Parkman Healthcare Partners LLC Increases Position in Tenet Healthcare Co. (NYSE:THC)

Parkman Healthcare Partners LLC increased its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 14.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 106,987 shares of the company's stock after acquiring an additional 13,234 shares during the period. Tenet Healthcare comprises 1.8% of Parkman Healthcare Partners LLC's portfolio, making the stock its 18th biggest position. Parkman Healthcare Partners LLC owned about 0.11% of Tenet Healthcare worth $13,505,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of THC. Norges Bank purchased a new position in shares of Tenet Healthcare during the 4th quarter worth approximately $190,819,000. Wealthfront Advisers LLC purchased a new stake in Tenet Healthcare during the 4th quarter worth about $69,059,000. Raymond James Financial Inc. purchased a new position in Tenet Healthcare during the fourth quarter worth about $49,001,000. Renaissance Technologies LLC raised its stake in shares of Tenet Healthcare by 579.2% in the 4th quarter. Renaissance Technologies LLC now owns 438,563 shares of the company's stock valued at $55,360,000 after acquiring an additional 373,988 shares during the period. Finally, Bridgewater Associates LP raised its holdings in Tenet Healthcare by 225.4% in the fourth quarter. Bridgewater Associates LP now owns 407,194 shares of the company's stock valued at $51,400,000 after acquiring an additional 282,071 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

Insider Activity at Tenet Healthcare

In other news, Director J Robert Kerrey sold 5,001 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $148.50, for a total value of $742,648.50. Following the completion of the sale, the director now directly owns 22,377 shares in the company, valued at approximately $3,322,984.50. The trade was 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 this link. 0.81% of the stock is owned by insiders.

Analyst Ratings Changes

THC has been the topic of a number of recent analyst reports. Guggenheim initiated coverage on Tenet Healthcare in a research report on Wednesday, April 9th. They set a "buy" rating and a $165.00 target price on the stock. Truist Financial lifted their price objective on shares of Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research note on Monday. Robert W. Baird restated a "neutral" rating and set a $137.00 target price (down from $153.00) on shares of Tenet Healthcare in a report on Tuesday, April 15th. Barclays increased their price target on shares of Tenet Healthcare from $161.00 to $171.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group boosted their price target on Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $174.63.

Tenet Healthcare Stock Up 2.3%

Shares of Tenet Healthcare stock opened at $158.11 on Wednesday. Tenet Healthcare Co. has a 12-month low of $109.82 and a 12-month high of $171.20. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The firm has a market capitalization of $14.69 billion, a PE ratio of 4.91, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The stock's fifty day moving average is $130.60 and its 200-day moving average is $136.09.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.