Hennessy Advisors Inc. Sells 9,900 Shares of Tenet Healthcare Co. (NYSE:THC)

Hennessy Advisors Inc. decreased its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,900 shares of the company's stock after selling 9,900 shares during the period. Hennessy Advisors Inc. owned 0.09% of Tenet Healthcare worth $11,688,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC grew its position in Tenet Healthcare by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 2,116,121 shares of the company's stock worth $268,591,000 after purchasing an additional 71,454 shares during the last quarter. Norges Bank purchased a new position in Tenet Healthcare during the 4th quarter valued at about $190,819,000. Dimensional Fund Advisors LP increased its holdings in Tenet Healthcare by 22.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,532 shares of the company's stock valued at $188,524,000 after acquiring an additional 272,906 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Tenet Healthcare by 20.8% during the 4th quarter. AQR Capital Management LLC now owns 872,117 shares of the company's stock worth $110,087,000 after purchasing an additional 150,361 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Tenet Healthcare by 22.0% during the 4th quarter. Northern Trust Corp now owns 848,049 shares of the company's stock worth $107,049,000 after purchasing an additional 152,671 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tenet Healthcare

In other 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 value of $2,207,948.88. Following the completion of the sale, the director now owns 41,435 shares of the company's stock, valued at $6,612,197.30. This trade represents a 25.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 sale, the director now owns 11,292 shares of the company's stock, valued at approximately $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. Insiders sold a total of 54,121 shares of company stock valued at $8,846,305 in the last three months. 0.81% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Performance

THC traded down $1.31 during trading hours on Friday, hitting $164.23. The company's stock had a trading volume of 1,842,076 shares, compared to its average volume of 1,551,727. The company has a 50-day simple moving average of $148.09 and a 200 day simple moving average of $137.65. 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 $15.25 billion, a PE ratio of 5.10, a PEG ratio of 1.02 and a beta of 1.65. Tenet Healthcare Co. has a fifty-two week low of $109.82 and a fifty-two week high of $174.14.

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 analysts' consensus estimates of $3.11 by $1.25. The firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the company posted $3.22 EPS. As a group, sell-side analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on THC shares. Robert W. Baird reissued a "neutral" rating and issued a $137.00 target price (down from $153.00) on shares of Tenet Healthcare in a research report on Tuesday, April 15th. Guggenheim started coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They set a "buy" rating and a $165.00 target price on the stock. Bank of America increased their price objective on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. TD Cowen began coverage on Tenet Healthcare in a research note on Wednesday, February 26th. They set a "buy" rating and a $175.00 price objective on the stock. Finally, Truist Financial upped their price objective on Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $182.24.

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.