Swedbank AB Acquires New Position in Tenet Healthcare Co. (NYSE:THC)

Swedbank AB acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,000 shares of the company’s stock, valued at approximately $3,324,000.

Several other large investors also recently added to or reduced their stakes in the business. Marshall Wace LLP grew its position in Tenet Healthcare by 7.3% in the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock worth $94,981,000 after acquiring an additional 48,626 shares in the last quarter. Farallon Capital Management LLC grew its position in Tenet Healthcare by 7.8% in the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after acquiring an additional 50,000 shares in the last quarter. Integral Health Asset Management LLC grew its position in Tenet Healthcare by 17.6% in the second quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock worth $66,515,000 after acquiring an additional 75,000 shares in the last quarter. AQR Capital Management LLC grew its position in Tenet Healthcare by 35.2% in the second quarter. AQR Capital Management LLC now owns 341,250 shares of the company’s stock worth $45,396,000 after acquiring an additional 88,781 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock worth $43,385,000 after acquiring an additional 321,789 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

Insider Transactions at Tenet Healthcare

In related news, 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 completion of the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This trade represents a 64.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $155.94, for a total transaction of $623,760.00. Following the transaction, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on THC shares. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Wells Fargo & Company downgraded shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $205.00 to $150.00 in a report on Monday. Barclays upped their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. UBS Group upped their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and a consensus price target of $168.19.

Tenet Healthcare Price Performance

NYSE:THC opened at $141.94 on Thursday. The company has a 50-day moving average of $158.21 and a 200-day moving average of $148.45. The company has a market capitalization of $13.50 billion, a price-to-earnings ratio of 4.55, a PEG ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a 52 week low of $65.90 and a 52 week high of $171.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $1.44 EPS. As a group, equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

About Tenet Healthcare

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.