Mackenzie Financial Corp Lowers Stock Position in Tenet Healthcare Co. (NYSE:THC)

Mackenzie Financial Corp reduced its position in Tenet Healthcare Co. (NYSE:THC) by 11.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,080 shares of the company’s stock after selling 18,972 shares during the period. Mackenzie Financial Corp owned approximately 0.15% of Tenet Healthcare worth $18,440,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of THC. Colonial Trust Co SC lifted its stake in shares of Tenet Healthcare by 85.7% in the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock valued at $31,000 after purchasing an additional 114 shares in the last quarter. GeoWealth Management LLC raised its stake in shares of Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock valued at $37,000 after acquiring an additional 84 shares during the period. WR Wealth Planners LLC raised its stake in shares of Tenet Healthcare by 2,836.4% in the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock valued at $41,000 after acquiring an additional 312 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Tenet Healthcare by 30.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock valued at $59,000 after acquiring an additional 110 shares during the period. Finally, Kestra Investment Management LLC acquired a new stake in shares of Tenet Healthcare in the fourth quarter valued at about $60,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Thomas W. Arnst sold 9,786 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total transaction of $1,624,476.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. This trade represents a 25.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,773 shares of company stock valued at $4,596,897. Company insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on THC shares. Morgan Stanley increased their target price on Tenet Healthcare from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Bank of America upped their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, May 14th. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Guggenheim assumed coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They issued a “buy” rating and a $165.00 target price for the company. Finally, TD Cowen assumed coverage on Tenet Healthcare in a research note on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.94.

Tenet Healthcare Trading Up 1.1%

NYSE:THC opened at $163.05 on Tuesday. 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 business’s 50 day moving average is $137.60 and its two-hundred day moving average is $136.20. Tenet Healthcare Co. has a 52 week low of $109.82 and a 52 week high of $171.20. The company has a market cap of $15.14 billion, a PE ratio of 5.06, a P/E/G ratio of 1.02 and a beta of 1.63.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $1.25. The company had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. Tenet Healthcare’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $3.22 EPS. On average, analysts predict 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.