Point72 Hong Kong Ltd Lowers Holdings in Tenet Healthcare Co. (NYSE:THC)

Point72 Hong Kong Ltd cut its holdings in Tenet Healthcare Co. (NYSE:THC) by 97.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 298 shares of the company’s stock after selling 11,465 shares during the period. Point72 Hong Kong Ltd’s holdings in Tenet Healthcare were worth $38,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Colonial Trust Co SC grew its stake in Tenet Healthcare by 85.7% during the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock valued at $31,000 after acquiring an additional 114 shares in the last quarter. GeoWealth Management LLC boosted its holdings in shares of Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock valued at $37,000 after purchasing an additional 84 shares during the last quarter. WR Wealth Planners LLC increased its holdings in shares of Tenet Healthcare by 2,836.4% in the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock worth $41,000 after purchasing an additional 312 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Tenet Healthcare by 30.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock valued at $59,000 after buying an additional 110 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in Tenet Healthcare during the 4th quarter valued at approximately $60,000. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $165.55 on Friday. The stock has a market cap of $15.38 billion, a price-to-earnings ratio of 5.14, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The firm has a 50-day moving average of $132.78 and a two-hundred day moving average of $136.29. Tenet Healthcare Co. has a 1 year low of $109.82 and a 1 year high of $171.20. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, topping the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The company had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the business posted $3.22 EPS. Tenet Healthcare’s quarterly revenue was down 2.5% on a year-over-year basis. On average, research analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on THC. Morgan Stanley increased their target price on Tenet Healthcare from $165.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. StockNews.com raised shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Royal Bank of Canada upped their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an “outperform” rating in a research report on Wednesday, April 30th. Barclays lifted their price target on Tenet Healthcare from $161.00 to $171.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group raised their price objective on Tenet Healthcare from $134.00 to $154.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $174.94.

Insider Transactions at Tenet Healthcare

In related news, EVP Paola M. Arbour sold 6,461 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the completion of the sale, the executive vice president now directly owns 27,848 shares in the company, valued at $4,461,249.60. This represents a 18.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director J Robert Kerrey sold 5,001 shares of Tenet Healthcare stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $148.50, for a total value of $742,648.50. Following the completion of the transaction, the director now owns 22,377 shares in the company, valued at $3,322,984.50. This trade represents a 18.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,987 shares of company stock valued at $2,972,421. Company insiders own 0.81% of the company’s stock.

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.