Vanguard Group Inc. Sells 47,627 Shares of Tenet Healthcare Co. (NYSE:THC)

Vanguard Group Inc. decreased its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,074,795 shares of the company’s stock after selling 47,627 shares during the period. Vanguard Group Inc. owned 10.59% of Tenet Healthcare worth $1,271,741,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC lifted 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 worth $339,893,000 after acquiring an additional 390,316 shares during the period. Allianz Asset Management GmbH lifted its position in shares of Tenet Healthcare by 15.1% in the 4th quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company’s stock worth $72,853,000 after purchasing an additional 75,688 shares during the period. Wealthfront Advisers LLC purchased a new position in shares of Tenet Healthcare during the fourth quarter valued at about $69,059,000. Victory Capital Management Inc. lifted its holdings in Tenet Healthcare by 68.9% in the fourth quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock worth $64,006,000 after buying an additional 206,907 shares during the period. Finally, Franklin Resources Inc. boosted its position in Tenet Healthcare by 11.9% during the 3rd quarter. Franklin Resources Inc. now owns 457,704 shares of the company’s stock valued at $71,077,000 after acquiring an additional 48,580 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Price Performance

THC opened at $134.41 on Friday. The company’s 50-day simple moving average is $132.38 and its two-hundred day simple moving average is $142.64. 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 $12.79 billion, a P/E ratio of 4.17, a P/E/G 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 issued its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (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%. As a group, analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Truist Financial lowered their target price 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. Barclays dropped their target price on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a research report on Thursday, February 13th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. Finally, Morgan Stanley began coverage on Tenet Healthcare in a research report on Wednesday. They issued an “overweight” rating and a $165.00 price target on the stock. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $166.41.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction dated 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 completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.93% of the stock is owned by company insiders.

About Tenet Healthcare

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.