Point72 Hong Kong Ltd Sells 28,495 Shares of Tenet Healthcare Co. (NYSE:THC)

Point72 Hong Kong Ltd lowered its position in Tenet Healthcare Co. (NYSE:THC) by 70.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,763 shares of the company’s stock after selling 28,495 shares during the period. Point72 Hong Kong Ltd’s holdings in Tenet Healthcare were worth $1,955,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Legacy Capital Group California Inc. bought a new stake in shares of Tenet Healthcare during the third quarter valued at approximately $1,055,000. Diversified Trust Co purchased a new stake in shares of Tenet Healthcare in the second quarter worth about $558,000. Envestnet Portfolio Solutions Inc. boosted its stake in Tenet Healthcare by 124.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after buying an additional 7,078 shares during the last quarter. Caprock Group LLC bought a new stake in Tenet Healthcare in the 2nd quarter worth approximately $477,000. Finally, Swiss National Bank boosted its position in shares of Tenet Healthcare by 8.7% during the 3rd quarter. Swiss National Bank now owns 190,800 shares of the company’s stock valued at $31,711,000 after acquiring an additional 15,200 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Up 0.5 %

THC opened at $142.68 on Monday. Tenet Healthcare Co. has a 52 week low of $66.64 and a 52 week high of $171.20. The company has a market capitalization of $13.57 billion, a P/E ratio of 4.57, a PEG ratio of 0.64 and a beta of 2.15. The stock’s fifty day moving average is $156.87 and its two-hundred day moving average is $148.62. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the business earned $1.44 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts forecast that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on THC. UBS Group lifted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays raised their price objective on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Raymond James lowered Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a report on Friday, November 22nd. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada raised their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and an average target price of $168.19.

Insider Activity

In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 64.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

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.