Citigroup Inc. Cuts Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Citigroup Inc. decreased its position in shares of Tenet Healthcare Co. (NYSE:THC) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 319,338 shares of the company’s stock after selling 7,256 shares during the period. Citigroup Inc. owned approximately 0.34% of Tenet Healthcare worth $53,074,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in THC. Raymond James Trust N.A. raised its stake in Tenet Healthcare by 32.6% during the third quarter. Raymond James Trust N.A. now owns 4,087 shares of the company’s stock valued at $679,000 after purchasing an additional 1,005 shares in the last quarter. Eagle Asset Management Inc. increased its stake in Tenet Healthcare by 78.0% during the third quarter. Eagle Asset Management Inc. now owns 66,605 shares of the company’s stock worth $11,004,000 after acquiring an additional 29,190 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Tenet Healthcare by 44.4% in the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock valued at $13,174,000 after purchasing an additional 24,385 shares during the last quarter. Moran Wealth Management LLC increased its position in shares of Tenet Healthcare by 7.9% during the 3rd quarter. Moran Wealth Management LLC now owns 2,064 shares of the company’s stock valued at $343,000 after purchasing an additional 151 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Tenet Healthcare by 12.1% in the third quarter. First Horizon Advisors Inc. now owns 1,180 shares of the company’s stock worth $196,000 after buying an additional 127 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on THC. Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a report on Friday. Barclays boosted their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. 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. Royal Bank of Canada increased their target price on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Truist Financial reissued a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $171.63.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now owns 14,227 shares in the company, valued at approximately $2,328,533.09. This trade represents a 12.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,599 shares of company stock valued at $2,830,834 in the last 90 days. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $143.63 on Friday. The company’s 50 day moving average is $158.86 and its 200 day moving average is $148.04. 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 market cap of $13.66 billion, a price-to-earnings ratio of 4.60, a PEG ratio of 0.66 and a beta of 2.15. Tenet Healthcare Co. has a 52-week low of $65.90 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the business posted $1.44 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that Tenet Healthcare Co. will post 11.38 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.