AlphaCrest Capital Management LLC Cuts Holdings in Tenet Healthcare Co. (NYSE:THC)

Posted by on Mar 9th, 2023

AlphaCrest Capital Management LLC lowered its holdings in Tenet Healthcare Co. (NYSE:THC – Get Rating) by 16.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,902 shares of the company’s stock after selling 2,119 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Tenet Healthcare were worth $562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Parkside Financial Bank & Trust lifted its stake in Tenet Healthcare by 1,063.9% during the 1st quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock valued at $36,000 after acquiring an additional 383 shares during the period. Lazard Asset Management LLC bought a new position in Tenet Healthcare during the first quarter valued at approximately $36,000. Wipfli Financial Advisors LLC bought a new stake in Tenet Healthcare in the 3rd quarter worth approximately $31,000. CoreCap Advisors LLC bought a new position in shares of Tenet Healthcare during the 2nd quarter valued at $39,000. Finally, Washington Trust Advisors Inc. boosted its stake in shares of Tenet Healthcare by 62.2% in the 3rd quarter. Washington Trust Advisors Inc. now owns 746 shares of the company’s stock worth $38,000 after buying an additional 286 shares during the last quarter. 98.14% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Tammy Romo sold 7,000 shares of the firm’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $60.95, for a total value of $426,650.00. Following the completion of the transaction, the director now directly owns 57,598 shares of the company’s stock, valued at $3,510,598.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Tammy Romo sold 7,000 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $60.95, for a total value of $426,650.00. Following the completion of the transaction, the director now owns 57,598 shares of the company’s stock, valued at approximately $3,510,598.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas W. Arnst sold 825 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $61.00, for a total value of $50,325.00. Following the sale, the executive vice president now directly owns 22,778 shares in the company, valued at $1,389,458. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

THC has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft increased their target price on Tenet Healthcare from $48.00 to $65.00 and gave the company a “buy” rating in a report on Friday, February 10th. UBS Group upped their target price on shares of Tenet Healthcare from $47.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Mizuho boosted their price objective on shares of Tenet Healthcare from $60.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Stephens raised their target price on Tenet Healthcare from $60.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 22nd. Finally, Loop Capital upped their price target on Tenet Healthcare from $40.00 to $45.00 in a research report on Tuesday, December 6th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.47.

Tenet Healthcare Price Performance

THC stock opened at $57.60 on Thursday. The company has a market capitalization of $5.89 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 3.11 and a beta of 2.14. The company’s fifty day moving average price is $55.23 and its 200-day moving average price is $51.71. Tenet Healthcare Co. has a one year low of $36.69 and a one year high of $92.65. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.25 and a current ratio of 1.34.

Tenet Healthcare (NYSE:THC – Get Rating) last announced its quarterly earnings results on Thursday, February 9th. The company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.27 by $0.69. Tenet Healthcare had a net margin of 2.14% and a return on equity of 32.88%. The business had revenue of $4.99 billion for the quarter, compared to analysts’ expectations of $4.94 billion. During the same quarter in the previous year, the company earned $2.70 EPS. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Tenet Healthcare Co. will post 5.15 EPS for the current fiscal year.

Tenet Healthcare Profile

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Tenet Healthcare Corp. engages in the provision of healthcare services. It operates through the following segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The Hospital Operations and Other segment is composed of acute care hospitals, ancillary outpatient facilities, urgent care centers, micro hospitals and physician practices.

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

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