PFM Health Sciences LP Sells 422,575 Shares of Tenet Healthcare Co. (NYSE:THC)

PFM Health Sciences LP lowered its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 42.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 563,444 shares of the company’s stock after selling 422,575 shares during the period. PFM Health Sciences LP’s holdings in Tenet Healthcare were worth $29,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Tenet Healthcare by 13.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 40,133 shares of the company’s stock valued at $1,603,000 after purchasing an additional 4,724 shares in the last quarter. Guggenheim Capital LLC grew its holdings in shares of Tenet Healthcare by 70.4% in the first quarter. Guggenheim Capital LLC now owns 27,474 shares of the company’s stock valued at $1,429,000 after purchasing an additional 11,347 shares in the last quarter. Advisors Preferred LLC purchased a new position in shares of Tenet Healthcare in the first quarter valued at $1,133,000. Canyon Capital Advisors LLC purchased a new position in shares of Tenet Healthcare in the first quarter valued at $45,240,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Tenet Healthcare in the fourth quarter valued at $1,298,000. 90.27% of the stock is owned by hedge funds and other institutional investors.

Shares of THC stock traded down $3.22 on Thursday, hitting $69.03. The stock had a trading volume of 67,307 shares, compared to its average volume of 910,219. The company has a debt-to-equity ratio of 14.86, a quick ratio of 1.28 and a current ratio of 1.36. The business has a 50 day moving average price of $66.97. The company has a market capitalization of $7.37 billion, a P/E ratio of 19.37 and a beta of 2.61. Tenet Healthcare Co. has a one year low of $21.34 and a one year high of $73.65.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, July 20th. The company reported $1.59 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.52. Tenet Healthcare had a net margin of 2.25% and a return on equity of 65.38%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the company posted $1.26 earnings per share. The firm’s revenue was up 35.8% on a year-over-year basis. On average, research analysts predict that Tenet Healthcare Co. will post 5.21 earnings per share for the current fiscal year.

Several research analysts have commented on THC shares. Mizuho lifted their price objective on shares of Tenet Healthcare from $55.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 5th. Truist Securities lifted their price objective on shares of Tenet Healthcare from $56.00 to $60.00 in a research note on Thursday, April 22nd. TheStreet raised shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a research note on Friday, March 26th. Seaport Res Ptn reaffirmed a “buy” rating on shares of Tenet Healthcare in a research note on Friday, July 9th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Tenet Healthcare in a research note on Friday, June 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $57.50.

In other Tenet Healthcare news, EVP Howard Hacker sold 6,382 shares of the company’s stock in a transaction that occurred on Friday, May 28th. The stock was sold at an average price of $66.70, for a total value of $425,679.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R. Scott Ramsey sold 8,662 shares of the company’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $64.04, for a total value of $554,714.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,197 shares of company stock worth $1,371,540. 1.60% of the stock is owned by insiders.

Tenet Healthcare Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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