Bank of New York Mellon Corp Sells 3,499 Shares of Tenet Healthcare Co. (NYSE:THC)

Posted by Defense World Staff on Mar 10th, 2023

Bank of New York Mellon Corp lowered its stake in shares of Tenet Healthcare Co. (NYSE:THC – Get Rating) by 0.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,136,754 shares of the company’s stock after selling 3,499 shares during the period. Bank of New York Mellon Corp owned approximately 1.05% of Tenet Healthcare worth $58,633,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the business. US Bancorp DE lifted its holdings in shares of Tenet Healthcare by 14.6% during the 1st quarter. US Bancorp DE now owns 1,428 shares of the company’s stock valued at $123,000 after purchasing an additional 182 shares in the last quarter. State of Michigan Retirement System lifted its stake in Tenet Healthcare by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 27,393 shares of the company’s stock valued at $1,440,000 after acquiring an additional 200 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Tenet Healthcare by 1.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 28,261 shares of the company’s stock valued at $1,485,000 after acquiring an additional 268 shares in the last quarter. Washington Trust Advisors Inc. lifted its stake in Tenet Healthcare by 62.2% in the 3rd quarter. Washington Trust Advisors Inc. now owns 746 shares of the company’s stock valued at $38,000 after acquiring an additional 286 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Tenet Healthcare by 33.5% in the 1st quarter. Captrust Financial Advisors now owns 1,141 shares of the company’s stock valued at $98,000 after acquiring an additional 286 shares in the last quarter. Institutional investors own 98.14% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of NYSE THC opened at $54.93 on Friday. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.34 and a quick ratio of 1.25. The stock’s fifty day moving average price is $55.37 and its two-hundred day moving average price is $51.74. Tenet Healthcare Co. has a one year low of $36.69 and a one year high of $92.65. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 3.14 and a beta of 2.14.

Tenet Healthcare (NYSE:THC – Get Rating) last issued its quarterly earnings data on Thursday, February 9th. The company reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.69. The firm had revenue of $4.99 billion for the quarter, compared to analyst estimates of $4.94 billion. Tenet Healthcare had a return on equity of 32.88% and a net margin of 2.14%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.70 EPS. On average, equities analysts forecast that Tenet Healthcare Co. will post 5.15 EPS for the current year.

Insider Activity

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

Analyst Ratings Changes

THC has been the topic of several recent analyst reports. StockNews.com lowered Tenet Healthcare from a “buy” rating to a “hold” rating in a research report on Wednesday, March 1st. Mizuho boosted their price target on Tenet Healthcare from $60.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. Stephens boosted their price target on Tenet Healthcare from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 22nd. Royal Bank of Canada boosted their price target on Tenet Healthcare from $69.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 10th. Finally, Wells Fargo & Company boosted their target price on Tenet Healthcare from $59.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, February 17th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and an average target price of $69.47.

Tenet Healthcare Company 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.