Lord Abbett & CO. LLC Decreases Holdings in Tenet Healthcare Co. (NYSE:THC)

Lord Abbett & CO. LLC trimmed its holdings in Tenet Healthcare Co. (NYSE:THC) by 13.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 210,518 shares of the company’s stock after selling 33,306 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Tenet Healthcare were worth $34,988,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at approximately $28,000. Plato Investment Management Ltd acquired a new stake in Tenet Healthcare during the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare in the 3rd quarter valued at approximately $30,000. ORG Partners LLC purchased a new stake in shares of Tenet Healthcare during the second quarter worth approximately $31,000. Finally, Blue Trust Inc. grew its position 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 last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analyst Ratings Changes

THC has been the topic of a number of recent analyst reports. Raymond James lowered shares of Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price target on the stock. in a research note on Friday, November 22nd. KeyCorp initiated coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective for the company. Wells Fargo & Company cut Tenet Healthcare from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $205.00 to $150.00 in a report on Monday, November 25th. Cantor Fitzgerald boosted their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Truist Financial reiterated a “buy” rating and set a $190.00 price target (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday, October 30th. Two equities research 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, the stock currently has a consensus rating of “Buy” and an average target price of $168.19.

Insider Buying and Selling

In related news, EVP Lisa Y. Foo sold 4,000 shares of the company’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 sale, the executive vice president now directly owns 15,566 shares of the company’s stock, valued at approximately $2,427,362.04. This represents a 20.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Up 1.0 %

Shares of Tenet Healthcare stock opened at $136.71 on Friday. The company has a fifty day moving average price of $152.09 and a 200 day moving average price of $149.26. The stock has a market cap of $13.00 billion, a price-to-earnings ratio of 4.38, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. Tenet Healthcare Co. has a twelve month low of $73.21 and a twelve month high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 2.35.

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