Prudential PLC Raises Position in Tenet Healthcare Co. (NYSE:THC)

Prudential PLC raised its position in shares of Tenet Healthcare Co. (NYSE:THC) by 0.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,344 shares of the company’s stock after purchasing an additional 107 shares during the period. Prudential PLC’s holdings in Tenet Healthcare were worth $1,937,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Tenet Healthcare by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 2,116,121 shares of the company’s stock worth $268,591,000 after acquiring an additional 71,454 shares during the last quarter. Norges Bank purchased a new stake in shares of Tenet Healthcare during the 4th quarter valued at approximately $190,819,000. Allianz Asset Management GmbH boosted its holdings in Tenet Healthcare by 15.1% in the 4th quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company’s stock worth $72,853,000 after buying an additional 75,688 shares during the period. Wealthfront Advisers LLC bought a new stake in Tenet Healthcare during the 4th quarter valued at $69,059,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Tenet Healthcare by 68.9% in the fourth quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock worth $64,006,000 after acquiring an additional 206,907 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Insider Activity at Tenet Healthcare

In related news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. This trade represents 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 owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on THC shares. Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 price objective on shares of Tenet Healthcare in a report on Thursday, February 13th. TD Cowen started coverage on Tenet Healthcare in a research report on Wednesday, February 26th. They set a “buy” rating and a $175.00 target price for the company. Morgan Stanley initiated coverage on Tenet Healthcare in a research note on Wednesday, March 26th. They issued an “overweight” rating and a $165.00 target price on the stock. Truist Financial decreased their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Barclays dropped their target price on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating for the company in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.41.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $120.23 on Monday. The firm has a 50 day moving average of $132.13 and a 200 day moving average of $141.29. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 3.73, a price-to-earnings-growth ratio of 1.02 and a beta of 1.77. Tenet Healthcare Co. has a 12-month low of $90.03 and a 12-month high of $171.20. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25.

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

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.