Lord Abbett & CO. LLC Reduces Stock Position in Tenet Healthcare Co. (NYSE:THC)

Lord Abbett & CO. LLC trimmed its position in Tenet Healthcare Co. (NYSE:THC) by 13.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 210,518 shares of the company’s stock after selling 33,306 shares during the period. Lord Abbett & CO. LLC owned about 0.22% of Tenet Healthcare worth $34,988,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Coldstream Capital Management Inc. boosted its stake in shares of Tenet Healthcare by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after acquiring an additional 74 shares during the last quarter. Optas LLC increased its position in Tenet Healthcare by 3.4% in the third quarter. Optas LLC now owns 2,821 shares of the company’s stock worth $469,000 after buying an additional 93 shares in the last quarter. Signaturefd LLC lifted its position in shares of Tenet Healthcare by 17.6% during the 3rd quarter. Signaturefd LLC now owns 628 shares of the company’s stock valued at $104,000 after buying an additional 94 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Tenet Healthcare by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,887 shares of the company’s stock worth $480,000 after acquiring an additional 94 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after acquiring an additional 96 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $136.71 on Friday. 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 capitalization of $13.00 billion, a P/E ratio of 4.38, a P/E/G ratio of 0.63 and a beta of 2.06. Tenet Healthcare Co. has a 1 year low of $73.21 and a 1 year high of $171.20. The company’s fifty day moving average price is $152.09 and its 200 day moving average price is $149.26.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the prior year, the firm earned $1.44 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Raymond James cut Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target for the company. in a report on Friday, November 22nd. Wells Fargo & Company lowered shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $205.00 to $150.00 in a report on Monday, November 25th. Truist Financial reiterated a “buy” rating and issued a $190.00 price target (up previously from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald increased their target price 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. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $168.19.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.93% of the company’s stock.

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.