Convergence Investment Partners LLC Has $506,000 Position in Tenet Healthcare Corporation (NYSE:THC)

Convergence Investment Partners LLC lowered its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 67.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,763 shares of the company's stock after selling 7,842 shares during the period. Convergence Investment Partners LLC's holdings in Tenet Healthcare were worth $506,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in Tenet Healthcare during the first quarter worth about $971,000. Los Angeles Capital Management LLC increased its holdings in Tenet Healthcare by 11.7% during the first quarter. Los Angeles Capital Management LLC now owns 124,811 shares of the company's stock worth $16,787,000 after buying an additional 13,030 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Tenet Healthcare by 5.3% during the first quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock worth $192,000 after buying an additional 72 shares during the last quarter. IFP Advisors Inc boosted its position in Tenet Healthcare by 10.3% during the first quarter. IFP Advisors Inc now owns 4,966 shares of the company's stock worth $668,000 after purchasing an additional 463 shares during the period. Finally, South Dakota Investment Council boosted its position in Tenet Healthcare by 39.9% during the first quarter. South Dakota Investment Council now owns 49,914 shares of the company's stock worth $6,713,000 after purchasing an additional 14,224 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Insider Buying and Selling

In related news, Director James L. Bierman sold 13,836 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $159.58, for a total transaction of $2,207,948.88. Following the completion of the sale, the director directly owned 41,435 shares of the company's stock, valued at $6,612,197.30. This trade represents a 25.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thomas W. Arnst sold 9,786 shares of Tenet Healthcare stock in a transaction 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. Over the last 90 days, insiders sold 54,121 shares of company stock worth $8,846,305. Insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Up 3.1%

THC stock traded up $4.63 during midday trading on Friday, hitting $153.01. 1,981,866 shares of the company's stock were exchanged, compared to its average volume of 1,605,570. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $185.25. The company has a current ratio of 1.71, a quick ratio of 1.70 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $14.21 billion, a price-to-earnings ratio of 9.80, a price-to-earnings-growth ratio of 0.81 and a beta of 1.64. The firm has a 50 day moving average price of $168.17 and a 200-day moving average price of $145.19.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The company had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same quarter in the previous year, the firm posted $2.31 EPS. The firm's quarterly revenue was up 3.2% on a year-over-year basis. On average, analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on THC shares. Royal Bank Of Canada increased their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Truist Financial raised their target price on shares of Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Mizuho lifted their price target on shares of Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. Guggenheim lifted their price target on shares of Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Morgan Stanley lifted their target price on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Tenet Healthcare currently has an average rating of "Moderate Buy" and an average price target of $188.88.

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.