State Street Corp Decreases Stock Position in Tenet Healthcare Co. (NYSE:THC)

State Street Corp lowered its stake in Tenet Healthcare Co. (NYSE:THC) by 1.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,907,644 shares of the company’s stock after selling 36,301 shares during the quarter. State Street Corp owned about 3.06% of Tenet Healthcare worth $483,250,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of THC. Legacy Capital Group California Inc. purchased a new stake in shares of Tenet Healthcare during the 3rd quarter valued at about $1,055,000. Diversified Trust Co purchased a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $558,000. Envestnet Portfolio Solutions Inc. raised its position in shares of Tenet Healthcare by 124.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after buying an additional 7,078 shares in the last quarter. Caprock Group LLC purchased a new stake in shares of Tenet Healthcare during the 2nd quarter valued at about $477,000. Finally, Intech Investment Management LLC raised its position in shares of Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock valued at $13,174,000 after buying an additional 24,385 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on THC. Raymond James cut shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price on the stock. in a research report on Friday, November 22nd. Cantor Fitzgerald upped their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Wells Fargo & Company downgraded shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $205.00 to $150.00 in a report on Monday, November 25th. The Goldman Sachs Group upped their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $168.19.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.93% of the stock is currently owned by corporate insiders.

Tenet Healthcare Price Performance

NYSE THC opened at $138.94 on Monday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The firm’s 50 day moving average price is $154.32 and its 200-day moving average price is $149.11. Tenet Healthcare Co. has a 52-week low of $67.78 and a 52-week high of $171.20. The company has a market cap of $13.21 billion, a PE ratio of 4.45, a P/E/G ratio of 0.63 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm earned $1.44 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal 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.