Maryland State Retirement & Pension System Lowers Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Maryland State Retirement & Pension System lessened its position in shares of Tenet Healthcare Co. (NYSE:THC) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,263 shares of the company’s stock after selling 275 shares during the period. Maryland State Retirement & Pension System’s holdings in Tenet Healthcare were worth $664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC boosted its stake in Tenet Healthcare by 88.0% during the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after buying an additional 3,604,161 shares during the period. Wealthfront Advisers LLC purchased a new position in shares of Tenet Healthcare during the fourth quarter worth about $69,059,000. Geode Capital Management LLC raised its stake in Tenet Healthcare by 23.6% in the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after purchasing an additional 390,316 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Tenet Healthcare in the 4th quarter worth approximately $49,001,000. Finally, Iron Triangle Partners LP bought a new position in shares of Tenet Healthcare in the 3rd quarter worth $51,346,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the sale, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. The trade was a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on THC. The Goldman Sachs Group cut Tenet Healthcare from a “buy” rating to a “neutral” rating and reduced their target price for the company from $196.00 to $140.00 in a research note on Monday, December 16th. Truist Financial decreased their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. KeyCorp cut their price objective on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Barclays lowered their price target on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare has an average rating of “Moderate Buy” and an average price target of $163.88.

Tenet Healthcare Price Performance

THC opened at $129.87 on Tuesday. The stock’s 50 day moving average price is $132.22 and its 200-day moving average price is $142.92. Tenet Healthcare Co. has a 52-week low of $90.03 and a 52-week high of $171.20. The stock has a market capitalization of $12.35 billion, a PE ratio of 4.03, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. On average, equities research analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current 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.