Zurcher Kantonalbank Zurich Cantonalbank Cuts Holdings in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Zurcher Kantonalbank reduced its holdings in Tenet Healthcare Corporation (NYSE: THC) by 23.8% in the first quarter, now owning 24,654 shares valued at approximately $3,316,000.
• Insider trading activity includes EVP Paola M. Arbour selling 7,738 shares worth about $1.34 million, and Director James L. Bierman selling 13,836 shares for approximately $2.21 million.
• Despite a mixed rating from analysts, Tenet Healthcare reported earnings per share of $4.02, exceeding expectations and reflecting a 7.17% net margin during its last quarter.

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 23.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,654 shares of the company's stock after selling 7,716 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Tenet Healthcare were worth $3,316,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Tenet Healthcare in the 1st quarter worth approximately $26,000. Wayfinding Financial LLC purchased a new stake in Tenet Healthcare during the 1st quarter worth about $28,000. Colonial Trust Co SC increased its position in shares of Tenet Healthcare by 85.7% during the fourth 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 period. GeoWealth Management LLC grew its stake in Tenet Healthcare by 39.8% during the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock valued at $37,000 after acquiring an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Tenet Healthcare by 46.2% during the 1st quarter. Versant Capital Management Inc now owns 718 shares of the company's stock worth $97,000 after acquiring an additional 227 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Trading Down 0.3%

Shares of THC stock traded down $0.49 during mid-day trading on Wednesday, reaching $159.80. The stock had a trading volume of 338,445 shares, compared to its average volume of 1,584,275. 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 $167.44 and its two-hundred day moving average price is $146.73. The firm has a market capitalization of $14.12 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 0.69 and a beta of 1.52. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $185.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The firm had revenue of $5.27 billion for the quarter, compared to analyst estimates of $5.16 billion. During the same period last year, the company earned $2.31 EPS. The business's quarterly revenue was up 3.2% compared to the same quarter last year. Equities analysts expect that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on THC. Mizuho upped their price target on shares of Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Guggenheim lifted their price target on Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Truist Financial raised their target price on shares of Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Baird R W cut shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada lifted their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.56.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, 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 transaction of $1,624,476.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 value of $2,207,948.88. Following the completion of the sale, the director owned 41,435 shares in the company, valued at $6,612,197.30. The trade was a 25.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,121 shares of company stock valued at $8,846,305 over the last three months. Corporate insiders own 0.81% of the company's stock.

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.