Premier Fund Managers Ltd Lowers Holdings in Tenet Healthcare Co. (NYSE:THC)

Premier Fund Managers Ltd cut its stake in Tenet Healthcare Co. (NYSE:THC) by 66.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 3,219 shares of the company’s stock after selling 6,292 shares during the period. Premier Fund Managers Ltd’s holdings in Tenet Healthcare were worth $403,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Tenet Healthcare by 23.6% during the 3rd 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 during the period. Norges Bank acquired a new stake in shares of Tenet Healthcare in the fourth quarter worth $190,819,000. Allianz Asset Management GmbH lifted its holdings in shares of Tenet Healthcare by 15.1% during the 4th quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company’s stock valued at $72,853,000 after acquiring an additional 75,688 shares in the last quarter. Wealthfront Advisers LLC purchased a new stake in Tenet Healthcare during the 4th quarter worth $69,059,000. Finally, Victory Capital Management Inc. raised its position in Tenet Healthcare by 68.9% in the fourth quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock valued at $64,006,000 after purchasing an additional 206,907 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insiders Place Their Bets

In other news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the transaction, the director now directly 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on THC shares. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $175.00 target price on shares of Tenet Healthcare in a report on Tuesday, December 17th. Morgan Stanley began coverage on shares of Tenet Healthcare in a research report on Wednesday. They set an “overweight” rating and a $165.00 target price on the stock. StockNews.com raised shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. TD Cowen initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price objective for the company. Finally, The Goldman Sachs Group cut Tenet Healthcare from a “buy” rating to a “neutral” rating and cut their price target for the stock from $196.00 to $140.00 in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Moderate Buy” and an average target price of $166.41.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $133.17 on Friday. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The business has a 50 day moving average of $132.43 and a two-hundred day moving average of $142.50. The company has a market cap of $12.67 billion, a P/E ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06. Tenet Healthcare Co. has a 52 week low of $90.03 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. As a group, analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current year.

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.