46,678 Shares in Tenet Healthcare Co. (NYSE:THC) Bought by C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 46,678 shares of the company’s stock, valued at approximately $5,892,000.

Other hedge funds have also made changes to their positions in the company. FMR LLC boosted its holdings in Tenet Healthcare by 88.0% in the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock valued at $1,279,855,000 after purchasing an additional 3,604,161 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after buying an additional 390,316 shares in the last quarter. Franklin Resources Inc. raised its stake in Tenet Healthcare by 11.9% during the 3rd quarter. Franklin Resources Inc. now owns 457,704 shares of the company’s stock worth $71,077,000 after acquiring an additional 48,580 shares in the last quarter. Point72 Asset Management L.P. lifted its position in Tenet Healthcare by 32.0% in the third quarter. Point72 Asset Management L.P. now owns 442,949 shares of the company’s stock valued at $73,618,000 after acquiring an additional 107,290 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock worth $52,718,000 after purchasing an additional 245,875 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Down 9.0 %

Shares of THC stock opened at $126.29 on Thursday. Tenet Healthcare Co. has a fifty-two week low of $86.90 and a fifty-two week high of $171.20. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The business has a fifty day simple moving average of $133.55 and a 200-day simple moving average of $148.37. The stock has a market cap of $12.01 billion, a P/E ratio of 4.05, a P/E/G ratio of 0.63 and a beta of 2.05.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. On average, analysts forecast that Tenet Healthcare Co. will post 11.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on THC shares. The Goldman Sachs Group downgraded Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $196.00 to $140.00 in a report on Monday, December 16th. Truist Financial cut their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Royal Bank of Canada lifted their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. 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 report on Tuesday, January 7th. Finally, Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $205.00 to $150.00 in a research note on Monday, November 25th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $165.00.

Tenet Healthcare Company 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.