Wedge Capital Management L L P NC Has $2.59 Million Stake in Tenet Healthcare Co. (NYSE:THC)

Wedge Capital Management L L P NC lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 92.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,281 shares of the company’s stock after selling 395,426 shares during the period. Wedge Capital Management L L P NC’s holdings in Tenet Healthcare were worth $2,591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth approximately $67,000. USA Financial Formulas bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth approximately $92,000. CWM LLC raised its holdings in shares of Tenet Healthcare by 49.8% in the 3rd quarter. CWM LLC now owns 1,443 shares of the company’s stock worth $95,000 after purchasing an additional 480 shares during the period. SG Americas Securities LLC bought a new stake in Tenet Healthcare during the 3rd quarter valued at $152,000. Finally, Neo Ivy Capital Management bought a new stake in Tenet Healthcare during the 3rd quarter valued at $155,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $98.27 on Thursday. The company’s 50-day moving average price is $97.96 and its 200-day moving average price is $80.05. The company has a current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. The company has a market cap of $9.75 billion, a P/E ratio of 17.21, a P/E/G ratio of 3.13 and a beta of 2.08. Tenet Healthcare Co. has a twelve month low of $51.04 and a twelve month high of $107.80.

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

Analyst Ratings Changes

THC has been the topic of a number of analyst reports. Wolfe Research raised shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 target price on the stock in a report on Wednesday, March 27th. Wells Fargo & Company increased their target price on Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Royal Bank of Canada raised their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. TheStreet raised Tenet Healthcare from a “c+” rating to a “b-” rating in a research note on Tuesday, February 6th. Finally, Barclays began coverage on Tenet Healthcare in a research note on Wednesday, March 6th. They set an “overweight” rating and a $113.00 price objective on the stock. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $100.38.

Insiders Place Their Bets

In related news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 33,303 shares in the company, valued at approximately $3,296,330.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated 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 directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard J. Mark sold 14,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 51,268 shares of company stock worth $4,944,810 in the last 90 days. Corporate 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.