Corebridge Financial Inc. Sells 5,704 Shares of Tenet Healthcare Co. (NYSE:THC)

Corebridge Financial Inc. reduced its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 5.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 107,605 shares of the company’s stock after selling 5,704 shares during the quarter. Corebridge Financial Inc. owned 0.11% of Tenet Healthcare worth $13,583,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. True Wealth Design LLC acquired a new stake in shares of Tenet Healthcare during the 3rd quarter worth approximately $38,000. WR Wealth Planners LLC increased its stake in shares of Tenet Healthcare by 2,836.4% in the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company’s stock valued at $41,000 after purchasing an additional 312 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Tenet Healthcare by 30.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company’s stock worth $59,000 after buying an additional 110 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in Tenet Healthcare in the fourth quarter valued at about $60,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Tenet Healthcare by 1,352.8% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company’s stock valued at $66,000 after purchasing an additional 487 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Up 1.0 %

Shares of NYSE THC opened at $130.80 on Wednesday. Tenet Healthcare Co. has a 12-month low of $90.03 and a 12-month high of $171.20. 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 has a market cap of $12.44 billion, a PE ratio of 4.06, a P/E/G ratio of 1.02 and a beta of 2.06. The company’s fifty day simple moving average is $132.29 and its 200 day simple moving average is $142.77.

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

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 9,525 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the completion of the sale, the director now owns 27,378 shares in the company, valued at approximately $3,434,022.54. The trade was a 25.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.93% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on THC. Truist Financial cut their price target on Tenet Healthcare from $190.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $177.00 target price on shares of Tenet Healthcare in a report on Thursday, February 13th. TD Cowen began coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They set a “buy” rating and a $175.00 price target on the stock. KeyCorp decreased their price objective on Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Three 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $163.88.

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.