Two Sigma Advisers LP Reduces Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Two Sigma Advisers LP lessened its stake in Tenet Healthcare Co. (NYSE:THC - Free Report) by 30.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,200 shares of the company's stock after selling 7,800 shares during the quarter. Two Sigma Advisers LP's holdings in Tenet Healthcare were worth $2,297,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. New Wave Wealth Advisors LLC acquired a new stake in Tenet Healthcare during the 4th quarter worth $343,000. Swedbank AB boosted its stake in Tenet Healthcare by 100.0% during the 4th quarter. Swedbank AB now owns 40,000 shares of the company's stock worth $5,049,000 after purchasing an additional 20,000 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Tenet Healthcare during the 4th quarter worth $410,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Tenet Healthcare during the 4th quarter worth $5,892,000. Finally, abrdn plc boosted its stake in Tenet Healthcare by 29.0% during the 4th quarter. abrdn plc now owns 98,229 shares of the company's stock worth $12,320,000 after purchasing an additional 22,066 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Trading Up 0.8%

NYSE THC traded up $1.41 during trading hours on Monday, reaching $170.18. The company had a trading volume of 1,989,401 shares, compared to its average volume of 1,532,575. The stock has a market capitalization of $15.81 billion, a P/E ratio of 5.28, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. Tenet Healthcare Co. has a 1-year low of $109.82 and a 1-year high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The stock has a 50-day moving average of $141.45 and a 200 day moving average of $136.36.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion for the quarter, compared to analysts' expectations of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.22 earnings per share. As a group, research analysts anticipate that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In related news, Director J Robert Kerrey sold 5,001 shares of the company's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $148.50, for a total transaction of $742,648.50. Following the sale, the director now directly owns 22,377 shares in the company, valued at approximately $3,322,984.50. This represents a 18.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James L. Bierman sold 13,836 shares of the company's stock in a transaction that occurred on 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 sale, the director now owns 41,435 shares in the company, valued at $6,612,197.30. The trade was a 25.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,072 shares of company stock valued at $8,557,590. 0.81% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Truist Financial lifted their target price on shares of Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. UBS Group upped their price objective on shares of Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Robert W. Baird reissued a "neutral" rating and issued a $137.00 price objective (down previously from $153.00) on shares of Tenet Healthcare in a report on Tuesday, April 15th. Finally, Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $150.00 to $195.00 in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of "Moderate Buy" and an average price target of $180.18.

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.