Maryland State Retirement & Pension System Cuts Stake in Tenet Healthcare Co. (NYSE:THC)

Maryland State Retirement & Pension System lessened its position in Tenet Healthcare Co. (NYSE:THC) by 5.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,263 shares of the company’s stock after selling 275 shares during the period. Maryland State Retirement & Pension System’s holdings in Tenet Healthcare were worth $664,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in THC. FMR LLC increased its holdings in shares of Tenet Healthcare by 88.0% in the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares in the last quarter. Geode Capital Management LLC lifted its stake in Tenet Healthcare by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after acquiring an additional 390,316 shares during the period. Allianz Asset Management GmbH grew its stake in shares of Tenet Healthcare by 15.1% in the fourth quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company’s stock worth $72,853,000 after acquiring an additional 75,688 shares during the period. Wealthfront Advisers LLC purchased a new position in shares of Tenet Healthcare during the fourth quarter valued at approximately $69,059,000. Finally, Victory Capital Management Inc. boosted its holdings in 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 purchasing an additional 206,907 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction 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 sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Trading Up 5.4 %

Shares of THC opened at $129.87 on Tuesday. Tenet Healthcare Co. has a 1 year low of $90.03 and a 1 year high of $171.20. The company has a 50 day simple moving average of $132.22 and a two-hundred day simple moving average of $142.92. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The firm has a market cap of $12.35 billion, a P/E ratio of 4.03, a price-to-earnings-growth ratio of 1.02 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $3.44 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%. On average, equities analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

THC has been the topic of several research analyst reports. StockNews.com raised Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Thursday, March 13th. Truist Financial cut their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group downgraded shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $196.00 to $140.00 in a report on Monday, December 16th. TD Cowen assumed coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price target on the stock. Finally, KeyCorp reduced their price objective on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tenet Healthcare has an average rating of “Moderate Buy” and a consensus target price of $163.88.

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.