PFM Health Sciences LP Sells 422,575 Shares of Tenet Healthcare Co. (NYSE:THC)

PFM Health Sciences LP lowered its holdings in Tenet Healthcare Co. (NYSE:THC) by 42.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 563,444 shares of the company’s stock after selling 422,575 shares during the period. PFM Health Sciences LP owned approximately 0.53% of Tenet Healthcare worth $29,299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of THC. Centerbridge Partners L.P. bought a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $108,336,000. Viking Global Investors LP bought a new stake in Tenet Healthcare during the 1st quarter worth approximately $75,988,000. Norges Bank bought a new stake in Tenet Healthcare during the 4th quarter worth approximately $51,084,000. BlackRock Inc. increased its holdings in Tenet Healthcare by 7.8% during the 1st quarter. BlackRock Inc. now owns 13,136,391 shares of the company’s stock worth $683,093,000 after acquiring an additional 945,297 shares during the period. Finally, SummerHaven Investment Management LLC bought a new stake in Tenet Healthcare during the 4th quarter worth approximately $935,000. 90.27% of the stock is currently owned by institutional investors.

NYSE:THC traded down $3.22 during midday trading on Thursday, reaching $69.03. 67,307 shares of the stock traded hands, compared to its average volume of 910,219. The business has a fifty day moving average of $66.97. Tenet Healthcare Co. has a 12 month low of $21.34 and a 12 month high of $73.65. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 14.86. The firm has a market capitalization of $7.37 billion, a PE ratio of 19.37 and a beta of 2.61.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, July 20th. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.52. Tenet Healthcare had a net margin of 2.25% and a return on equity of 65.38%. The company had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period in the prior year, the business posted $1.26 EPS. The firm’s revenue was up 35.8% compared to the same quarter last year. As a group, analysts forecast that Tenet Healthcare Co. will post 5.21 EPS for the current fiscal year.

THC has been the topic of a number of analyst reports. Barclays upped their target price on shares of Tenet Healthcare from $55.00 to $62.00 in a report on Friday, April 23rd. Credit Suisse Group boosted their price target on shares of Tenet Healthcare from $58.00 to $71.00 and gave the stock an “outperform” rating in a research note on Thursday, April 22nd. Zacks Investment Research cut shares of Tenet Healthcare from a “buy” rating to a “hold” rating and set a $72.00 price target for the company. in a research note on Tuesday, June 22nd. Truist Securities boosted their price target on shares of Tenet Healthcare from $56.00 to $60.00 in a research note on Thursday, April 22nd. Finally, Seaport Global Securities initiated coverage on shares of Tenet Healthcare in a research note on Friday, July 9th. They issued a “buy” rating and a $80.00 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $57.50.

In other Tenet Healthcare news, EVP Howard Hacker sold 6,382 shares of the company’s stock in a transaction on Friday, May 28th. The shares were sold at an average price of $66.70, for a total value of $425,679.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Scott Ramsey sold 8,662 shares of the company’s stock in a transaction on Friday, May 14th. The stock was sold at an average price of $64.04, for a total transaction of $554,714.48. The disclosure for this sale can be found here. Insiders have sold a total of 21,197 shares of company stock valued at $1,371,540 over the last quarter. 1.60% of the stock is currently owned by company insiders.

Tenet Healthcare Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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