Private Management Group Inc. Trims Holdings in Tenet Healthcare Co. (NYSE:THC)

Private Management Group Inc. lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 283,933 shares of the company’s stock after selling 6,685 shares during the quarter. Private Management Group Inc. owned about 0.28% of Tenet Healthcare worth $21,457,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Yousif Capital Management LLC raised its stake in Tenet Healthcare by 0.3% during the fourth quarter. Yousif Capital Management LLC now owns 42,825 shares of the company’s stock valued at $3,236,000 after buying an additional 131 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Tenet Healthcare in the 4th quarter worth about $52,000. Illinois Municipal Retirement Fund grew its position in Tenet Healthcare by 40.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 16,709 shares of the company’s stock valued at $1,263,000 after purchasing an additional 4,832 shares during the last quarter. abrdn plc bought a new stake in Tenet Healthcare during the 4th quarter valued at about $11,265,000. Finally, Xponance Inc. lifted its stake in shares of Tenet Healthcare by 1.2% in the fourth quarter. Xponance Inc. now owns 12,337 shares of the company’s stock worth $932,000 after buying an additional 147 shares in the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

NYSE:THC traded up $3.01 during trading hours on Tuesday, hitting $97.86. 1,276,757 shares of the stock traded hands, compared to its average volume of 1,135,030. The stock has a 50 day moving average price of $97.75 and a 200 day moving average price of $79.92. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The company has a market cap of $9.71 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 2.99 and a beta of 2.08. Tenet Healthcare Co. has a 1 year low of $51.04 and a 1 year high of $107.80.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The company had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm posted $1.96 EPS. Tenet Healthcare’s quarterly revenue was up 7.8% compared to the same quarter last year. Sell-side analysts forecast that Tenet Healthcare Co. will post 6.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on THC. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $104.00 price objective on shares of Tenet Healthcare in a research report on Wednesday, April 10th. Mizuho lifted their price objective on Tenet Healthcare from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 9th. 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. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, TheStreet raised Tenet Healthcare from a “c+” rating to a “b-” rating in a report on Tuesday, February 6th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $100.38.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the sale, the director now directly owns 33,303 shares in the company, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the sale, the director now directly owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,268 shares of company stock valued at $4,944,810. 0.93% of the stock is currently owned by corporate insiders.

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.