Bank of New York Mellon Corp Acquires 13,057 Shares of Tenet Healthcare Corporation (NYSE:THC)

Bank of New York Mellon Corp grew its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 815,126 shares of the company's stock after acquiring an additional 13,057 shares during the period. Bank of New York Mellon Corp owned about 0.86% of Tenet Healthcare worth $109,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of THC. Norges Bank bought a new stake in shares of Tenet Healthcare during the 4th quarter valued at $190,819,000. Raymond James Financial Inc. bought a new position in Tenet Healthcare in the 4th quarter worth $49,001,000. Renaissance Technologies LLC boosted its holdings in Tenet Healthcare by 579.2% in the 4th quarter. Renaissance Technologies LLC now owns 438,563 shares of the company's stock worth $55,360,000 after buying an additional 373,988 shares during the period. Bridgewater Associates LP boosted its holdings in Tenet Healthcare by 225.4% in the 4th quarter. Bridgewater Associates LP now owns 407,194 shares of the company's stock worth $51,400,000 after buying an additional 282,071 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Tenet Healthcare by 22.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,532 shares of the company's stock worth $188,524,000 after buying an additional 272,906 shares during the period. Institutional investors own 95.44% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on THC. Royal Bank Of Canada upped their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Bank of America increased their price objective on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Robert W. Baird reissued a "neutral" rating and set a $137.00 price objective (down previously from $153.00) on shares of Tenet Healthcare in a report on Tuesday, April 15th. Stephens raised shares of Tenet Healthcare to a "strong-buy" rating in a report on Monday, June 2nd. Finally, Guggenheim started coverage on shares of Tenet Healthcare in a report on Wednesday, April 9th. They set a "buy" rating and a $165.00 price objective for the company. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $183.94.

Insider Buying and Selling

In other news, EVP Thomas W. Arnst sold 9,786 shares of Tenet Healthcare stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total transaction of $1,624,476.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Robert Kerrey sold 1,222 shares of Tenet Healthcare stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $164.96, for a total transaction of $201,581.12. Following the sale, the director owned 22,377 shares of the company's stock, valued at $3,691,309.92. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,121 shares of company stock valued at $8,846,305 over the last quarter. Insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $171.16 on Thursday. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.78 and a quick ratio of 1.70. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $178.76. The firm has a market capitalization of $15.90 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 1.26 and a beta of 1.64. The company's 50-day moving average is $164.82 and its 200 day moving average is $141.82.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, topping analysts' consensus estimates of $3.11 by $1.25. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 7.09% and a return on equity of 22.58%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $3.22 EPS. Research analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

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.

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