Tenet Healthcare Co. (NYSE:THC) Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 9.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 14,018 shares of the company’s stock after purchasing an additional 1,232 shares during the period. Pictet Asset Management Holding SA’s holdings in Tenet Healthcare were worth $1,769,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Geode Capital Management LLC increased its position in 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 acquiring an additional 390,316 shares during the period. Norges Bank purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth approximately $190,819,000. Allianz Asset Management GmbH grew its position in Tenet Healthcare by 15.1% in the 4th quarter. Allianz Asset Management GmbH now owns 577,143 shares of the company’s stock valued at $72,853,000 after buying an additional 75,688 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in Tenet Healthcare in the 4th quarter valued at $69,059,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Tenet Healthcare by 68.9% in the 4th quarter. Victory Capital Management Inc. now owns 507,055 shares of the company’s stock worth $64,006,000 after acquiring an additional 206,907 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 9.5 %

Shares of THC stock opened at $120.23 on Friday. Tenet Healthcare Co. has a twelve month low of $90.03 and a twelve month high of $171.20. The company has a market capitalization of $11.44 billion, a price-to-earnings ratio of 3.73, a PEG ratio of 1.02 and a beta of 1.77. The firm has a 50-day moving average price of $132.13 and a 200 day moving average price of $141.54. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.95 by $0.49. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Research analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

THC has been the subject of several analyst reports. TD Cowen initiated coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price target for the company. StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. Truist Financial reduced their target price on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating for the company in a report on Monday, January 6th. The Goldman Sachs Group downgraded shares of Tenet Healthcare from a “buy” rating to a “neutral” rating and cut their price target for the company from $196.00 to $140.00 in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $175.00 price objective on shares of Tenet Healthcare in a report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $166.41.

Insider Buying and Selling

In related 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 sale, the director now directly owns 27,378 shares of the company’s stock, valued at approximately $3,434,022.54. This trade represents a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is currently owned by company insiders.

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.