Brookstone Capital Management Decreases Stock Position in Tenet Healthcare Corporation $THC

Key Points

• Brookstone Capital Management has reduced its stake in Tenet Healthcare Corporation by 10.0%, ending the second quarter with 12,854 shares valued at approximately $2.26 million.
• Tenet Healthcare reported an earnings per share (EPS) of $4.02 for the last quarter, significantly exceeding analyst expectations, with revenue also surpassing estimates at $5.27 billion.
• Wall Street analysts have mixed sentiments on Tenet Healthcare, with price targets ranging from $167.00 to $238.00, indicating an overall consensus rating of "Moderate Buy."

Brookstone Capital Management cut its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 10.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,854 shares of the company's stock after selling 1,428 shares during the quarter. Brookstone Capital Management's holdings in Tenet Healthcare were worth $2,262,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Tenet Healthcare in the first quarter worth about $26,000. Chung Wu Investment Group LLC purchased a new position in shares of Tenet Healthcare in the second quarter worth about $35,000. Wayfinding Financial LLC purchased a new position in shares of Tenet Healthcare in the first quarter worth about $28,000. SVB Wealth LLC purchased a new position in shares of Tenet Healthcare in the first quarter worth about $30,000. Finally, N.E.W. Advisory Services LLC purchased a new position in shares of Tenet Healthcare in the first quarter worth about $31,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $210.62 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. The business's 50 day moving average price is $192.69 and its 200-day moving average price is $169.55. The firm has a market capitalization of $18.61 billion, a PE ratio of 13.48, a P/E/G ratio of 0.89 and a beta of 1.52. Tenet Healthcare Corporation has a 1 year low of $109.82 and a 1 year high of $217.43.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Mizuho raised their price objective on Tenet Healthcare from $194.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday, October 17th. JPMorgan Chase & Co. raised their target price on Tenet Healthcare from $190.00 to $200.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Wells Fargo & Company raised their target price on Tenet Healthcare from $200.00 to $238.00 and gave the stock an "overweight" rating in a report on Tuesday, October 7th. Robert W. Baird dropped their target price on Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Finally, Zacks Research lowered Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $209.25.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Christopher S. Lynch sold 3,952 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total transaction of $697,093.28. Following the transaction, the director owned 12,358 shares of the company's stock, valued at approximately $2,179,827.62. The trade was a 24.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lisa Y. Foo sold 8,000 shares of Tenet Healthcare stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total value of $1,436,240.00. Following the completion of the sale, the executive vice president owned 20,878 shares in the company, valued at $3,748,227.34. This represents a 27.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,722 shares of company stock valued at $17,161,015. Insiders own 0.81% of the company's stock.

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.

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