Handelsbanken Fonder AB Decreases Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Handelsbanken Fonder AB trimmed its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 9.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,218 shares of the company’s stock after selling 2,400 shares during the period. Handelsbanken Fonder AB’s holdings in Tenet Healthcare were worth $2,805,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in Tenet Healthcare during the third quarter valued at approximately $28,000. Financial Management Professionals Inc. increased its holdings in Tenet Healthcare by 2,222.2% during the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock valued at $35,000 after buying an additional 200 shares during the last quarter. True Wealth Design LLC purchased a new stake in Tenet Healthcare during the third quarter valued at approximately $38,000. Kestra Investment Management LLC purchased a new stake in Tenet Healthcare during the fourth quarter valued at approximately $60,000. Finally, Hantz Financial Services Inc. purchased a new stake in Tenet Healthcare during the third quarter valued at approximately $83,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on THC shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $175.00 price target on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. KeyCorp dropped their price target 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. Truist Financial dropped their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, UBS Group upped their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $163.19.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $131.55 on Tuesday. The company has a market cap of $12.51 billion, a price-to-earnings ratio of 4.08, a PEG ratio of 1.02 and a beta of 2.05. The firm’s fifty day moving average is $132.86 and its 200 day moving average is $147.58. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. Tenet Healthcare Co. has a 52-week low of $88.98 and a 52-week high of $171.20.

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