Virtu Financial LLC Lowers Stock Position in Tenet Healthcare Co. (NYSE:THC)

Virtu Financial LLC decreased its stake in Tenet Healthcare Co. (NYSE:THC) by 59.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,715 shares of the company’s stock after selling 5,359 shares during the period. Virtu Financial LLC’s holdings in Tenet Healthcare were worth $617,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in THC. Arete Wealth Advisors LLC purchased a new stake in Tenet Healthcare during the third quarter valued at about $363,000. Coldstream Capital Management Inc. lifted its position in Tenet Healthcare by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,406 shares of the company’s stock worth $566,000 after buying an additional 74 shares during the last quarter. Geode Capital Management LLC grew its position in 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 acquiring an additional 390,316 shares during the last quarter. MidWestOne Financial Group Inc. raised its stake in shares of Tenet Healthcare by 6.8% during the third quarter. MidWestOne Financial Group Inc. now owns 11,078 shares of the company’s stock worth $1,841,000 after acquiring an additional 705 shares in the last quarter. Finally, Vestcor Inc boosted its stake in shares of Tenet Healthcare by 243.3% in the 3rd quarter. Vestcor Inc now owns 7,416 shares of the company’s stock valued at $1,233,000 after purchasing an additional 5,256 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the transaction, the executive vice president now owns 15,566 shares of the company’s stock, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.93% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Performance

Shares of THC opened at $136.71 on Friday. Tenet Healthcare Co. has a one year low of $73.21 and a one year high of $171.20. The company has a 50-day simple moving average of $152.09 and a two-hundred day simple moving average of $149.26. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. The firm has a market capitalization of $13.00 billion, a PE ratio of 4.38, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results 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 company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.44 earnings per share. On average, analysts anticipate that Tenet Healthcare Co. will post 11.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

THC has been the subject of several recent research reports. Truist Financial reissued a “buy” rating and issued a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday, October 30th. Barclays increased their target price on Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a report on Friday, November 8th. KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective for the company. Royal Bank of Canada lifted their target price on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company cut shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $205.00 to $150.00 in a research report on Monday, November 25th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Tenet Healthcare has a consensus rating of “Buy” and an average target price of $168.19.

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.