Envestnet Asset Management Inc. Sells 7,053 Shares of Tenet Healthcare Co. (NYSE:THC)

Envestnet Asset Management Inc. decreased its position in shares of Tenet Healthcare Co. (NYSE:THC) by 3.5% in the fourth quarter, HoldingsChannel reports. The fund owned 197,158 shares of the company’s stock after selling 7,053 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Tenet Healthcare were worth $24,887,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of THC. HighTower Advisors LLC grew its stake in Tenet Healthcare by 12.1% during the 3rd quarter. HighTower Advisors LLC now owns 7,036 shares of the company’s stock worth $1,161,000 after buying an additional 758 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of Tenet Healthcare during the third quarter valued at about $231,000. MML Investors Services LLC raised its position in shares of Tenet Healthcare by 3.8% in the 3rd quarter. MML Investors Services LLC now owns 11,409 shares of the company’s stock valued at $1,896,000 after purchasing an additional 417 shares during the last quarter. M&T Bank Corp grew its position in Tenet Healthcare by 6.2% during the 3rd quarter. M&T Bank Corp now owns 6,754 shares of the company’s stock worth $1,122,000 after purchasing an additional 393 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in Tenet Healthcare by 470.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 15,289 shares of the company’s stock valued at $2,541,000 after purchasing an additional 12,609 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on THC shares. The Goldman Sachs Group downgraded Tenet Healthcare from a “buy” rating to a “neutral” rating and cut their target price for the company from $196.00 to $140.00 in a research report on Monday, December 16th. TD Cowen initiated coverage on Tenet Healthcare in a research note on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price objective for the company. Truist Financial dropped their target price on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Morgan Stanley assumed coverage on shares of Tenet Healthcare in a research note on Wednesday, March 26th. They set an “overweight” rating and a $165.00 price objective for the company. Finally, KeyCorp reduced their target price on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $166.33.

Insider Buying and Selling at Tenet Healthcare

In other news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.93% of the stock is currently owned by insiders.

Tenet Healthcare Stock Performance

NYSE:THC opened at $123.70 on Monday. The stock has a market capitalization of $11.77 billion, a PE ratio of 3.84, a P/E/G ratio of 1.02 and a beta of 1.77. The company has a fifty day moving average of $129.77 and a two-hundred day moving average of $139.42. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. Tenet Healthcare Co. has a fifty-two week low of $90.03 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. As a group, research analysts forecast that Tenet Healthcare Co. will post 12.24 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.