Massachusetts Financial Services Co. MA Acquires New Holdings in Tenet Healthcare Co. (NYSE:THC)

Massachusetts Financial Services Co. MA purchased a new position in shares of Tenet Healthcare Co. (NYSE:THC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,075 shares of the company’s stock, valued at approximately $2,155,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of THC. Norges Bank acquired a new stake in shares of Tenet Healthcare during the fourth quarter valued at about $190,819,000. Wealthfront Advisers LLC acquired a new stake in Tenet Healthcare during the 4th quarter worth approximately $69,059,000. Geode Capital Management LLC increased its position in Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after acquiring an additional 390,316 shares during the period. Raymond James Financial Inc. bought a new position in shares of Tenet Healthcare during the fourth quarter valued at $49,001,000. Finally, Victory Capital Management Inc. increased its holdings in 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 purchasing an additional 206,907 shares during the period. Institutional investors own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the transaction, the director now owns 27,378 shares in the company, valued at $3,434,022.54. This represents a 25.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.93% of the stock is currently owned by company insiders.

Tenet Healthcare Trading Down 0.3 %

NYSE THC opened at $119.31 on Wednesday. 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 $11.35 billion, a P/E ratio of 3.70, a PEG ratio of 1.02 and a beta of 1.77. The business has a fifty day simple moving average of $130.94 and a 200 day simple moving average of $140.49. Tenet Healthcare Co. has a 12 month low of $90.03 and a 12 month high of $171.20.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on THC. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $175.00 price target on shares of Tenet Healthcare in a research note on Tuesday, December 17th. Cantor Fitzgerald restated an “overweight” rating and set a $177.00 price target on shares of Tenet Healthcare in a report on Thursday, February 13th. TD Cowen initiated coverage on shares of Tenet Healthcare in a research note on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price objective on the stock. KeyCorp cut their price target on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial lowered their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Tenet Healthcare currently has an average rating of “Moderate Buy” and an average price target of $166.41.

Tenet Healthcare Company 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.