Norges Bank Purchases New Holdings in Tenet Healthcare Co. (NYSE:THC)

Norges Bank bought a new stake in Tenet Healthcare Co. (NYSE:THC) in the 4th quarter, Holdings Channel.com reports. The fund bought 1,511,677 shares of the company’s stock, valued at approximately $190,819,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in THC. Townsquare Capital LLC acquired a new position in Tenet Healthcare during the 3rd quarter valued at about $384,000. Freedom Investment Management Inc. bought a new position in Tenet Healthcare in the third quarter valued at approximately $405,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tenet Healthcare by 57.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,714 shares of the company’s stock worth $5,105,000 after acquiring an additional 11,214 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of Tenet Healthcare in the 3rd quarter valued at $83,000. Finally, Captrust Financial Advisors boosted its position in shares of Tenet Healthcare by 80.7% in the 3rd quarter. Captrust Financial Advisors now owns 2,747 shares of the company’s stock worth $456,000 after purchasing an additional 1,227 shares during the last quarter. Institutional investors own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

THC has been the topic of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $177.00 target price on shares of Tenet Healthcare in a research note on Thursday, February 13th. KeyCorp reduced their price objective on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Truist Financial cut their target price 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. The Goldman Sachs Group lowered shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and decreased their price target for the company from $196.00 to $140.00 in a report on Monday, December 16th. Finally, TD Cowen initiated coverage on Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $166.41.

Tenet Healthcare Stock Down 0.9 %

Shares of THC stock opened at $133.17 on Monday. The firm’s fifty day moving average price is $132.43 and its two-hundred day moving average price is $142.31. Tenet Healthcare Co. has a 1 year low of $90.03 and a 1 year 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 $12.67 billion, a P/E ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) 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%. On average, equities analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. The trade was a 25.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.93% of the stock is owned by corporate insiders.

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.