Tenet Healthcare Co. (NYSE:THC) Holdings Decreased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio cut its stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 6.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,881 shares of the company's stock after selling 2,397 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Tenet Healthcare were worth $4,403,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in Tenet Healthcare in the fourth quarter worth $190,819,000. Wealthfront Advisers LLC purchased a new position in Tenet Healthcare in the fourth quarter worth $69,059,000. Raymond James Financial Inc. purchased a new position in Tenet Healthcare in the fourth quarter worth $49,001,000. Renaissance Technologies LLC raised its position in Tenet Healthcare by 579.2% in the fourth quarter. Renaissance Technologies LLC now owns 438,563 shares of the company's stock worth $55,360,000 after acquiring an additional 373,988 shares in the last quarter. Finally, Bridgewater Associates LP raised its position in Tenet Healthcare by 225.4% in the fourth quarter. Bridgewater Associates LP now owns 407,194 shares of the company's stock worth $51,400,000 after acquiring an additional 282,071 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Up 1.5%

Tenet Healthcare stock traded up $2.56 during midday trading on Friday, hitting $168.82. 2,250,200 shares of the company were exchanged, compared to its average volume of 1,516,611. The company's fifty day moving average price is $140.71 and its 200-day moving average price is $136.62. The company has a market cap of $15.68 billion, a PE ratio of 5.24, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. Tenet Healthcare Co. has a fifty-two week low of $109.82 and a fifty-two week high of $171.20.

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

Insiders Place Their Bets

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James L. Bierman sold 13,836 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $159.58, for a total value of $2,207,948.88. Following the sale, the director now owns 41,435 shares in the company, valued at $6,612,197.30. This represents a 25.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,072 shares of company stock worth $8,557,590 in the last three months. 0.81% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and issued a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. Wall Street Zen upgraded Tenet Healthcare from a "hold" rating to a "buy" rating in a research report on Friday. Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $150.00 to $195.00 in a research report on Thursday. Guggenheim assumed coverage on Tenet Healthcare in a research report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 price target for the company. Finally, Truist Financial raised their price target on Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Tenet Healthcare currently has an average rating of "Moderate Buy" and a consensus target price of $177.59.

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.