Belpointe Asset Management LLC Reduces Stock Position in Tenet Healthcare Co. (NYSE:THC)

Belpointe Asset Management LLC trimmed its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 29.7% in the 4th quarter, Holdings Channel reports. The firm owned 2,235 shares of the company’s stock after selling 946 shares during the quarter. Belpointe Asset Management LLC’s holdings in Tenet Healthcare were worth $282,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. TD Cowen assumed coverage on Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 target price for the company. KeyCorp dropped their price objective on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. StockNews.com raised shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Morgan Stanley assumed coverage on shares of Tenet Healthcare in a research note on Wednesday, March 26th. They set an “overweight” rating and a $165.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $177.00 price target on shares of Tenet Healthcare in a report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $165.44.

Tenet Healthcare Trading Up 0.9 %

Tenet Healthcare stock opened at $121.47 on Friday. Tenet Healthcare Co. has a 52 week low of $90.03 and a 52 week high of $171.20. The stock has a 50-day moving average price of $128.22 and a 200 day moving average price of $138.59. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The company has a market capitalization of $11.55 billion, a price-to-earnings ratio of 3.77, a price-to-earnings-growth ratio of 1.02 and a beta of 1.77.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, beating the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Sell-side analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In other news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 27,378 shares of the company’s stock, valued at $3,434,022.54. This trade 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 this link. Company insiders own 0.93% of the company’s stock.

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.