Merit Financial Group LLC Buys New Shares in Tenet Healthcare Co. (NYSE:THC)

Merit Financial Group LLC acquired a new stake in Tenet Healthcare Co. (NYSE:THC - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,305 shares of the company's stock, valued at approximately $310,000.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Tenet Healthcare by 9.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company's stock worth $119,000 after buying an additional 80 shares during the last quarter. GeoWealth Management LLC grew its position in Tenet Healthcare by 39.8% in the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after buying an additional 84 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Tenet Healthcare by 1.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company's stock worth $732,000 after buying an additional 92 shares during the last quarter. Prudential PLC grew its position in Tenet Healthcare by 0.7% in the fourth quarter. Prudential PLC now owns 15,344 shares of the company's stock worth $1,937,000 after buying an additional 107 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Tenet Healthcare by 30.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock worth $59,000 after buying an additional 110 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Stock Down 0.8%

Shares of THC stock traded down $1.31 on Friday, hitting $164.23. The company's stock had a trading volume of 1,842,076 shares, compared to its average volume of 1,551,727. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. Tenet Healthcare Co. has a fifty-two week low of $109.82 and a fifty-two week high of $174.14. The firm's fifty day moving average price is $148.09 and its 200-day moving average price is $137.65. The stock has a market capitalization of $15.25 billion, a price-to-earnings ratio of 5.10, a P/E/G ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the previous year, the business earned $3.22 EPS. Tenet Healthcare's quarterly revenue was down 2.5% compared to the same quarter last year. Research analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 836 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.16, for a total transaction of $144,761.76. Following the completion of the sale, the director now directly owns 11,292 shares in the company, valued at $1,955,322.72. This represents a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas W. Arnst sold 9,786 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total transaction of $1,624,476.00. The disclosure for this sale can be found here. Insiders sold 54,121 shares of company stock worth $8,846,305 over the last ninety days. Company insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on THC shares. Guggenheim started coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They set a "buy" rating and a $165.00 price objective on the stock. TD Cowen started coverage on shares of Tenet Healthcare in a research report on Wednesday, February 26th. They set a "buy" rating and a $175.00 price objective on the stock. Barclays lifted their price objective on shares of Tenet Healthcare from $171.00 to $215.00 and gave the stock an "overweight" rating in a research report on Monday, June 2nd. Robert W. Baird reiterated a "neutral" rating and set a $137.00 price objective (down from $153.00) on shares of Tenet Healthcare in a research report on Tuesday, April 15th. Finally, Baird R W cut shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $182.24.

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.