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

Bank of New York Mellon Corp lowered its holdings in shares of Tenet Healthcare Corporation (NYSE:THC) by 5.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 720,427 shares of the company’s stock after selling 39,609 shares during the period. Bank of New York Mellon Corp owned about 0.82% of Tenet Healthcare worth $146,275,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Boston Partners raised its holdings in shares of Tenet Healthcare by 95.0% in the second quarter. Boston Partners now owns 2,267,142 shares of the company’s stock worth $398,949,000 after acquiring an additional 1,104,500 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Tenet Healthcare by 8.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,119,423 shares of the company’s stock valued at $373,020,000 after purchasing an additional 157,109 shares during the last quarter. Norges Bank purchased a new position in Tenet Healthcare in the 2nd quarter valued at about $206,981,000. AQR Capital Management LLC grew its holdings in shares of Tenet Healthcare by 28.0% during the second quarter. AQR Capital Management LLC now owns 1,156,263 shares of the company’s stock worth $200,224,000 after buying an additional 252,993 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Tenet Healthcare by 375.7% in the second quarter. Alliancebernstein L.P. now owns 790,254 shares of the company’s stock valued at $139,085,000 after buying an additional 624,125 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Trading Down 0.0%

THC opened at $189.48 on Friday. The firm’s 50 day moving average is $200.90 and its 200-day moving average is $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 quick ratio of 1.64, a current ratio of 1.71 and a debt-to-equity ratio of 2.27. 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.

Insider Activity at Tenet Healthcare

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

Analyst Upgrades and Downgrades

THC has been the subject of several analyst reports. Weiss Ratings upgraded Tenet Healthcare from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Zacks Research lowered Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Morgan Stanley reissued an “overweight” rating and issued a $247.00 price target on shares of Tenet Healthcare in a research note on Thursday, December 18th. UBS Group increased their price objective on shares of Tenet Healthcare from $238.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Finally, Barclays upped their price target on shares of Tenet Healthcare from $229.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, November 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Moderate Buy” and a consensus target price of $233.81.

Tenet Healthcare 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.