Principal Financial Group Inc. Lowers Stock Position in Tenet Healthcare Co. (NYSE:THC)

Principal Financial Group Inc. cut its holdings in Tenet Healthcare Co. (NYSE:THCGet Rating) by 45.6% during the second quarter, Holdings Channel reports. The firm owned 424,018 shares of the company’s stock after selling 355,176 shares during the quarter. Principal Financial Group Inc.’s holdings in Tenet Healthcare were worth $22,287,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in THC. Illinois Municipal Retirement Fund grew its position in Tenet Healthcare by 63.6% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 11,877 shares of the company’s stock valued at $624,000 after acquiring an additional 4,619 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new position in shares of Tenet Healthcare in the first quarter valued at about $258,000. Arete Wealth Advisors LLC acquired a new position in shares of Tenet Healthcare in the first quarter valued at about $207,000. Yousif Capital Management LLC increased its holdings in shares of Tenet Healthcare by 1.6% in the first quarter. Yousif Capital Management LLC now owns 54,736 shares of the company’s stock valued at $4,705,000 after purchasing an additional 881 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its holdings in Tenet Healthcare by 14.5% during the second quarter. State of New Jersey Common Pension Fund D now owns 60,547 shares of the company’s stock worth $3,182,000 after acquiring an additional 7,661 shares during the period. Institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

THC has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on Tenet Healthcare from $80.00 to $55.00 in a research report on Monday, October 24th. The Goldman Sachs Group cut their target price on Tenet Healthcare from $93.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, November 1st. Deutsche Bank Aktiengesellschaft dropped their price objective on Tenet Healthcare from $90.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, October 24th. Stephens dropped their price objective on Tenet Healthcare from $65.00 to $45.00 and set an “equal weight” rating for the company in a research note on Monday, October 24th. Finally, Mizuho decreased their price target on Tenet Healthcare from $80.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, November 2nd. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Moderate Buy” and an average target price of $72.38.

Insider Transactions at Tenet Healthcare

In related news, CFO Daniel J. Cancelmi acquired 11,000 shares of the company’s stock in a transaction dated Wednesday, October 26th. The shares were bought at an average price of $43.07 per share, for a total transaction of $473,770.00. Following the acquisition, the chief financial officer now owns 392,815 shares in the company, valued at approximately $16,918,542.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.70% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC opened at $45.11 on Monday. The company has a market capitalization of $4.88 billion, a PE ratio of 8.88, a price-to-earnings-growth ratio of 1.24 and a beta of 2.24. Tenet Healthcare Co. has a one year low of $36.69 and a one year high of $92.65. The company has a debt-to-equity ratio of 5.97, a current ratio of 1.40 and a quick ratio of 1.31. The company’s fifty day moving average price is $49.66 and its 200 day moving average price is $57.36.

Tenet Healthcare (NYSE:THCGet Rating) last posted its quarterly earnings data on Friday, October 21st. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.16. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. The company had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the firm posted $1.99 EPS. The business’s revenue was down 1.9% compared to the same quarter last year. As a group, analysts expect that Tenet Healthcare Co. will post 6.14 earnings per share for the current year.

Tenet Healthcare announced that its board has authorized a share buyback plan on Thursday, October 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Tenet Healthcare

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Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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