DnB Asset Management AS Takes $6.49 Million Position in Tenet Healthcare Co. (NYSE:THC)

DnB Asset Management AS acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 51,402 shares of the company’s stock, valued at approximately $6,488,000. DnB Asset Management AS owned about 0.05% of Tenet Healthcare at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. New Wave Wealth Advisors LLC acquired a new position in Tenet Healthcare in the fourth quarter worth approximately $343,000. Swedbank AB raised its holdings in shares of Tenet Healthcare by 100.0% during the 4th quarter. Swedbank AB now owns 40,000 shares of the company’s stock valued at $5,049,000 after purchasing an additional 20,000 shares in the last quarter. Signet Financial Management LLC bought a new stake in Tenet Healthcare in the fourth quarter worth $1,526,000. China Universal Asset Management Co. Ltd. acquired a new position in Tenet Healthcare during the fourth quarter worth $410,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Tenet Healthcare in the fourth quarter worth about $5,892,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $133.17 on Monday. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The firm has a 50-day moving average price of $132.43 and a 200 day moving average price of $142.31. The firm has a market capitalization of $12.67 billion, a PE ratio of 4.13, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06. Tenet Healthcare Co. has a 12-month low of $90.03 and a 12-month high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, beating the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. Research analysts anticipate that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on THC. Truist Financial cut their price objective on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $177.00 price objective on shares of Tenet Healthcare in a report on Thursday, February 13th. Barclays cut their target price on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research report on Thursday, February 13th. StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. Finally, The Goldman Sachs Group lowered Tenet Healthcare from a “buy” rating to a “neutral” rating and lowered their target price for the company from $196.00 to $140.00 in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $166.41.

Insider Activity at Tenet Healthcare

In other news, Director J Robert Kerrey sold 9,525 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the transaction, the director now owns 27,378 shares in the company, valued at approximately $3,434,022.54. The trade was a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.93% of the stock is currently owned by 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.