Tenet Healthcare Corporation (NYSE:THC) Shares Sold by Headlands Technologies LLC

Key Points

• Headlands Technologies LLC reduced its stake in Tenet Healthcare by 81.9%, selling 9,672 shares and leaving the fund with 2,134 shares valued at $287,000.
• Insider selling took place recently, with EVP Thomas W. Arnst selling 9,786 shares for over $1.6 million and Director James L. Bierman reducing his position by 11.57% through a sale of 4,613 shares.
• Multiple analysts have recently changed their ratings on Tenet Healthcare, with Wells Fargo upgrading the stock's rating to overweight and raising the price target from $150 to $195.

Headlands Technologies LLC trimmed its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 81.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,134 shares of the company's stock after selling 9,672 shares during the period. Headlands Technologies LLC's holdings in Tenet Healthcare were worth $287,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in THC. Dimensional Fund Advisors LP raised its holdings in shares of Tenet Healthcare by 22.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,532 shares of the company's stock worth $188,524,000 after purchasing an additional 272,906 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Tenet Healthcare by 20.8% during the fourth quarter. AQR Capital Management LLC now owns 872,117 shares of the company's stock valued at $110,087,000 after acquiring an additional 150,361 shares during the period. Northern Trust Corp raised its holdings in shares of Tenet Healthcare by 22.0% during the fourth quarter. Northern Trust Corp now owns 848,049 shares of the company's stock valued at $107,049,000 after acquiring an additional 152,671 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Tenet Healthcare by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 815,126 shares of the company's stock valued at $109,634,000 after acquiring an additional 13,057 shares during the period. Finally, Victory Capital Management Inc. grew its position in Tenet Healthcare by 45.2% during the first quarter. Victory Capital Management Inc. now owns 736,252 shares of the company's stock valued at $99,026,000 after purchasing an additional 229,197 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on THC shares. JPMorgan Chase & Co. upped their price objective on shares of Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Barclays dropped their price target on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Truist Financial increased their price target on shares of Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Finally, UBS Group increased their price target on shares of Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $191.56.

Insiders Place Their Bets

In other news, Director Richard W. Fisher sold 836 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total value of $144,761.76. Following the completion of the sale, the director directly owned 11,292 shares of the company's stock, valued at $1,955,322.72. This trade represents a 6.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas W. Arnst sold 9,786 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total value of $1,624,476.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,120 shares of company stock worth $8,103,656. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded up $3.80 during mid-day trading on Tuesday, reaching $170.43. 806,976 shares of the stock traded hands, compared to its average volume of 1,706,210. 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 business has a 50-day moving average of $167.11 and a 200 day moving average of $147.78. The stock has a market capitalization of $15.06 billion, a PE ratio of 10.91, a PEG ratio of 0.71 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.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its earnings results 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. The firm had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. Tenet Healthcare's revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business posted $2.31 earnings per share. On average, analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

About Tenet Healthcare

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.