Forum Financial Management LP Sells 210 Shares of Tenet Healthcare Corporation $THC

Forum Financial Management LP lowered its position in shares of Tenet Healthcare Corporation (NYSE:THC) by 8.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,228 shares of the company’s stock after selling 210 shares during the quarter. Forum Financial Management LP’s holdings in Tenet Healthcare were worth $392,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. bought a new stake in Tenet Healthcare in the first quarter worth approximately $212,000. Envestnet Asset Management Inc. grew its position in shares of Tenet Healthcare by 3.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 203,582 shares of the company’s stock worth $27,382,000 after buying an additional 6,424 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Tenet Healthcare by 65.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company’s stock valued at $189,000 after acquiring an additional 562 shares during the period. Royal Bank of Canada grew its holdings in Tenet Healthcare by 34.0% in the first quarter. Royal Bank of Canada now owns 119,349 shares of the company’s stock worth $16,052,000 after purchasing an additional 30,281 shares during the period. Finally, GAMMA Investing LLC increased its stake in Tenet Healthcare by 28.1% in the first quarter. GAMMA Investing LLC now owns 1,430 shares of the company’s stock valued at $192,000 after purchasing an additional 314 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Up 1.8%

THC opened at $210.62 on Friday. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $217.43. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. The company’s 50-day moving average is $192.69 and its 200 day moving average is $169.90. The firm has a market capitalization of $18.61 billion, a P/E ratio of 13.48, a PEG ratio of 0.90 and a beta of 1.52.

Analyst Ratings Changes

THC has been the subject of a number of research analyst reports. Robert W. Baird decreased their target price on Tenet Healthcare from $195.00 to $167.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Wells Fargo & Company upped their target price on Tenet Healthcare from $200.00 to $238.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Raymond James Financial restated an “outperform” rating and set a $200.00 price target (up previously from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Truist Financial set a $225.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, October 14th. Finally, KeyCorp upped their target price on shares of Tenet Healthcare from $205.00 to $225.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given 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 target price of $209.25.

Insider Transactions at Tenet Healthcare

In other news, CEO Saumya Sutaria sold 78,762 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total value of $15,026,214.36. Following the completion of the transaction, the chief executive officer directly owned 368,683 shares of the company’s stock, valued at $70,337,342.74. This represents a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Christopher S. Lynch sold 3,952 shares of the business’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the completion of the transaction, the director directly owned 12,358 shares in the company, valued at approximately $2,179,827.62. This represents a 24.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,722 shares of company stock worth $17,161,015 in the last 90 days. Insiders own 0.81% of the company’s stock.

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.