Point72 Asia Singapore Pte. Ltd. Has $1.77 Million Holdings in Tenet Healthcare Co. (NYSE:THC)

Point72 Asia Singapore Pte. Ltd. lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 30.5% during the third quarter, HoldingsChannel reports. The fund owned 10,629 shares of the company’s stock after selling 4,661 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Tenet Healthcare were worth $1,767,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. increased its stake in Tenet Healthcare by 10.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,148 shares of the company’s stock valued at $436,000 after buying an additional 387 shares during the last quarter. Cetera Investment Advisers purchased a new stake in Tenet Healthcare in the 1st quarter valued at about $1,772,000. Cetera Advisors LLC purchased a new stake in Tenet Healthcare in the 1st quarter valued at about $227,000. GAMMA Investing LLC increased its stake in Tenet Healthcare by 34.9% in the 2nd quarter. GAMMA Investing LLC now owns 986 shares of the company’s stock valued at $131,000 after buying an additional 255 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in shares of Tenet Healthcare by 19.2% during the 2nd quarter. Park Avenue Securities LLC now owns 15,804 shares of the company’s stock valued at $2,102,000 after acquiring an additional 2,549 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company downgraded shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $205.00 to $150.00 in a research report on Monday, November 25th. Royal Bank of Canada increased their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald raised their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Truist Financial reaffirmed a “buy” rating and issued a $190.00 price objective (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Finally, KeyCorp started coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $168.19.

Insider Buying and Selling

In related news, EVP Lisa Y. Foo sold 4,000 shares of Tenet Healthcare stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the transaction, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by corporate insiders.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $142.68 on Monday. The firm’s fifty day moving average price is $156.87 and its 200-day moving average price is $148.62. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58. The stock has a market cap of $13.57 billion, a P/E ratio of 4.57, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a fifty-two week low of $66.64 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.60. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company posted $1.44 EPS. On average, equities research analysts expect 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.