Essex Investment Management Co. LLC Lowers Stock Position in Tenet Healthcare Co. (NYSE:THC)

Essex Investment Management Co. LLC reduced its stake in Tenet Healthcare Co. (NYSE:THC) by 43.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 21,867 shares of the company’s stock after selling 16,521 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Tenet Healthcare were worth $2,760,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in THC. FMR LLC lifted its position in shares of Tenet Healthcare by 88.0% during the third quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares in the last quarter. Geode Capital Management LLC increased its stake in 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 buying an additional 390,316 shares during the period. Raymond James Financial Inc. purchased a new position in Tenet Healthcare in the 4th quarter valued at approximately $49,001,000. Iron Triangle Partners LP acquired a new position in shares of Tenet Healthcare in the third quarter worth $51,346,000. Finally, Victory Capital Management Inc. raised its stake in shares of 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 acquiring an additional 206,907 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Stock Up 1.8 %

THC stock opened at $127.64 on Monday. Tenet Healthcare Co. has a 12 month low of $90.03 and a 12 month high of $171.20. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The company has a market cap of $12.14 billion, a price-to-earnings ratio of 3.96, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06. The company has a fifty day moving average price of $132.66 and a 200 day moving average price of $145.89.

Tenet Healthcare (NYSE:THC) last released 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 return on equity of 21.88% and a net margin of 15.48%. Sell-side analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

THC has been the topic of several recent research reports. StockNews.com downgraded Tenet Healthcare from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. KeyCorp reduced their target price 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a report on Thursday, February 13th. TD Cowen began coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price objective on the stock. Finally, Barclays lowered their target price on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $163.88.

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.