Norges Bank Invests $190.82 Million in Tenet Healthcare Co. (NYSE:THC)

Norges Bank bought a new stake in Tenet Healthcare Co. (NYSE:THC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,511,677 shares of the company’s stock, valued at approximately $190,819,000. Norges Bank owned approximately 1.59% of Tenet Healthcare at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in THC. Wealthfront Advisers LLC bought a new stake in Tenet Healthcare in the fourth quarter worth approximately $69,059,000. Geode Capital Management LLC boosted its holdings 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 purchasing an additional 390,316 shares in the last quarter. Raymond James Financial Inc. bought a new position in Tenet Healthcare during the fourth quarter valued at about $49,001,000. Iron Triangle Partners LP bought a new stake in shares of Tenet Healthcare during the 3rd quarter worth about $51,346,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Tenet Healthcare by 68.9% during the 4th quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock valued at $64,006,000 after acquiring an additional 206,907 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Down 0.9 %

NYSE THC opened at $133.17 on Monday. Tenet Healthcare Co. has a 1-year low of $90.03 and a 1-year high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The stock’s 50 day moving average is $132.43 and its two-hundred day moving average is $142.31. The company has a market capitalization of $12.67 billion, a price-to-earnings ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. Equities analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the company. Barclays lowered their price target on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. TD Cowen began coverage on shares of Tenet Healthcare in a research note on Wednesday, February 26th. They issued a “buy” rating and a $175.00 target price on the stock. KeyCorp decreased their price target on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. StockNews.com raised Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Finally, The Goldman Sachs Group lowered Tenet Healthcare from a “buy” rating to a “neutral” rating and lowered their target price for the company from $196.00 to $140.00 in a report on Monday, December 16th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $166.41.

Insider Buying and Selling at Tenet Healthcare

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

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.