NewEdge Advisors LLC lowered its stake in Tenet Healthcare Corporation (NYSE:THC – Free Report) by 64.4% during the first quarter, HoldingsChannel reports. The firm owned 6,180 shares of the company’s stock after selling 11,178 shares during the period. NewEdge Advisors LLC’s holdings in Tenet Healthcare were worth $1,166,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of THC. Triumph Capital Management purchased a new position in shares of Tenet Healthcare in the third quarter worth approximately $25,000. Activest Wealth Management purchased a new stake in shares of Tenet Healthcare in the 4th quarter valued at approximately $26,000. Elyxium Wealth LLC acquired a new position in Tenet Healthcare in the 4th quarter worth approximately $29,000. Canada Pension Plan Investment Board purchased a new position in Tenet Healthcare during the 2nd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. raised its stake in Tenet Healthcare by 146.2% during the 4th quarter. Meeder Asset Management Inc. now owns 192 shares of the company’s stock valued at $38,000 after purchasing an additional 114 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.
Tenet Healthcare Stock Performance
Shares of NYSE THC opened at $265.18 on Tuesday. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.41 and a quick ratio of 1.35. Tenet Healthcare Corporation has a one year low of $157.58 and a one year high of $270.57. The business’s 50-day moving average price is $212.24 and its two-hundred day moving average price is $204.56. The company has a market capitalization of $21.35 billion, a P/E ratio of 10.23, a price-to-earnings-growth ratio of 1.02 and a beta of 1.23.
Analyst Ratings Changes
A number of research analysts have recently weighed in on THC shares. Morgan Stanley lifted their price target on Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a report on Monday, July 27th. TD Cowen raised their price objective on Tenet Healthcare from $233.00 to $263.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Truist Financial lifted their target price on Tenet Healthcare from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Royal Bank Of Canada increased their price target on shares of Tenet Healthcare from $236.00 to $283.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Robert W. Baird boosted their price objective on shares of Tenet Healthcare from $210.00 to $280.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $273.00.
Get Our Latest Report on Tenet Healthcare
Insider Transactions at Tenet Healthcare
In related news, EVP Paola M. Arbour sold 10,878 shares of Tenet Healthcare stock in a transaction on Monday, July 27th. The shares were sold at an average price of $243.90, for a total value of $2,653,144.20. Following the completion of the sale, the executive vice president owned 18,413 shares of the company’s stock, valued at approximately $4,490,930.70. The trade was a 37.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roy Blunt sold 600 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $262.68, for a total transaction of $157,608.00. Following the transaction, the director directly owned 4,589 shares in the company, valued at $1,205,438.52. The trade was a 11.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 41,375 shares of company stock valued at $9,793,347. Insiders own 0.97% of the company’s stock.
Tenet Healthcare Profile
Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.
In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.
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