Thornburg Investment Management Inc. Sells 5,408 Shares of Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Thornburg Investment Management Inc. has reduced its holdings in Tenet Healthcare Corporation by 7.2%, now owning 70,161 shares valued at approximately $9.4 million.
• Several other institutional investors also increased their stakes in Tenet Healthcare, with Norges Bank acquiring a new position worth about $190.8 million during the fourth quarter.
• Tenet Healthcare reported an earnings per share of $4.02, surpassing analysts' expectations and illustrating a 3.2% year-over-year revenue increase.

Thornburg Investment Management Inc. lowered its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 7.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,161 shares of the company's stock after selling 5,408 shares during the quarter. Thornburg Investment Management Inc. owned 0.08% of Tenet Healthcare worth $9,437,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Tenet Healthcare during the 1st quarter valued at about $26,000. Wayfinding Financial LLC bought a new stake in shares of Tenet Healthcare during the 1st quarter valued at about $28,000. Colonial Trust Co SC grew its position in shares of Tenet Healthcare by 85.7% during the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after buying an additional 114 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Tenet Healthcare during the 1st quarter valued at about $31,000. Finally, GeoWealth Management LLC grew its position in shares of Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock valued at $37,000 after buying an additional 84 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Stock Down 2.0%

Tenet Healthcare stock traded down $3.22 during trading hours on Friday, hitting $158.06. The company had a trading volume of 1,034,084 shares, compared to its average volume of 1,604,843. The firm has a market capitalization of $14.68 billion, a P/E ratio of 10.12, a price-to-earnings-growth ratio of 0.69 and a beta of 1.64. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. The firm's fifty day moving average is $167.68 and its 200-day moving average is $146.00. 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 quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating the consensus estimate of $2.84 by $1.18. The firm had revenue of $5.27 billion for the quarter, compared to analyst estimates of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The company's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.31 EPS. On average, research analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on THC shares. Raymond James Financial reissued an "outperform" rating and set a $200.00 target price (up from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Stephens raised shares of Tenet Healthcare to a "strong-buy" rating in a research note on Monday, June 2nd. Barclays reduced their target price on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Finally, Robert W. Baird dropped their target price on Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $190.00.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 3,077 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $165.72, for a total transaction of $509,920.44. Following the transaction, the director owned 12,128 shares in the company, valued at $2,009,852.16. This represents a 20.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director J Robert Kerrey sold 5,001 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $148.50, for a total transaction of $742,648.50. Following the sale, the director directly owned 22,377 shares of the company's stock, valued at approximately $3,322,984.50. This represents a 18.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is owned by company insiders.

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.