Dorsey Wright & Associates Sells 2,349 Shares of Tenet Healthcare Co. (NYSE:THC)

Dorsey Wright & Associates lowered its holdings in Tenet Healthcare Co. (NYSE:THC) by 24.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,291 shares of the company’s stock after selling 2,349 shares during the period. Dorsey Wright & Associates’ holdings in Tenet Healthcare were worth $920,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Geode Capital Management LLC increased 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 worth $339,893,000 after acquiring an additional 390,316 shares during the period. Norges Bank bought a new position in shares of Tenet Healthcare in the fourth quarter worth $190,819,000. Allianz Asset Management GmbH lifted its position in Tenet Healthcare by 15.1% during the fourth quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company’s stock worth $72,853,000 after purchasing an additional 75,688 shares during the period. Wealthfront Advisers LLC bought a new position in Tenet Healthcare in the 4th quarter valued at about $69,059,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Tenet Healthcare by 68.9% during the 4th 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. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

THC stock opened at $133.17 on Friday. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The company’s fifty day simple moving average is $132.43 and its 200 day simple moving average is $142.42. Tenet Healthcare Co. has a 12-month low of $90.03 and a 12-month high of $171.20. The firm has a market cap of $12.67 billion, a price-to-earnings ratio of 4.13, a PEG ratio of 1.02 and a beta of 2.06.

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

Insider Activity

In related news, Director J Robert Kerrey sold 9,525 shares of the company’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. This represents a 25.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on THC. Truist Financial lowered their price objective on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Barclays reduced their price objective on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. Morgan Stanley initiated coverage on shares of Tenet Healthcare in a report on Wednesday. They issued an “overweight” rating and a $165.00 target price for the company. TD Cowen initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price objective for the company. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $175.00 target price on shares of Tenet Healthcare in a research report on Tuesday, December 17th. Three 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $166.41.

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.