Wedge Capital Management L L P NC Sells 395,426 Shares of Tenet Healthcare Co. (NYSE:THC)

Wedge Capital Management L L P NC cut its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 92.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,281 shares of the company's stock after selling 395,426 shares during the quarter. Wedge Capital Management L L P NC's holdings in Tenet Healthcare were worth $2,591,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Nordea Investment Management AB raised its holdings in shares of Tenet Healthcare by 324.3% in the 4th quarter. Nordea Investment Management AB now owns 40,066 shares of the company's stock valued at $3,030,000 after purchasing an additional 30,623 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in shares of Tenet Healthcare by 37.3% in the 3rd quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company's stock valued at $11,623,000 after purchasing an additional 47,952 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in shares of Tenet Healthcare by 6.0% in the 4th quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company's stock valued at $6,889,000 after purchasing an additional 5,198 shares in the last quarter. Simplicity Solutions LLC acquired a new stake in Tenet Healthcare during the 3rd quarter worth $5,664,000. Finally, Vanguard Group Inc. raised its stake in Tenet Healthcare by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company's stock worth $720,671,000 after acquiring an additional 63,253 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tenet Healthcare

In related news, EVP Thomas W. Arnst sold 17,000 shares of the company's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the sale, the executive vice president now directly owns 8,148 shares of the company's stock, valued at $772,756.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the sale, the director now directly owns 20,127 shares of the company's stock, valued at $1,775,402.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas W. Arnst sold 17,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the completion of the transaction, the executive vice president now owns 8,148 shares of the company's stock, valued at approximately $772,756.32. The disclosure for this sale can be found here. Insiders have sold 51,268 shares of company stock valued at $4,944,810 over the last ninety days. Corporate insiders own 0.93% of the company's stock.

Tenet Healthcare Price Performance

THC traded down $0.76 during midday trading on Thursday, reaching $97.50. 1,080,732 shares of the company's stock were exchanged, compared to its average volume of 1,131,553. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.51 and a quick ratio of 1.42. The stock has a market capitalization of $9.67 billion, a PE ratio of 17.08, a P/E/G ratio of 3.13 and a beta of 2.08. The business's 50-day moving average price is $98.11 and its 200 day moving average price is $80.17. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $107.80.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $1.10. The business had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The company's revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.96 earnings per share. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 6.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on THC. Cantor Fitzgerald reiterated an "overweight" rating and set a $104.00 price target on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Barclays initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, March 6th. They set an "overweight" rating and a $113.00 price objective on the stock. Wolfe Research raised shares of Tenet Healthcare from a "peer perform" rating to an "outperform" rating and set a $122.00 price objective on the stock in a research report on Wednesday, March 27th. Truist Financial raised their price objective on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, February 9th. Finally, Mizuho raised their price objective on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, February 9th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Tenet Healthcare has an average rating of "Buy" and an average price target of $100.38.

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.