Assetmark Inc. Decreases Position in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Assetmark Inc. has reduced its holdings in Tenet Healthcare Corporation by 41.9% during the first quarter, now owning 8,633 shares valued at approximately $1.16 million.
• Tenet Healthcare recently reported earnings per share of $4.02 for the last quarter, significantly surpassing analysts' expectations of $2.84, alongside revenues of $5.27 billion.
• Several analysts have upgraded their price targets for Tenet Healthcare, with the average target price now at $190.00, indicating a mostly positive outlook on the stock's performance.

Assetmark Inc. lessened its stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 41.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,633 shares of the company's stock after selling 6,238 shares during the period. Assetmark Inc.'s holdings in Tenet Healthcare were worth $1,161,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Tenet Healthcare in the first quarter valued at about $26,000. Wayfinding Financial LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $28,000. Colonial Trust Co SC boosted its stake in Tenet Healthcare by 85.7% during the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock worth $31,000 after acquiring an additional 114 shares during the last quarter. GeoWealth Management LLC raised its stake in shares of Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock valued at $37,000 after purchasing an additional 84 shares during the period. Finally, Versant Capital Management Inc raised its holdings in Tenet Healthcare by 46.2% during the first quarter. Versant Capital Management Inc now owns 718 shares of the company's stock worth $97,000 after acquiring an additional 227 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Price Performance

Shares of NYSE THC traded down $3.22 during midday trading on Friday, hitting $158.06. 1,034,084 shares of the company's stock were exchanged, compared to its average volume of 1,687,722. The business's fifty day moving average price is $167.58 and its two-hundred day moving average price is $146.33. The company has a market cap of $13.96 billion, a price-to-earnings ratio of 10.12, a PEG ratio of 0.67 and a beta of 1.52. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $185.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating analysts' consensus estimates of $2.84 by $1.18. The business had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The company's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $2.31 earnings per share. As a group, research analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Thomas W. Arnst sold 9,786 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total value of $1,624,476.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James L. Bierman sold 4,613 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $170.00, for a total value of $784,210.00. Following the completion of the sale, the director directly owned 35,271 shares in the company, valued at approximately $5,996,070. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,121 shares of company stock valued at $8,846,305. 0.81% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on THC. Guggenheim increased their price target on shares of Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada raised their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. The Goldman Sachs Group lifted their target price on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. UBS Group lifted their target price on Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Morgan Stanley upped their price target on Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of "Moderate Buy" and an average target price of $190.00.

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.