Renaissance Technologies LLC Raises Holdings in Tenet Healthcare Co. (NYSE:THC)

Renaissance Technologies LLC boosted its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 579.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 438,563 shares of the company’s stock after buying an additional 373,988 shares during the period. Renaissance Technologies LLC owned approximately 0.46% of Tenet Healthcare worth $55,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in THC. WR Wealth Planners LLC boosted its stake in shares of Tenet Healthcare by 2,836.4% in the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock worth $41,000 after buying an additional 312 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Tenet Healthcare by 30.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock valued at $59,000 after purchasing an additional 110 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Tenet Healthcare in the fourth quarter valued at approximately $60,000. Wilmington Savings Fund Society FSB raised its position in Tenet Healthcare by 1,352.8% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company’s stock valued at $66,000 after purchasing an additional 487 shares during the period. Finally, Spire Wealth Management raised its holdings in Tenet Healthcare by 19.5% in the 4th quarter. Spire Wealth Management now owns 558 shares of the company’s stock valued at $70,000 after buying an additional 91 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

In related news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the sale, the director now directly owns 27,378 shares in the company, valued at $3,434,022.54. This trade represents a 25.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.93% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on THC. KeyCorp cut their price target on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. TD Cowen began coverage on Tenet Healthcare in a report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price target for the company. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. Truist Financial cut their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Morgan Stanley initiated coverage on Tenet Healthcare in a report on Wednesday, March 26th. They issued an “overweight” rating and a $165.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $166.33.

Tenet Healthcare Trading Up 10.1 %

NYSE:THC opened at $131.55 on Thursday. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The business’s 50 day moving average is $130.52 and its two-hundred day moving average is $140.18. Tenet Healthcare Co. has a 52 week low of $90.03 and a 52 week high of $171.20. The company has a market cap of $12.51 billion, a PE ratio of 4.08, a P/E/G ratio of 1.02 and a beta of 1.77.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, February 12th. The company reported $3.44 EPS for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. On average, analysts predict that Tenet Healthcare Co. will post 12.24 EPS for the current 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.