7,985 Tenet Healthcare Corporation $THC Shares Sold by Kestra Investment Management LLC

Kestra Investment Management LLC reduced its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 30.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,381 shares of the company’s stock after selling 7,985 shares during the period. Kestra Investment Management LLC’s holdings in Tenet Healthcare were worth $4,698,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in THC. Ashton Thomas Private Wealth LLC increased its holdings in shares of Tenet Healthcare by 1.7% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 2,468 shares of the company’s stock valued at $631,000 after purchasing an additional 42 shares in the last quarter. PeakShares LLC lifted its stake in shares of Tenet Healthcare by 3.3% in the first quarter. PeakShares LLC now owns 1,693 shares of the company’s stock valued at $319,000 after purchasing an additional 54 shares during the period. Parallel Advisors LLC lifted its stake in shares of Tenet Healthcare by 4.4% in the third quarter. Parallel Advisors LLC now owns 1,282 shares of the company’s stock valued at $328,000 after purchasing an additional 54 shares during the period. Sanctuary Advisors LLC boosted its holdings in Tenet Healthcare by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 11,900 shares of the company’s stock worth $2,246,000 after buying an additional 57 shares in the last quarter. Finally, Applied Finance Capital Management LLC boosted its holdings in Tenet Healthcare by 3.8% during the first quarter. Applied Finance Capital Management LLC now owns 1,644 shares of the company’s stock worth $310,000 after buying an additional 60 shares in the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Tenet Healthcare Stock Up 2.0%

THC opened at $288.90 on Tuesday. The firm has a market cap of $22.99 billion, a P/E ratio of 8.38, a PEG ratio of 1.56 and a beta of 1.20. The business’s fifty day simple moving average is $265.77 and its 200 day simple moving average is $222.88. Tenet Healthcare Corporation has a 52 week low of $157.58 and a 52 week high of $301.44. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 1.76.

Tenet Healthcare (NYSE:THC) last released its earnings results on Thursday, October 29th. The company reported $6.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.68 by $1.96. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. The company had revenue of $6.28 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the prior year, the firm earned $3.70 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, equities research analysts anticipate that Tenet Healthcare Corporation will post 22.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director J. Robert Kerrey sold 12,010 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $263.72, for a total transaction of $3,167,277.20. Following the transaction, the director owned 4,794 shares of the company’s stock, valued at approximately $1,264,273.68. This represents a 71.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lisa Foo sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $266.32, for a total transaction of $6,391,680.00. Following the sale, the executive vice president owned 8,053 shares in the company, valued at approximately $2,144,674.96. This trade represents a 74.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 98,462 shares of company stock valued at $26,788,234. 0.97% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on THC. Morgan Stanley increased their target price on shares of Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Piper Sandler set a $308.00 price target on shares of Tenet Healthcare in a research report on Monday, July 27th. Weiss Ratings raised Tenet Healthcare from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Leerink Partners upped their price target on Tenet Healthcare from $309.00 to $342.00 and gave the stock an “outperform” rating in a report on Monday, November 2nd. Finally, BMO Capital Markets started coverage on Tenet Healthcare in a research note on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price objective for the company. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $293.48.

About Tenet Healthcare

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment.

Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company’s Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.

Tenet traces its history to National Medical Enterprises, founded in 1969, and adopted the Tenet Healthcare name in 1995.