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

Bank of New York Mellon Corp lifted its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 1.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of THC. Mirae Asset Global Investments Co. Ltd. lifted its position in Tenet Healthcare by 65.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company's stock worth $189,000 after buying an additional 562 shares during the last quarter. GAMMA Investing LLC lifted its position in Tenet Healthcare by 28.1% in the first quarter. GAMMA Investing LLC now owns 1,430 shares of the company's stock worth $192,000 after buying an additional 314 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Tenet Healthcare in the first quarter worth $1,986,000. LPL Financial LLC lifted its position in Tenet Healthcare by 40.6% in the fourth quarter. LPL Financial LLC now owns 67,136 shares of the company's stock worth $8,475,000 after buying an additional 19,389 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Tenet Healthcare by 22.4% in the fourth 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 last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Thomas W. Arnst sold 9,786 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total transaction of $1,624,476.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Paola M. Arbour sold 7,738 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total value of $1,338,674.00. Following the sale, the executive vice president owned 20,110 shares in the company, valued at $3,479,030. The trade was a 27.79% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,121 shares of company stock valued at $8,846,305. Insiders own 0.81% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on THC. Wall Street Zen upgraded Tenet Healthcare from a "hold" rating to a "buy" rating in a research report on Sunday, June 15th. Baird R W downgraded Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Truist Financial lifted their target price on Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $150.00 to $195.00 in a research report on Thursday, May 29th. Finally, Stephens upgraded Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $183.94.

Tenet Healthcare Stock Up 0.4%

THC traded up $0.66 on Friday, hitting $174.32. The company had a trading volume of 236,892 shares, compared to its average volume of 1,552,050. The stock has a fifty day moving average price of $165.39 and a 200-day moving average price of $142.13. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $178.76. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.70 and a current ratio of 1.78. The stock has a market capitalization of $16.19 billion, a price-to-earnings ratio of 11.53, a P/E/G ratio of 1.25 and a beta of 1.64.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results 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 return on equity of 22.58% and a net margin of 7.09%. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the previous year, the firm earned $3.22 earnings per share. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. Analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

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.