Point72 Hong Kong Ltd Sells 28,495 Shares of Tenet Healthcare Co. (NYSE:THC)

Point72 Hong Kong Ltd trimmed its stake in Tenet Healthcare Co. (NYSE:THC) by 70.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,763 shares of the company’s stock after selling 28,495 shares during the period. Point72 Hong Kong Ltd’s holdings in Tenet Healthcare were worth $1,955,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of THC. Plato Investment Management Ltd purchased a new position in shares of Tenet Healthcare in the 3rd quarter worth about $28,000. ORG Wealth Partners LLC bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth approximately $30,000. Financial Management Professionals Inc. grew its holdings in shares of Tenet Healthcare by 2,222.2% during the 3rd quarter. Financial Management Professionals Inc. now owns 209 shares of the company’s stock valued at $35,000 after purchasing an additional 200 shares during the last quarter. Innealta Capital LLC bought a new stake in Tenet Healthcare in the second quarter worth $28,000. Finally, True Wealth Design LLC bought a new position in shares of Tenet Healthcare during the third quarter valued at about $38,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

Shares of THC opened at $142.68 on Monday. The company has a market capitalization of $13.57 billion, a P/E ratio of 4.57, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a twelve month low of $66.64 and a twelve month 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 firm has a 50 day moving average of $156.87 and a 200 day moving average of $148.62.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the company posted $1.44 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on THC shares. Barclays lifted their price target on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. KeyCorp started coverage on Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target on the stock. The Goldman Sachs Group raised their price target on Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $205.00 to $150.00 in a research note on Monday, November 25th. Finally, Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective for the company. in a report on Friday, November 22nd. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $168.19.

Insider Buying and Selling

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by corporate insiders.

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.