California State Teachers Retirement System Cuts Stock Position in Tenet Healthcare Co. (NYSE:THC)

California State Teachers Retirement System trimmed its position in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 3.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 89,610 shares of the company's stock after selling 3,621 shares during the quarter. California State Teachers Retirement System owned about 0.09% of Tenet Healthcare worth $11,311,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its stake in Tenet Healthcare by 9.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company's stock worth $119,000 after purchasing an additional 80 shares in the last quarter. GeoWealth Management LLC boosted its stake in 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 purchasing an additional 84 shares in the last quarter. Spire Wealth Management boosted its stake in Tenet Healthcare by 19.5% in the 4th quarter. Spire Wealth Management now owns 558 shares of the company's stock worth $70,000 after purchasing an additional 91 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in 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 purchasing an additional 92 shares in the last quarter. Finally, Prudential PLC raised its position in Tenet Healthcare by 0.7% during the 4th quarter. Prudential PLC now owns 15,344 shares of the company's stock worth $1,937,000 after buying an additional 107 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Tenet Healthcare news, Director James L. Bierman sold 1,551 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $165.72, for a total value of $257,031.72. Following the transaction, the director now owns 39,884 shares of the company's stock, valued at $6,609,576.48. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the transaction, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. The trade was a 25.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,072 shares of company stock valued at $8,557,590. 0.81% of the stock is currently owned by insiders.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded down $1.94 during trading hours on Wednesday, reaching $169.90. 1,342,772 shares of the company's stock were exchanged, compared to its average volume of 1,527,614. Tenet Healthcare Co. has a 1 year low of $109.82 and a 1 year high of $174.14. The company has a market capitalization of $15.78 billion, a P/E ratio of 5.27, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65. The business has a fifty day moving average of $142.93 and a two-hundred day moving average of $136.84. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last released 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. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the prior year, the firm earned $3.22 earnings per share. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, research analysts predict that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

THC has been the subject of a number of recent research reports. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. Truist Financial raised their price target on shares of Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Barclays raised their price target on shares of Tenet Healthcare from $171.00 to $215.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Baird R W lowered shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.