Lazard Asset Management LLC Buys 61,720 Shares of Tenet Healthcare Co. (NYSE:THC)

Lazard Asset Management LLC grew its holdings in Tenet Healthcare Co. (NYSE:THC - Free Report) by 745.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 69,995 shares of the company's stock after purchasing an additional 61,720 shares during the quarter. Lazard Asset Management LLC owned approximately 0.07% of Tenet Healthcare worth $8,834,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. New Wave Wealth Advisors LLC acquired a new stake in Tenet Healthcare during the 4th quarter worth approximately $343,000. Swedbank AB lifted its position in shares of Tenet Healthcare by 100.0% in the fourth quarter. Swedbank AB now owns 40,000 shares of the company's stock worth $5,049,000 after purchasing an additional 20,000 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in Tenet Healthcare during the fourth quarter worth $410,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Tenet Healthcare during the fourth quarter worth $5,892,000. Finally, abrdn plc raised its position in Tenet Healthcare by 29.0% during the fourth quarter. abrdn plc now owns 98,229 shares of the company's stock worth $12,320,000 after acquiring an additional 22,066 shares in the last quarter. Institutional investors own 95.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on THC. Baird R W lowered shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. StockNews.com upgraded shares of Tenet Healthcare from a "hold" rating to a "buy" rating in a research note on Thursday, May 1st. Barclays raised their price target on shares of Tenet Healthcare from $161.00 to $171.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Truist Financial raised their price target on shares of Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Guggenheim assumed coverage on shares of Tenet Healthcare in a report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 price objective for the company. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Tenet Healthcare has a consensus rating of "Moderate Buy" and a consensus price target of $174.94.

Insider Buying and Selling at Tenet Healthcare

In related news, EVP Paola M. Arbour sold 6,461 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $160.20, for a total value of $1,035,052.20. Following the transaction, the executive vice president now directly owns 27,848 shares of the company's stock, valued at approximately $4,461,249.60. The trade was a 18.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Robert Kerrey sold 5,001 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $148.50, for a total transaction of $742,648.50. Following the completion of the transaction, the director now directly owns 22,377 shares in the company, valued at $3,322,984.50. This trade represents a 18.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,987 shares of company stock worth $2,972,421. 0.81% of the stock is owned by corporate insiders.

Tenet Healthcare Trading Up 0.9%

Shares of NYSE:THC traded up $1.52 during mid-day trading on Friday, hitting $165.55. The company had a trading volume of 1,767,306 shares, compared to its average volume of 1,550,635. The firm has a fifty day moving average price of $132.78 and a 200 day moving average price of $136.29. The company has a market capitalization of $15.38 billion, a PE ratio of 5.14, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. Tenet Healthcare Co. has a one year low of $109.82 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, beating analysts' consensus estimates of $3.11 by $1.25. The business 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 quarterly 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. As a group, research analysts forecast that Tenet Healthcare Co. will post 12.24 EPS for the current year.

About Tenet Healthcare

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.