Prudential PLC Cuts Stock Holdings in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Prudential PLC significantly reduced its stake in Tenet Healthcare Corporation, cutting its holdings by 89.6% in the first quarter to own only 1,591 shares valued at approximately $214,000.
• Tenet Healthcare reported quarterly earnings of $4.02 per share, surpassing analysts' consensus estimates of $2.84, with revenue of $5.27 billion for the quarter.
• Analysts have raised their price targets for Tenet Healthcare, with JPMorgan Chase and Raymond James setting targets of $200 and $200 respectively, indicating a strong buy sentiment among market experts.

Prudential PLC reduced its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 89.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,591 shares of the company's stock after selling 13,753 shares during the period. Prudential PLC's holdings in Tenet Healthcare were worth $214,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Tenet Healthcare during the first quarter worth about $26,000. Wayfinding Financial LLC acquired a new position in Tenet Healthcare during the first quarter worth about $28,000. Colonial Trust Co SC grew its position in Tenet Healthcare by 85.7% during the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company's stock worth $31,000 after buying an additional 114 shares during the period. N.E.W. Advisory Services LLC acquired a new position in Tenet Healthcare during the first quarter worth about $31,000. Finally, GeoWealth Management LLC grew its position in Tenet Healthcare by 39.8% during the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after buying an additional 84 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

NYSE:THC opened at $172.04 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. The company has a market cap of $15.20 billion, a P/E ratio of 11.01, a P/E/G ratio of 0.74 and a beta of 1.52. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $185.25. The firm's 50 day moving average is $167.18 and its two-hundred day moving average is $148.46.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. increased their price target on shares of Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Raymond James Financial reiterated an "outperform" rating and issued a $200.00 price target (up from $185.00) on shares of Tenet Healthcare in a research report on Wednesday, July 23rd. Mizuho increased their price target on shares of Tenet Healthcare from $184.00 to $194.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Finally, Bank of America increased their price target on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.88.

Insiders Place Their Bets

In related news, Director James L. Bierman sold 13,836 shares of Tenet Healthcare stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $159.58, for a total transaction of $2,207,948.88. Following the transaction, the director owned 41,435 shares in the company, valued at approximately $6,612,197.30. The trade was a 25.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction on Thursday, June 5th. The shares were 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 in the company, valued at $3,479,030. The trade was a 27.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,659 shares of company stock worth $7,068,604. 0.81% of the stock is owned by company insiders.

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.

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