Mitsubishi UFJ Trust & Banking Corp Sells 2,605 Shares of Tenet Healthcare Co. (NYSE:THC)

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 11.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 19,830 shares of the company’s stock after selling 2,605 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Tenet Healthcare were worth $2,503,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in THC. Wealthfront Advisers LLC bought a new position in shares of Tenet Healthcare in the 4th quarter valued at about $69,059,000. Geode Capital Management LLC lifted its stake in shares of Tenet Healthcare by 23.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,044,667 shares of the company’s stock valued at $339,893,000 after purchasing an additional 390,316 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Tenet Healthcare during the 4th quarter valued at approximately $49,001,000. Iron Triangle Partners LP purchased a new stake in Tenet Healthcare during the 3rd quarter valued at $51,346,000. Finally, Victory Capital Management Inc. boosted its stake in Tenet Healthcare by 68.9% during the fourth quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock worth $64,006,000 after buying an additional 206,907 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

NYSE THC opened at $134.70 on Tuesday. The company has a market cap of $12.81 billion, a PE ratio of 4.18, a P/E/G ratio of 1.02 and a beta of 2.06. Tenet Healthcare Co. has a 52-week low of $90.03 and a 52-week high of $171.20. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. The firm’s 50 day moving average price is $132.51 and its 200-day moving average price is $142.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results 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%. Sell-side analysts forecast that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $196.00 to $140.00 in a report on Monday, December 16th. StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Barclays reduced their price target on Tenet Healthcare from $190.00 to $161.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Morgan Stanley assumed coverage on Tenet Healthcare in a report on Wednesday, March 26th. They set an “overweight” rating and a $165.00 price objective for the company. Finally, Truist Financial decreased their target price on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $166.41.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.