MetLife Investment Management LLC Trims Stock Position in Tenet Healthcare Co. (NYSE:THC)

MetLife Investment Management LLC decreased its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 3.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 49,514 shares of the company’s stock after selling 1,911 shares during the quarter. MetLife Investment Management LLC’s holdings in Tenet Healthcare were worth $8,229,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Legacy Capital Group California Inc. purchased a new position in shares of Tenet Healthcare during the third quarter valued at approximately $1,055,000. Diversified Trust Co acquired a new stake in shares of Tenet Healthcare during the second quarter worth $558,000. Envestnet Portfolio Solutions Inc. increased its stake in Tenet Healthcare by 124.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after purchasing an additional 7,078 shares during the last quarter. Caprock Group LLC purchased a new position in Tenet Healthcare during the second quarter worth about $477,000. Finally, Intech Investment Management LLC grew its holdings in Tenet Healthcare by 44.4% in the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock valued at $13,174,000 after buying an additional 24,385 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analyst Ratings Changes

THC has been the subject of a number of research analyst reports. Cantor Fitzgerald upped their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group increased their target price 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. KeyCorp began coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price on the stock. in a report on Friday, November 22nd. Finally, Royal Bank of Canada raised their price objective on 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 issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $168.19.

Insider Activity at Tenet Healthcare

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

Tenet Healthcare Stock Performance

Shares of THC opened at $141.98 on Friday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 12-month low of $65.90 and a 12-month high of $171.20. The business’s fifty day moving average price is $157.82 and its 200 day moving average price is $148.41. The stock has a market capitalization of $13.50 billion, a PE ratio of 4.55, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15.

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

Tenet Healthcare 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.