Invesco Ltd. Sells 833,813 Shares of Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Invesco Ltd. reduced its stake in Tenet Healthcare by 16.7% during the first quarter, selling 833,813 shares and maintaining ownership of approximately 4.49% of the company, valued at $561 million.
• Tenet Healthcare reported earnings of $4.02 per share for the most recent quarter, exceeding estimates, with revenue amounting to $5.27 billion, which was above expectations.
• a significant percentage of Tenet's stock, approximately 95.44%, is held by institutional investors, reflecting strong interest from large financial entities.

Invesco Ltd. lowered its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 16.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,172,556 shares of the company's stock after selling 833,813 shares during the period. Invesco Ltd. owned approximately 4.49% of Tenet Healthcare worth $561,209,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in Tenet Healthcare by 22.4% during the fourth 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 during the period. AQR Capital Management LLC boosted its holdings in Tenet Healthcare by 20.8% in the fourth quarter. AQR Capital Management LLC now owns 872,117 shares of the company's stock worth $110,087,000 after acquiring an additional 150,361 shares in the last quarter. Northern Trust Corp boosted its holdings in Tenet Healthcare by 22.0% in the fourth quarter. Northern Trust Corp now owns 848,049 shares of the company's stock worth $107,049,000 after acquiring an additional 152,671 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Tenet Healthcare by 1.6% in the first quarter. Bank of New York Mellon Corp now owns 815,126 shares of the company's stock worth $109,634,000 after acquiring an additional 13,057 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Tenet Healthcare by 45.2% in the first quarter. Victory Capital Management Inc. now owns 736,252 shares of the company's stock worth $99,026,000 after acquiring an additional 229,197 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded up $3.80 during mid-day trading on Tuesday, hitting $170.43. The company had a trading volume of 806,976 shares, compared to its average volume of 1,706,210. The company has a market capitalization of $15.06 billion, a price-to-earnings ratio of 10.91, a P/E/G ratio of 0.71 and a beta of 1.52. Tenet Healthcare Corporation has a 1 year low of $109.82 and a 1 year high of $185.25. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. The stock's 50-day moving average price is $167.11 and its 200-day moving average price is $147.78.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, topping the consensus estimate of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The business had revenue of $5.27 billion during the quarter, compared to analysts' expectations of $5.16 billion. During the same period in the previous year, the business earned $2.31 earnings per share. The firm's revenue was up 3.2% on a year-over-year basis. On average, sell-side analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director James L. Bierman sold 13,836 shares of Tenet Healthcare stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $159.58, for a total transaction of $2,207,948.88. Following the completion of the sale, the director owned 41,435 shares of the company's stock, valued at $6,612,197.30. The trade was a 25.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total value of $1,338,674.00. Following the sale, the executive vice president directly owned 20,110 shares of the company's stock, valued at approximately $3,479,030. This trade represents a 27.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,120 shares of company stock valued at $8,103,656 over the last 90 days. Insiders own 0.81% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on THC shares. UBS Group increased their price target on Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. The Goldman Sachs Group increased their price target on Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Barclays cut their price target on Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Mizuho raised their target price on Tenet Healthcare from $184.00 to $194.00 and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Guggenheim raised their target price on Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Four equities 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.56.

Tenet Healthcare Company 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.