Mackenzie Financial Corp Sells 101,006 Shares of Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Mackenzie Financial Corp has significantly reduced its stake in Tenet Healthcare Corporation by 69.1%, holding 45,074 shares valued at approximately $6.06 million as of the latest SEC filing.
• Several institutional investors have increased their holdings in Tenet Healthcare recently, with notable increases including Renaissance Technologies' 579.2% increase, resulting in ownership of 438,563 shares worth $55.36 million.
• Analysts have raised their price targets for Tenet Healthcare, with prices now ranging from $180.00 to $210.00, indicating a consensus average rating of "Moderate Buy."

Mackenzie Financial Corp lessened its stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 69.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,074 shares of the company's stock after selling 101,006 shares during the period. Mackenzie Financial Corp's holdings in Tenet Healthcare were worth $6,062,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of THC. Lindbrook Capital LLC grew its stake in shares of Tenet Healthcare by 5.3% in the 1st quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock worth $192,000 after acquiring an additional 72 shares in the last quarter. GeoWealth Management LLC grew its stake in shares of Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after acquiring an additional 84 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Tenet Healthcare by 1.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company's stock worth $732,000 after acquiring an additional 92 shares in the last quarter. Prudential PLC grew its stake in Tenet Healthcare by 0.7% in the 4th quarter. Prudential PLC now owns 15,344 shares of the company's stock valued at $1,937,000 after purchasing an additional 107 shares during the period. Finally, Colonial Trust Co SC raised its stake in shares of 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. Institutional investors and hedge funds own 95.44% of the company's stock.

Insider Activity

In other Tenet Healthcare news, Director Richard W. Fisher sold 836 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.16, for a total transaction of $144,761.76. Following the transaction, the director directly owned 11,292 shares in the company, valued at $1,955,322.72. This trade represents a 6.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James L. Bierman sold 4,613 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $170.00, for a total transaction of $784,210.00. Following the transaction, the director owned 35,271 shares in the company, valued at $5,996,070. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,121 shares of company stock valued at $8,846,305. 0.81% of the stock is owned by insiders.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded up $2.92 on Monday, reaching $161.01. The stock had a trading volume of 757,748 shares, compared to its average volume of 1,740,608. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a 1 year low of $109.82 and a 1 year high of $185.25. The company has a market cap of $14.23 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 0.67 and a beta of 1.52. The business's 50 day moving average is $167.58 and its two-hundred day moving average is $146.42.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data 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 net margin of 7.17% and a return on equity of 24.69%. The company had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. During the same period in the previous year, the firm posted $2.31 EPS. The firm's revenue was up 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wells Fargo & Company upgraded shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $150.00 to $195.00 in a report on Thursday, May 29th. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a report on Monday. Wall Street Zen raised Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, Barclays decreased their price objective on Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Four 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.