Corebridge Financial Inc. Sells 5,704 Shares of Tenet Healthcare Co. (NYSE:THC)

Corebridge Financial Inc. lowered its position in Tenet Healthcare Co. (NYSE:THC) by 5.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,605 shares of the company’s stock after selling 5,704 shares during the period. Corebridge Financial Inc.’s holdings in Tenet Healthcare were worth $13,583,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. True Wealth Design LLC purchased a new position in shares of Tenet Healthcare in the 3rd quarter worth approximately $38,000. WR Wealth Planners LLC boosted its position in Tenet Healthcare by 2,836.4% in the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock worth $41,000 after purchasing an additional 312 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Tenet Healthcare by 30.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock valued at $59,000 after purchasing an additional 110 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Tenet Healthcare during the 4th quarter worth $60,000. Finally, Hantz Financial Services Inc. bought a new position in Tenet Healthcare during the third quarter valued at about $83,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tenet Healthcare

In related news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction dated 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 trade represents a 25.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $130.80 on Wednesday. The firm has a market capitalization of $12.44 billion, a P/E ratio of 4.06, a P/E/G ratio of 1.02 and a beta of 2.06. 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 stock’s 50-day simple moving average is $132.29 and its two-hundred day simple moving average is $142.77. Tenet Healthcare Co. has a twelve month low of $90.03 and a twelve month high of $171.20.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, beating 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%. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. TD Cowen initiated coverage on shares of Tenet Healthcare in a research note on Wednesday, February 26th. They issued a “buy” rating and a $175.00 target price on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and set a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. The Goldman Sachs Group lowered Tenet Healthcare from a “buy” rating to a “neutral” rating and lowered their target price for the company from $196.00 to $140.00 in a research note on Monday, December 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $177.00 price objective on shares of Tenet Healthcare in a report on Thursday, February 13th. Finally, Barclays dropped their price objective on shares of Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.