Federated Hermes Inc. Sells 29,046 Shares of Tenet Healthcare Corporation (NYSE:THC)

Federated Hermes Inc. lessened its stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 49.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,886 shares of the company's stock after selling 29,046 shares during the period. Federated Hermes Inc.'s holdings in Tenet Healthcare were worth $4,020,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Tenet Healthcare in the 1st quarter valued at $26,000. Wayfinding Financial LLC acquired a new stake in shares of Tenet Healthcare during the first quarter worth about $28,000. N.E.W. Advisory Services LLC acquired a new position in Tenet Healthcare in the 1st quarter worth approximately $31,000. Colonial Trust Co SC grew its position in Tenet Healthcare by 85.7% during the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock worth $31,000 after purchasing an additional 114 shares during the period. Finally, GeoWealth Management LLC raised its position in Tenet Healthcare by 39.8% during 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 in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, EVP Paola M. Arbour sold 7,738 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the transaction, the executive vice president owned 20,110 shares of the company's stock, valued at $3,479,030. This trade represents a 27.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 836 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total value of $144,761.76. Following the completion of the sale, the director directly owned 11,292 shares in the company, valued at $1,955,322.72. This represents a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,121 shares of company stock valued at $8,846,305. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Trading Down 0.5%

Shares of NYSE:THC traded down $0.87 during midday trading on Wednesday, reaching $159.42. The company's stock had a trading volume of 907,045 shares, compared to its average volume of 1,588,220. The firm has a market cap of $14.08 billion, a price-to-earnings ratio of 10.21, a price-to-earnings-growth ratio of 0.69 and a beta of 1.52. The business has a 50 day moving average price of $167.44 and a 200 day moving average price of $146.73. Tenet Healthcare Corporation has a 1 year low of $109.82 and a 1 year high of $185.25. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 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 for the quarter, compared to analysts' expectations of $5.16 billion. During the same quarter in the previous year, the firm posted $2.31 earnings per share. The firm's quarterly revenue was up 3.2% on a year-over-year basis. Research analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on THC. Mizuho increased their target price on Tenet Healthcare from $184.00 to $194.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. UBS Group boosted their target price on shares of Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Bank of America lifted their price objective on Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Guggenheim raised their target price on Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $150.00 to $195.00 in a report on Thursday, May 29th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $191.56.

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.