Tenet Healthcare Co. (NYSE:THC) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC cut its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,514 shares of the company’s stock after selling 1,911 shares during the period. MetLife Investment Management LLC owned approximately 0.05% of Tenet Healthcare worth $8,229,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in THC. Innealta Capital LLC acquired a new position in Tenet Healthcare during the second quarter worth $28,000. Plato Investment Management Ltd purchased a new position in Tenet Healthcare during the 3rd quarter valued at about $28,000. ORG Wealth Partners LLC purchased a new stake in Tenet Healthcare during the third quarter worth about $30,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare in the second quarter valued at approximately $31,000. Finally, Blue Trust Inc. increased its stake in Tenet Healthcare by 93.0% during the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after buying an additional 120 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $141.98 on Friday. The stock has a market capitalization of $13.50 billion, a price-to-earnings ratio of 4.55, a PEG ratio of 0.64 and a beta of 2.15. Tenet Healthcare Co. has a one year low of $65.90 and a one year high of $171.20. The company has a 50-day simple moving average of $157.82 and a 200-day simple moving average of $148.41. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.52 and a current ratio of 1.58.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $5.05 billion. During the same period in the previous year, the company posted $1.44 EPS. Tenet Healthcare’s revenue was up 1.1% compared to the same quarter last year. On average, analysts predict that Tenet Healthcare Co. will post 11.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on THC. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Wells Fargo & Company cut Tenet Healthcare from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $205.00 to $150.00 in a research note on Monday. Barclays upped their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. KeyCorp began coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target on the stock. Finally, Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and an average price target of $168.19.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction dated 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 in the company, valued at $2,427,362.04. This trade represents a 20.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 6,324 shares in the company, 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. 0.93% of the stock is owned by corporate insiders.

Tenet Healthcare 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.