Atria Wealth Solutions Inc. Sells 2,677 Shares of Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Tenet Healthcare Corporation by 43.5%, selling 2,677 shares and leaving it with a total of 3,478 shares valued at approximately $468,000.
• Insiders, including EVP Paola M. Arbour, sold a total of 42,659 shares of Tenet Healthcare stock in the past three months, amounting to a value of $7,068,604.
• Tenet Healthcare reported earnings of $4.02 per share for its recent quarter, significantly beating expectations and marking a revenue increase of 3.2% year-over-year.

Atria Wealth Solutions Inc. decreased its stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 43.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,478 shares of the company's stock after selling 2,677 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Tenet Healthcare were worth $468,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Tenet Healthcare during the 1st quarter worth about $1,458,000. PNC Financial Services Group Inc. increased its stake in Tenet Healthcare by 12.2% in the first quarter. PNC Financial Services Group Inc. now owns 4,593 shares of the company's stock valued at $618,000 after acquiring an additional 498 shares during the period. LSV Asset Management increased its stake in Tenet Healthcare by 63.0% in the first quarter. LSV Asset Management now owns 222,115 shares of the company's stock valued at $29,874,000 after acquiring an additional 85,875 shares during the period. Castellan Group increased its stake in Tenet Healthcare by 97.6% in the first quarter. Castellan Group now owns 78,223 shares of the company's stock valued at $10,521,000 after acquiring an additional 38,635 shares during the period. Finally, US Bancorp DE increased its stake in Tenet Healthcare by 0.8% in the first quarter. US Bancorp DE now owns 8,620 shares of the company's stock valued at $1,159,000 after acquiring an additional 68 shares during the period. Institutional investors own 95.44% of the company's stock.

Insiders Place Their Bets

In other Tenet Healthcare news, EVP Paola M. Arbour sold 7,738 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total value of $1,338,674.00. Following the completion of the sale, the executive vice president owned 20,110 shares of the company's stock, valued at approximately $3,479,030. This represents a 27.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director J Robert Kerrey sold 1,222 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $164.96, for a total transaction of $201,581.12. Following the completion of the sale, the director directly owned 22,377 shares of the company's stock, valued at $3,691,309.92. The trade was a 5.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,659 shares of company stock valued at $7,068,604 over the last three months. 0.81% of the stock is owned by insiders.

Tenet Healthcare Price Performance

THC opened at $172.50 on Friday. The company's 50 day simple moving average is $167.17 and its 200-day simple moving average is $148.17. Tenet Healthcare Corporation has a one year low of $109.82 and a one year high of $185.25. The stock has a market capitalization of $15.24 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 0.74 and a beta of 1.52. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63.

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

Analyst Ratings Changes

A number of analysts recently weighed in on THC shares. Barclays lowered their target price on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Wolfe Research cut shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research note on Monday, July 28th. Royal Bank Of Canada boosted their price target on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Guggenheim boosted their price target on shares of Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Wall Street Zen upgraded shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $191.88.

Tenet Healthcare Company 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.

Want to see what other hedge funds are holding THC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tenet Healthcare Corporation (NYSE:THC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.