Tenet Healthcare Corporation (NYSE:THC) Shares Acquired by Bank of New York Mellon Corp

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in Tenet Healthcare in the 4th quarter worth about $5,832,000. Raymond James Financial Inc. bought a new position in Tenet Healthcare in the 4th quarter worth about $49,001,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Tenet Healthcare by 5.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,370 shares of the company's stock worth $4,086,000 after acquiring an additional 1,656 shares in the last quarter. Moran Wealth Management LLC grew its stake in Tenet Healthcare by 18.2% in the 4th quarter. Moran Wealth Management LLC now owns 2,439 shares of the company's stock worth $308,000 after acquiring an additional 375 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Tenet Healthcare in the 4th quarter worth about $252,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Baird R W downgraded shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Truist Financial upped their price target on shares of Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "buy" rating in a research report on Sunday, June 15th. UBS Group upped their price target on shares of Tenet Healthcare from $217.00 to $230.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Finally, Royal Bank Of Canada upped their price target on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.53.

Tenet Healthcare Stock Performance

Shares of NYSE THC traded up $2.11 during midday trading on Friday, reaching $175.77. The company had a trading volume of 946,825 shares, compared to its average volume of 1,479,983. The business's 50-day simple moving average is $165.94 and its 200 day simple moving average is $142.54. The stock has a market cap of $16.33 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.28 and a beta of 1.64. Tenet Healthcare Corporation has a 1 year low of $109.82 and a 1 year high of $178.76. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.23.

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

Insiders Place Their Bets

In related news, Director Richard W. Fisher sold 3,077 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $165.72, for a total transaction of $509,920.44. Following the sale, the director owned 12,128 shares in the company, valued at approximately $2,009,852.16. This trade represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paola M. Arbour sold 7,738 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the sale, the executive vice president owned 20,110 shares in the company, valued at approximately $3,479,030. This represents a 27.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,121 shares of company stock valued at $8,846,305. Corporate insiders own 0.81% of the company's stock.

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.