ArrowMark Colorado Holdings LLC Has $16.60 Million Stock Position in Tenet Healthcare Co. (NYSE:THC)

ArrowMark Colorado Holdings LLC decreased its holdings in Tenet Healthcare Co. (NYSE:THC) by 23.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,857 shares of the company’s stock after selling 30,000 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Tenet Healthcare were worth $16,596,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on THC shares. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wells Fargo & Company downgraded Tenet Healthcare from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $205.00 to $150.00 in a research report on Monday, November 25th. Truist Financial reiterated a “buy” rating and issued a $190.00 target price (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday, October 30th. Finally, KeyCorp initiated coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price target on the stock. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $168.19.

Insider Activity at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. The trade was a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The trade was 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 Price Performance

Shares of THC opened at $142.68 on Monday. The business has a 50-day moving average of $156.87 and a 200-day moving average of $148.62. Tenet Healthcare Co. has a 1 year low of $66.64 and a 1 year high of $171.20. The company has a market capitalization of $13.57 billion, a price-to-earnings ratio of 4.57, a price-to-earnings-growth ratio of 0.64 and a beta of 2.15. 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 (NYSE:THC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) 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 firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the previous year, the company earned $1.44 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that Tenet Healthcare Co. will post 11.38 earnings per share 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.