Tenet Healthcare Corporation $THC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in Tenet Healthcare Corporation (NYSE:THC) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 720,427 shares of the company’s stock after selling 39,609 shares during the quarter. Bank of New York Mellon Corp’s holdings in Tenet Healthcare were worth $146,275,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. William B. Walkup & Associates Inc. purchased a new position in Tenet Healthcare during the third quarter valued at approximately $32,000. Chung Wu Investment Group LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at $35,000. Trust Co. of Vermont purchased a new stake in shares of Tenet Healthcare during the third quarter worth $41,000. Canada Pension Plan Investment Board acquired a new stake in Tenet Healthcare during the second quarter valued at $35,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Tenet Healthcare by 2,227.3% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 256 shares of the company’s stock worth $45,000 after purchasing an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $189.48 on Friday. The firm has a market capitalization of $16.65 billion, a P/E ratio of 12.99, a P/E/G ratio of 0.81 and a beta of 1.41. The stock has a fifty day moving average price of $200.90 and a two-hundred day moving average price of $192.03. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $222.82. The company has a debt-to-equity ratio of 2.27, a current ratio of 1.71 and a quick ratio of 1.64.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. UBS Group lifted their price objective on shares of Tenet Healthcare from $238.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. TD Cowen reiterated a “buy” rating on shares of Tenet Healthcare in a research note on Wednesday, January 7th. Mizuho raised their price objective on Tenet Healthcare from $194.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Zacks Research cut Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Truist Financial reissued a “buy” rating and issued a $240.00 price target (up previously from $225.00) on shares of Tenet Healthcare in a research report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $233.81.

Insiders Place Their Bets

In other news, Director Nadja West sold 2,178 shares of Tenet Healthcare stock in a transaction on Monday, December 15th. The stock was sold at an average price of $197.47, for a total value of $430,089.66. Following the completion of the sale, the director directly owned 28,480 shares of the company’s stock, valued at approximately $5,623,945.60. This trade represents a 7.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R. Scott Ramsey sold 13,322 shares of Tenet Healthcare stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $205.11, for a total value of $2,732,475.42. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 43,000 shares of company stock valued at $8,725,996. 0.81% of the stock is currently owned by corporate insiders.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.