ArrowMark Colorado Holdings LLC Sells 30,000 Shares of Tenet Healthcare Co. (NYSE:THC)

ArrowMark Colorado Holdings LLC reduced its holdings in Tenet Healthcare Co. (NYSE:THC) by 23.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,857 shares of the company’s stock after selling 30,000 shares during the quarter. ArrowMark Colorado Holdings LLC owned approximately 0.11% of Tenet Healthcare worth $16,596,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Innealta Capital LLC bought a new stake in shares of Tenet Healthcare during the second quarter worth $28,000. Plato Investment Management Ltd acquired a new stake in Tenet Healthcare in the 3rd quarter valued at about $28,000. ORG Wealth Partners LLC acquired a new position in shares of Tenet Healthcare during the third quarter worth approximately $30,000. ORG Partners LLC bought a new stake in shares of Tenet Healthcare during the second quarter valued at approximately $31,000. Finally, Blue Trust Inc. raised its position in Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares during the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. The trade was a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on 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 sale, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

THC has been the subject of a number of recent research reports. Barclays boosted their target price on Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Truist Financial restated a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald raised their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada upped their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $168.19.

Tenet Healthcare Trading Up 0.5 %

NYSE THC opened at $142.68 on Monday. The stock has a market capitalization of $13.57 billion, a price-to-earnings ratio of 4.57, a PEG ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a 52 week low of $66.64 and a 52 week high of $171.20. The stock’s 50 day moving average price is $156.87 and its two-hundred day moving average price is $148.62. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58.

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