Citigroup Inc. Trims Holdings in Tenet Healthcare Co. (NYSE:THC)

Citigroup Inc. lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 2.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 319,338 shares of the company’s stock after selling 7,256 shares during the quarter. Citigroup Inc.’s holdings in Tenet Healthcare were worth $53,074,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of THC. Legacy Capital Group California Inc. purchased a new position in shares of Tenet Healthcare during the third quarter worth $1,055,000. Diversified Trust Co acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at about $558,000. Envestnet Portfolio Solutions Inc. grew its holdings in Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock worth $1,701,000 after acquiring an additional 7,078 shares during the period. Caprock Group LLC purchased a new position in Tenet Healthcare during the second quarter valued at approximately $477,000. Finally, Swiss National Bank boosted its position in Tenet Healthcare by 8.7% in the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock worth $31,711,000 after purchasing an additional 15,200 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the sale, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. The trade was a 12.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,599 shares of company stock valued at $2,830,834 over the last ninety days. Company insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. UBS Group boosted their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald increased their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Raymond James cut Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday. Truist Financial restated a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company increased their target price on Tenet Healthcare from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and an average target price of $171.63.

Tenet Healthcare Trading Down 2.9 %

THC opened at $143.63 on Friday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The company’s 50 day simple moving average is $158.86 and its two-hundred day simple moving average is $148.04. The firm has a market capitalization of $13.66 billion, a price-to-earnings ratio of 4.60, a price-to-earnings-growth ratio of 0.66 and a beta of 2.15. Tenet Healthcare Co. has a 1-year low of $65.90 and a 1-year high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.44 EPS. Analysts expect that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

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.