Quantbot Technologies LP Decreases Stock Position in Tenet Healthcare Co. (NYSE:THC)

Quantbot Technologies LP cut its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 13.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,120 shares of the company’s stock after selling 3,618 shares during the period. Quantbot Technologies LP’s holdings in Tenet Healthcare were worth $3,843,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Legacy Capital Group California Inc. purchased a new stake in Tenet Healthcare during the 3rd quarter valued at $1,055,000. Diversified Trust Co bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at $558,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Tenet Healthcare by 124.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company’s stock valued at $1,701,000 after acquiring an additional 7,078 shares during the period. Caprock Group LLC bought a new stake in shares of Tenet Healthcare during the 2nd quarter valued at $477,000. Finally, Intech Investment Management LLC grew its position in shares of Tenet Healthcare by 44.4% during the 3rd quarter. Intech Investment Management LLC now owns 79,266 shares of the company’s stock valued at $13,174,000 after acquiring an additional 24,385 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $145.59 on Wednesday. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52. Tenet Healthcare Co. has a 1-year low of $65.90 and a 1-year high of $171.20. The firm has a market capitalization of $13.85 billion, a P/E ratio of 4.66, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. The company’s 50-day moving average is $158.44 and its 200 day moving average is $148.32.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the company posted $1.44 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts forecast that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Insider Activity

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value 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 approximately $2,427,362.04. This trade represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This represents a 64.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on THC. Barclays boosted their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Cantor Fitzgerald boosted their price objective on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Raymond James downgraded shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 target price for the company. in a report on Friday, November 22nd. UBS Group upped their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded shares of Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $205.00 to $150.00 in a report on Monday. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $168.19.

Tenet Healthcare Company Profile

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.