Bank of New York Mellon Corp Decreases Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Bank of New York Mellon Corp cut its position in Tenet Healthcare Co. (NYSE:THC) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 802,069 shares of the company’s stock after selling 21,250 shares during the period. Bank of New York Mellon Corp’s holdings in Tenet Healthcare were worth $101,245,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Plato Investment Management Ltd purchased a new stake in Tenet Healthcare during the third quarter valued at approximately $28,000. True Wealth Design LLC acquired a new stake in shares of Tenet Healthcare in the 3rd quarter worth $38,000. Kestra Investment Management LLC purchased a new position in Tenet Healthcare during the 4th quarter worth $60,000. Wilmington Savings Fund Society FSB increased its position in Tenet Healthcare by 1,352.8% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company’s stock valued at $66,000 after buying an additional 487 shares in the last quarter. Finally, Spire Wealth Management boosted its holdings in Tenet Healthcare by 19.5% in the fourth quarter. Spire Wealth Management now owns 558 shares of the company’s stock worth $70,000 after acquiring an additional 91 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Down 3.0 %

THC opened at $126.58 on Friday. The company has a fifty day moving average of $133.03 and a two-hundred day moving average of $147.03. 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 Co. has a fifty-two week low of $90.03 and a fifty-two week high of $171.20. The stock has a market capitalization of $12.04 billion, a price-to-earnings ratio of 3.93, a PEG ratio of 1.02 and a beta of 2.05.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, topping 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%. On average, research analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on THC. TD Cowen started coverage on shares of Tenet Healthcare in a research report on Wednesday. They issued a “buy” rating and a $175.00 price objective for the company. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $175.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, December 17th. Cantor Fitzgerald reissued an “overweight” rating and issued a $177.00 target price on shares of Tenet Healthcare in a research report on Thursday, February 13th. Raymond James downgraded Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research note on Friday, November 22nd. Finally, StockNews.com raised Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $163.88.

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.