Tenet Healthcare Corporation $THC Stock: New Mexico Educational Retirement Board Lowers Position

New Mexico Educational Retirement Board decreased its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 10.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,900 shares of the company’s stock after selling 2,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Tenet Healthcare were worth $4,319,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Tenet Healthcare during the third quarter valued at about $26,000. Mather Group LLC. raised its holdings in shares of Tenet Healthcare by 126.9% in the 3rd quarter. Mather Group LLC. now owns 118 shares of the company’s stock worth $30,000 after purchasing an additional 66 shares during the period. Trust Co. of Vermont acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at about $37,000. MADDEN SECURITIES Corp purchased a new stake in shares of Tenet Healthcare during the 3rd quarter worth about $38,000. Finally, Compass Financial Management LLC purchased a new stake in shares of Tenet Healthcare during the 2nd quarter worth about $57,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 1.0%

Tenet Healthcare stock opened at $293.09 on Thursday. The firm’s 50-day moving average is $266.81 and its 200-day moving average is $223.91. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.52 and a current ratio of 1.58. Tenet Healthcare Corporation has a 1 year low of $157.58 and a 1 year high of $301.44. The company has a market cap of $23.33 billion, a P/E ratio of 8.50, a PEG ratio of 1.55 and a beta of 1.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $6.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.68 by $1.96. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The business had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $5.49 billion. During the same period in the prior year, the firm earned $3.70 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that Tenet Healthcare Corporation will post 22.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on THC shares. Royal Bank Of Canada increased their price target on Tenet Healthcare from $283.00 to $304.00 and gave the company an “outperform” rating in a report on Monday, November 2nd. Wells Fargo & Company boosted their price objective on Tenet Healthcare from $281.00 to $321.00 and gave the stock an “overweight” rating in a research note on Monday, November 2nd. Leerink Partners increased their target price on Tenet Healthcare from $309.00 to $342.00 and gave the company an “outperform” rating in a research note on Monday, November 2nd. Barclays increased their target price on Tenet Healthcare from $271.00 to $297.00 and gave the company an “overweight” rating in a research note on Wednesday, November 4th. Finally, Raymond James Financial reissued an “outperform” rating and set a $285.00 price target on shares of Tenet Healthcare in a research report on Friday, August 14th. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $293.48.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 50,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $278.71, for a total transaction of $13,935,500.00. Following the completion of the transaction, the chief executive officer owned 483,564 shares in the company, valued at approximately $134,774,122.44. This represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director J. Robert Kerrey sold 12,010 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the completion of the sale, the director directly owned 4,794 shares in the company, valued at approximately $1,264,273.68. This trade represents a 71.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 98,462 shares of company stock valued at $26,788,234 over the last three months. 0.97% of the stock is currently owned by company insiders.

About Tenet Healthcare

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company’s Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.