Continental Advisors LLC lessened its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 26.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 72,062 shares of the company’s stock after selling 25,300 shares during the period. Tenet Healthcare accounts for about 1.7% of Continental Advisors LLC’s investment portfolio, making the stock its 18th biggest holding. Continental Advisors LLC’s holdings in Tenet Healthcare were worth $3,747,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd bought a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $31,000. IndexIQ Advisors LLC bought a new stake in shares of Tenet Healthcare during the first quarter valued at approximately $31,000. Captrust Financial Advisors raised its stake in shares of Tenet Healthcare by 324.9% during the first quarter. Captrust Financial Advisors now owns 871 shares of the company’s stock valued at $45,000 after acquiring an additional 666 shares in the last quarter. Carolina Wealth Advisors LLC bought a new position in Tenet Healthcare in the first quarter worth approximately $62,000. Finally, Hanseatic Management Services Inc. bought a new position in Tenet Healthcare in the first quarter worth approximately $63,000. 90.27% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently commented on THC. Jefferies Financial Group reissued a “buy” rating on shares of Tenet Healthcare in a research note on Friday, June 18th. Truist boosted their price objective on shares of Tenet Healthcare from $56.00 to $60.00 in a research note on Thursday, April 22nd. Truist Securities lifted their price target on shares of Tenet Healthcare from $56.00 to $60.00 in a report on Thursday, April 22nd. Seaport Global Securities assumed coverage on shares of Tenet Healthcare in a report on Friday, July 9th. They issued a “buy” rating and a $80.00 price target on the stock. Finally, Barclays lifted their price target on shares of Tenet Healthcare from $55.00 to $62.00 in a report on Friday, April 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. Tenet Healthcare presently has an average rating of “Buy” and an average target price of $57.50.
Shares of THC traded down $2.19 during trading hours on Thursday, reaching $70.06. 90,943 shares of the company traded hands, compared to its average volume of 910,219. The company has a market capitalization of $7.48 billion, a PE ratio of 19.37 and a beta of 2.61. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 14.86. Tenet Healthcare Co. has a 12-month low of $21.34 and a 12-month high of $73.65. The stock has a fifty day simple moving average of $66.97.
Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, July 20th. The company reported $1.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.52. The company had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.78 billion. Tenet Healthcare had a net margin of 2.25% and a return on equity of 65.38%. The firm’s quarterly revenue was up 35.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.26 earnings per share. On average, analysts anticipate that Tenet Healthcare Co. will post 5.21 EPS for the current fiscal year.
Tenet Healthcare Profile
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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