Handelsbanken Fonder AB Trims Stake in Tenet Healthcare Co. (NYSE:THC)

Handelsbanken Fonder AB lowered its position in Tenet Healthcare Co. (NYSE:THC) by 9.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,218 shares of the company’s stock after selling 2,400 shares during the quarter. Handelsbanken Fonder AB’s holdings in Tenet Healthcare were worth $2,805,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in THC. New Wave Wealth Advisors LLC purchased a new position in Tenet Healthcare in the 4th quarter worth about $343,000. Swedbank AB increased its stake in Tenet Healthcare by 100.0% in the 4th quarter. Swedbank AB now owns 40,000 shares of the company’s stock worth $5,049,000 after buying an additional 20,000 shares during the period. Signet Financial Management LLC purchased a new position in Tenet Healthcare in the 4th quarter worth about $1,526,000. China Universal Asset Management Co. Ltd. purchased a new position in Tenet Healthcare in the 4th quarter worth about $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Tenet Healthcare in the 4th quarter worth about $5,892,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

THC opened at $131.55 on Tuesday. Tenet Healthcare Co. has a 12-month low of $88.98 and a 12-month high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The firm has a market capitalization of $12.51 billion, a PE ratio of 4.08, a P/E/G ratio of 1.02 and a beta of 2.05. The firm has a 50 day moving average of $132.86 and a two-hundred day moving average of $147.58.

Tenet Healthcare (NYSE:THC) last posted 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 net margin of 15.48% and a return on equity of 21.88%. On average, analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $205.00 to $150.00 in a report on Monday, November 25th. Raymond James cut shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price on the stock. in a report on Friday, November 22nd. KeyCorp lowered their price target on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Truist Financial lowered their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $163.19.

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.