Clearbridge Investments LLC Cuts Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Clearbridge Investments LLC decreased its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 1.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 68,503 shares of the company’s stock after selling 916 shares during the period. Clearbridge Investments LLC owned approximately 0.07% of Tenet Healthcare worth $8,647,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. WR Wealth Planners LLC boosted its position in shares of Tenet Healthcare by 2,836.4% during the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock worth $41,000 after purchasing an additional 312 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Tenet Healthcare by 30.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock worth $59,000 after buying an additional 110 shares during the period. Kestra Investment Management LLC purchased a new position in Tenet Healthcare in the fourth quarter valued at about $60,000. Wilmington Savings Fund Society FSB boosted its stake in shares of Tenet Healthcare by 1,352.8% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company’s stock worth $66,000 after acquiring an additional 487 shares in the last quarter. Finally, Spire Wealth Management increased its stake in Tenet Healthcare by 19.5% in the 4th quarter. Spire Wealth Management now owns 558 shares of the company’s stock valued at $70,000 after purchasing an additional 91 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on THC. Cantor Fitzgerald reissued an “overweight” rating and issued a $177.00 target price on shares of Tenet Healthcare in a report on Thursday, February 13th. KeyCorp dropped their target price on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $175.00 price target on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Barclays cut their price objective on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group downgraded Tenet Healthcare from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $196.00 to $140.00 in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average price target of $166.41.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $137.30 on Thursday. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. Tenet Healthcare Co. has a 12 month low of $90.03 and a 12 month high of $171.20. The company has a market cap of $13.06 billion, a price-to-earnings ratio of 4.26, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06. The stock’s 50-day moving average is $132.55 and its 200-day moving average is $141.91.

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

Insiders Place Their Bets

In related news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. The trade was a 25.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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.