Tenet Healthcare Co. (NYSE:THC) Shares Sold by Parkman Healthcare Partners LLC

Parkman Healthcare Partners LLC cut its stake in Tenet Healthcare Co. (NYSE:THC) by 37.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,753 shares of the company’s stock after selling 55,174 shares during the period. Tenet Healthcare makes up approximately 2.0% of Parkman Healthcare Partners LLC’s holdings, making the stock its 15th largest holding. Parkman Healthcare Partners LLC owned about 0.10% of Tenet Healthcare worth $15,582,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Legacy Capital Group California Inc. purchased a new stake in shares of Tenet Healthcare in the 3rd quarter worth about $1,055,000. Diversified Trust Co purchased a new position in Tenet Healthcare during the second quarter worth $558,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Tenet Healthcare by 124.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after acquiring an additional 7,078 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of Tenet Healthcare during the second quarter valued at $477,000. Finally, Swiss National Bank lifted its holdings in Tenet Healthcare by 8.7% in the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock valued at $31,711,000 after purchasing an additional 15,200 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Down 0.5 %

THC stock opened at $141.25 on Wednesday. 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’s 50-day simple moving average is $156.35 and its 200 day simple moving average is $148.83. The stock has a market cap of $13.43 billion, a PE ratio of 4.53, a price-to-earnings-growth ratio of 0.64 and a beta of 2.06. Tenet Healthcare Co. has a fifty-two week low of $67.78 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.05 billion. During the same period last year, the firm earned $1.44 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Wall Street Analysts Forecast Growth

THC has been the topic of several research reports. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price on the stock. in a research report on Friday, November 22nd. Barclays lifted their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their target price 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. Truist Financial reissued a “buy” rating and issued a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald boosted their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Two research 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. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $168.19.

Insider Activity at Tenet Healthcare

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now 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 insiders.

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.