Tenet Healthcare Co. (NYSE:THC) Holdings Lowered by Parkman Healthcare Partners LLC

Parkman Healthcare Partners LLC cut its position in shares of Tenet Healthcare Co. (NYSE:THC) by 37.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,753 shares of the company’s stock after selling 55,174 shares during the quarter. Tenet Healthcare accounts for 2.0% of Parkman Healthcare Partners LLC’s portfolio, making the stock its 15th largest position. Parkman Healthcare Partners LLC’s holdings in Tenet Healthcare were worth $15,582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Innealta Capital LLC acquired a new position in Tenet Healthcare in the 2nd quarter worth about $28,000. Plato Investment Management Ltd bought a new position in Tenet Healthcare during the third quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new stake in Tenet Healthcare in the third quarter worth approximately $30,000. ORG Partners LLC acquired a new stake in shares of Tenet Healthcare in the 2nd quarter valued at $31,000. Finally, Blue Trust Inc. boosted its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of THC stock opened at $141.25 on Wednesday. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 4.53, a PEG ratio of 0.64 and a beta of 2.06. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. Tenet Healthcare Co. has a 12 month low of $67.78 and a 12 month high of $171.20. The stock has a 50-day moving average price of $156.35 and a 200 day moving average price of $148.83.

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

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents 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 this link. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

THC has been the subject of a number of recent analyst reports. Truist Financial reaffirmed a “buy” rating and set a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lowered Tenet Healthcare from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $205.00 to $150.00 in a report on Monday, November 25th. Barclays increased their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada increased their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $168.19.

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.