Cinctive Capital Management LP Takes Position in Tenet Healthcare Co. (NYSE:THC)

Cinctive Capital Management LP bought a new position in Tenet Healthcare Co. (NYSE:THC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 19,446 shares of the company’s stock, valued at approximately $2,455,000.

Several other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Tenet Healthcare during the fourth quarter worth about $190,819,000. Wealthfront Advisers LLC bought a new position in Tenet Healthcare in the 4th quarter worth about $69,059,000. Geode Capital Management LLC raised its holdings in shares of Tenet Healthcare by 23.6% during the third quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after buying an additional 390,316 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Tenet Healthcare during the fourth quarter worth approximately $49,001,000. Finally, Victory Capital Management Inc. increased its position in Tenet Healthcare by 68.9% in the 4th quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock valued at $64,006,000 after acquiring an additional 206,907 shares during the period. 95.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director J Robert Kerrey sold 9,525 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the sale, the director now directly owns 27,378 shares of the company’s stock, valued at $3,434,022.54. This represents a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Price Performance

THC stock opened at $137.30 on Thursday. The firm has a 50-day moving average of $132.55 and a two-hundred day moving average of $141.91. The firm has a market capitalization of $13.06 billion, a PE ratio of 4.26, a P/E/G ratio of 1.02 and a beta of 2.06. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. Tenet Healthcare Co. has a one year low of $90.03 and a one year high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping 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%. On average, analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on THC. Morgan Stanley initiated coverage on Tenet Healthcare in a research note on Wednesday, March 26th. They issued an “overweight” rating and a $165.00 price target for the company. Truist Financial dropped their price target on shares of Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $177.00 price objective on shares of Tenet Healthcare in a report on Thursday, February 13th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $175.00 target price on shares of Tenet Healthcare in a report on Tuesday, December 17th. Finally, KeyCorp lowered their price target on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average price target of $166.41.

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.