Balyasny Asset Management L.P. Reduces Stock Position in Tenet Healthcare Co. (NYSE:THC)

Balyasny Asset Management L.P. trimmed its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 96.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,501 shares of the company’s stock after selling 103,552 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Tenet Healthcare were worth $442,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in THC. New Wave Wealth Advisors LLC purchased a new stake in Tenet Healthcare in the 4th quarter valued at about $343,000. Swedbank AB boosted its holdings in shares of Tenet Healthcare by 100.0% in the fourth quarter. Swedbank AB now owns 40,000 shares of the company’s stock valued at $5,049,000 after purchasing an additional 20,000 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in Tenet Healthcare during the 4th quarter worth $410,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Tenet Healthcare in the 4th quarter worth $5,892,000. Finally, abrdn plc grew its position in shares of Tenet Healthcare by 29.0% during the 4th quarter. abrdn plc now owns 98,229 shares of the company’s stock worth $12,320,000 after buying an additional 22,066 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on THC. Morgan Stanley upped their price objective on shares of Tenet Healthcare from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Bank of America upped their price target on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group lifted their price objective on shares of Tenet Healthcare from $217.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. TD Cowen initiated coverage on Tenet Healthcare in a research report on Wednesday, February 26th. They set a “buy” rating and a $175.00 target price on the stock. Finally, Guggenheim began coverage on Tenet Healthcare in a research note on Wednesday, April 9th. They set a “buy” rating and a $165.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and an average target price of $174.94.

Insider Activity

In related news, Director J Robert Kerrey sold 5,001 shares of the company’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $148.50, for a total value of $742,648.50. Following the sale, the director now owns 22,377 shares in the company, valued at $3,322,984.50. This represents a 18.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paola M. Arbour sold 6,461 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the completion of the sale, the executive vice president now owns 27,848 shares in the company, valued at $4,461,249.60. The trade was a 18.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,987 shares of company stock valued at $2,972,421. Company insiders own 0.81% of the company’s stock.

Tenet Healthcare Stock Performance

THC opened at $165.55 on Friday. The company has a market cap of $15.38 billion, a P/E ratio of 5.14, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The firm’s 50-day moving average price is $132.78 and its 200-day moving average price is $136.44. Tenet Healthcare Co. has a 52-week low of $109.82 and a 52-week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.11 by $1.25. The business had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $3.22 earnings per share. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS 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.