Rhumbline Advisers Sells 4,338 Shares of Tenet Healthcare Co. (NYSE:THC)

Rhumbline Advisers lowered its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 255,757 shares of the company's stock after selling 4,338 shares during the quarter. Rhumbline Advisers owned about 0.28% of Tenet Healthcare worth $34,399,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of THC. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Tenet Healthcare in the 4th quarter valued at about $5,892,000. abrdn plc lifted its holdings in Tenet Healthcare by 29.0% in the 4th quarter. abrdn plc now owns 98,229 shares of the company's stock valued at $12,320,000 after acquiring an additional 22,066 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in Tenet Healthcare by 541.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company's stock valued at $1,213,000 after acquiring an additional 8,000 shares during the last quarter. Lecap Asset Management Ltd. raised its holdings in Tenet Healthcare by 152.7% during the 4th quarter. Lecap Asset Management Ltd. now owns 4,189 shares of the company's stock worth $529,000 after buying an additional 2,531 shares during the period. Finally, Truist Financial Corp raised its holdings in Tenet Healthcare by 1.6% during the 4th quarter. Truist Financial Corp now owns 12,407 shares of the company's stock worth $1,566,000 after buying an additional 198 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Insiders Place Their Bets

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the sale, the director now owns 27,378 shares of the company's stock, valued at $3,434,022.54. This represents a 25.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James L. Bierman sold 4,613 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $170.00, for a total value of $784,210.00. Following the sale, the director now directly owns 35,271 shares of the company's stock, valued at $5,996,070. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,072 shares of company stock valued at $8,557,590 over the last 90 days. 0.81% of the stock is currently owned by company insiders.

Tenet Healthcare Stock Up 1.0%

Shares of THC traded up $1.77 during trading hours on Thursday, hitting $171.66. 1,277,534 shares of the company were exchanged, compared to its average volume of 1,525,253. The firm's 50 day moving average is $142.93 and its 200-day moving average is $136.84. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. Tenet Healthcare Co. has a 52 week low of $109.82 and a 52 week high of $174.14. The company has a market cap of $15.94 billion, a PE ratio of 5.33, a PEG ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.11 by $1.25. The firm had revenue of $5.22 billion during the quarter, compared to analysts' expectations of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The company's revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.22 earnings per share. On average, equities research analysts forecast that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on THC shares. Robert W. Baird restated a "neutral" rating and set a $137.00 price objective (down previously from $153.00) on shares of Tenet Healthcare in a report on Tuesday, April 15th. The Goldman Sachs Group upped their target price on Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a report on Monday, May 5th. Morgan Stanley upped their target price on Tenet Healthcare from $165.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Guggenheim began coverage on Tenet Healthcare in a report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 target price on the stock. Finally, Royal Bank of Canada upped their target price on Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $180.18.

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.