California Public Employees Retirement System Cuts Position in Tenet Healthcare Co. (NYSE:THC)

California Public Employees Retirement System lessened its stake in Tenet Healthcare Co. (NYSE:THC) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,728 shares of the company’s stock after selling 5,447 shares during the quarter. California Public Employees Retirement System owned 0.19% of Tenet Healthcare worth $14,791,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in THC. Sunbelt Securities Inc. purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at about $67,000. USA Financial Formulas purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at about $92,000. CWM LLC increased its holdings in Tenet Healthcare by 49.8% during the 3rd quarter. CWM LLC now owns 1,443 shares of the company’s stock valued at $95,000 after acquiring an additional 480 shares in the last quarter. SG Americas Securities LLC purchased a new position in Tenet Healthcare during the 3rd quarter valued at about $152,000. Finally, Neo Ivy Capital Management purchased a new position in Tenet Healthcare during the 3rd quarter valued at about $155,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 13.3 %

NYSE THC opened at $112.30 on Wednesday. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $112.30. The company’s 50 day moving average price is $98.38 and its 200 day moving average price is $81.03. The company has a debt-to-equity ratio of 4.77, a quick ratio of 1.42 and a current ratio of 1.51. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 3.08 and a beta of 2.08.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The firm had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the firm posted $1.96 earnings per share. Tenet Healthcare’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, sell-side analysts predict that Tenet Healthcare Co. will post 6.3 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on THC shares. Barclays started coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They set an “overweight” rating and a $113.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their target price on shares of Tenet Healthcare from $100.00 to $126.00 and gave the company a “buy” rating in a report on Friday, April 12th. TheStreet raised shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a research note on Tuesday, February 6th. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $97.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Finally, Mizuho raised their price target on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. One equities research analyst has 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, the stock currently has a consensus rating of “Buy” and an average price target of $100.38.

Insider Activity at Tenet Healthcare

In related news, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the transaction, the director now owns 33,303 shares in the company, valued at $3,296,330.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the sale, the director now owns 20,127 shares in the company, valued at $1,775,402.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the sale, the director now owns 33,303 shares in the company, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,268 shares of company stock worth $4,944,810. Company insiders own 0.93% of the company’s stock.

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.