New York State Teachers Retirement System Decreases Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

New York State Teachers Retirement System reduced its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 9.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 119,303 shares of the company’s stock after selling 12,446 shares during the quarter. New York State Teachers Retirement System owned 0.12% of Tenet Healthcare worth $9,016,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in shares of Tenet Healthcare by 14.7% in the first quarter. BlackRock Inc. now owns 11,639,373 shares of the company’s stock valued at $691,612,000 after purchasing an additional 1,491,799 shares during the period. Vanguard Group Inc. boosted its stake in shares of Tenet Healthcare by 0.6% in the third quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock valued at $720,671,000 after purchasing an additional 63,253 shares during the period. State Street Corp boosted its stake in shares of Tenet Healthcare by 2.4% in the first quarter. State Street Corp now owns 3,377,944 shares of the company’s stock valued at $290,368,000 after purchasing an additional 78,687 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Tenet Healthcare by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,180,627 shares of the company’s stock valued at $187,446,000 after purchasing an additional 415,945 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Tenet Healthcare by 1.5% in the first quarter. Geode Capital Management LLC now owns 1,509,624 shares of the company’s stock valued at $89,702,000 after purchasing an additional 21,960 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Thomas W. Arnst sold 17,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the completion of the transaction, the executive vice president now owns 8,148 shares in the company, valued at approximately $772,756.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Tenet Healthcare news, EVP Thomas W. Arnst sold 17,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the transaction, the executive vice president now directly owns 8,148 shares in the company, valued at $772,756.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,268 shares of company stock worth $4,944,810. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on THC. Cantor Fitzgerald restated an “overweight” rating and issued a $104.00 target price on shares of Tenet Healthcare in a research note on Wednesday. Wolfe Research raised shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target on the stock in a report on Wednesday, March 27th. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $97.00 to $109.00 and gave the company an “outperform” rating in a report on Friday, February 9th. TheStreet raised shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a report on Tuesday, February 6th. Finally, StockNews.com raised shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Saturday, December 16th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $97.56.

Tenet Healthcare Stock Performance

Shares of THC opened at $101.84 on Friday. The firm has a 50-day moving average price of $96.56 and a 200 day moving average price of $77.96. The firm has a market capitalization of $10.18 billion, a PE ratio of 17.84, a P/E/G ratio of 3.19 and a beta of 2.08. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. Tenet Healthcare Co. has a 52-week low of $51.04 and a 52-week high of $107.80.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The firm had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the firm posted $1.96 EPS. Tenet Healthcare’s revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Tenet Healthcare Co. will post 6.09 earnings per share for the current fiscal year.

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.