Thornburg Investment Management Inc. Grows Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Thornburg Investment Management Inc. increased its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 44.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,569 shares of the company's stock after acquiring an additional 23,391 shares during the period. Thornburg Investment Management Inc. owned approximately 0.08% of Tenet Healthcare worth $9,539,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC bought a new position in shares of Tenet Healthcare during the 4th quarter valued at approximately $343,000. Swedbank AB lifted its holdings in shares of Tenet Healthcare by 100.0% in the 4th quarter. Swedbank AB now owns 40,000 shares of the company's stock worth $5,049,000 after acquiring an additional 20,000 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in Tenet Healthcare in the 4th quarter worth about $410,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Tenet Healthcare in the fourth quarter worth about $5,892,000. Finally, abrdn plc grew its stake in shares of Tenet Healthcare by 29.0% during the fourth quarter. abrdn plc now owns 98,229 shares of the company's stock valued at $12,320,000 after buying an additional 22,066 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Stock Down 3.5%

THC traded down $5.91 on Wednesday, hitting $162.75. The company had a trading volume of 1,021,250 shares, compared to its average volume of 1,541,886. The stock has a market capitalization of $15.12 billion, a price-to-earnings ratio of 5.05, a P/E/G ratio of 1.02 and a beta of 1.63. The stock has a fifty day moving average price of $134.69 and a 200-day moving average price of $136.46. Tenet Healthcare Co. has a 12-month low of $109.82 and a 12-month high of $171.20. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Tenet Healthcare's revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.22 EPS. Analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Insider Transactions at Tenet Healthcare

In related news, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the sale, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. This trade represents a 25.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Paola M. Arbour sold 6,461 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the completion of the transaction, the executive vice president now directly owns 27,848 shares of the company's stock, valued at approximately $4,461,249.60. This represents a 18.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,987 shares of company stock valued at $2,972,421 in the last quarter. 0.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on THC shares. UBS Group upped their price objective on Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Truist Financial upped their price target on shares of Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Guggenheim assumed coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 price objective for the company. Morgan Stanley raised their target price on shares of Tenet Healthcare from $165.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Finally, Royal Bank of Canada boosted their price target on Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $174.94.

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.