Sector Gamma AS Cuts Position in Tenet Healthcare Corporation $THC

Key Points

• Sector Gamma AS has reduced its position in Tenet Healthcare by 70.9%, now holding 12,500 shares valued at $2.2 million.
• Several large investors, including Caitong International and First Citizens Bank, have increased their stakes in Tenet Healthcare, demonstrating varied market confidence.
• Tenet Healthcare reported $4.02 EPS for the last quarter, exceeding analysts' expectations, with a revenue increase of 3.2% year-over-year and a current market cap of $18.25 billion.

Sector Gamma AS trimmed its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 70.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 12,500 shares of the company's stock after selling 30,500 shares during the period. Sector Gamma AS's holdings in Tenet Healthcare were worth $2,200,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its stake in shares of Tenet Healthcare by 2,227.3% in the second quarter. Caitong International Asset Management Co. Ltd now owns 256 shares of the company's stock worth $45,000 after acquiring an additional 245 shares during the last quarter. First Citizens Bank & Trust Co. raised its holdings in Tenet Healthcare by 267.5% in the second quarter. First Citizens Bank & Trust Co. now owns 9,613 shares of the company's stock worth $1,692,000 after buying an additional 6,997 shares during the last quarter. Exencial Wealth Advisors LLC purchased a new stake in shares of Tenet Healthcare during the second quarter valued at approximately $200,000. Cullen Frost Bankers Inc. raised its holdings in Tenet Healthcare by 46.6% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 601 shares of the company's stock worth $106,000 after acquiring an additional 191 shares during the last quarter. Finally, Wallace Advisory Group LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter worth $288,000. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Stock Performance

Shares of THC opened at $206.55 on Friday. The business has a 50-day simple moving average of $191.92 and a two-hundred day simple moving average of $168.92. 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 Corporation has a 52 week low of $109.82 and a 52 week high of $208.25. The stock has a market cap of $18.25 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 0.88 and a beta of 1.52.

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

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 8,000 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $179.53, for a total transaction of $1,436,240.00. Following the sale, the executive vice president directly owned 20,878 shares of the company's stock, valued at $3,748,227.34. This trade represents a 27.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher S. Lynch sold 3,952 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the completion of the transaction, the director directly owned 12,358 shares of the company's stock, valued at approximately $2,179,827.62. This trade represents a 24.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,722 shares of company stock valued at $17,161,015 over the last three months. Corporate insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Zacks Research downgraded Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a report on Saturday, July 26th. KeyCorp boosted their price objective on shares of Tenet Healthcare from $205.00 to $225.00 and gave the company an "overweight" rating in a report on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on shares of Tenet Healthcare in a report on Tuesday, October 14th. They issued a "buy" rating and a $224.00 target price on the stock. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Tenet Healthcare in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $209.25.

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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