Levin Capital Strategies L.P. Takes $1.68 Million Position in Tenet Healthcare Co. (NYSE:THC)

Levin Capital Strategies L.P. bought a new position in Tenet Healthcare Co. (NYSE:THC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 22,286 shares of the company’s stock, valued at approximately $1,684,000.

Other large investors have also recently bought and sold shares of the company. Nordea Investment Management AB boosted its position in Tenet Healthcare by 324.3% during the 4th quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after buying an additional 30,623 shares during the period. First Eagle Investment Management LLC lifted its stake in shares of Tenet Healthcare by 37.3% in the third quarter. First Eagle Investment Management LLC now owns 176,404 shares of the company’s stock worth $11,623,000 after acquiring an additional 47,952 shares during the period. Bleakley Financial Group LLC increased its position in Tenet Healthcare by 6.0% during the 4th quarter. Bleakley Financial Group LLC now owns 91,159 shares of the company’s stock valued at $6,889,000 after purchasing an additional 5,198 shares during the period. Vanguard Group Inc. lifted its position in shares of Tenet Healthcare by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,937,483 shares of the company’s stock worth $720,671,000 after purchasing an additional 63,253 shares during the period. Finally, TD Asset Management Inc acquired a new stake in shares of Tenet Healthcare during the third quarter worth $1,146,000. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Performance

THC traded up $2.63 during midday trading on Thursday, reaching $118.58. The company had a trading volume of 1,262,992 shares, compared to its average volume of 1,193,109. The business has a 50-day moving average price of $99.29 and a two-hundred day moving average price of $81.68. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.42 and a current ratio of 1.44. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $120.03. The stock has a market cap of $11.76 billion, a PE ratio of 4.60, a P/E/G ratio of 2.55 and a beta of 2.09.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. On average, sell-side analysts expect that Tenet Healthcare Co. will post 8.89 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In related news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the sale, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Paola M. Arbour sold 18,168 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the transaction, the executive vice president now directly owns 29,803 shares in the company, valued at approximately $2,889,698.88. The sale 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 on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now directly owns 33,303 shares in the company, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Insiders sold 51,268 shares of company stock valued at $4,944,810 over the last three months. Company insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

THC has been the subject of several research analyst reports. Barclays lifted their price objective on Tenet Healthcare from $113.00 to $147.00 and gave the stock an “overweight” rating in a research report on Thursday. TheStreet upgraded shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a report on Tuesday, February 6th. Stephens boosted their target price on Tenet Healthcare from $95.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday. Wolfe Research upgraded Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target on the stock in a report on Wednesday, March 27th. Finally, Truist Financial restated a “buy” rating and set a $130.00 price objective (up previously from $120.00) on shares of Tenet Healthcare in a report on Wednesday. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $113.19.

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.