Brookstone Capital Management Buys New Shares in Tenet Healthcare Corporation (NYSE:THC)

Brookstone Capital Management purchased a new stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,282 shares of the company's stock, valued at approximately $1,921,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in Tenet Healthcare by 0.4% during the first quarter. Principal Financial Group Inc. now owns 218,805 shares of the company's stock worth $29,429,000 after acquiring an additional 803 shares during the last quarter. Summit Trail Advisors LLC boosted its position in shares of Tenet Healthcare by 47.6% during the first quarter. Summit Trail Advisors LLC now owns 2,913 shares of the company's stock worth $392,000 after buying an additional 940 shares during the period. Kendall Capital Management boosted its position in shares of Tenet Healthcare by 40.1% during the first quarter. Kendall Capital Management now owns 5,305 shares of the company's stock worth $714,000 after buying an additional 1,519 shares during the period. New Wave Wealth Advisors LLC boosted its position in shares of Tenet Healthcare by 9.3% during the first quarter. New Wave Wealth Advisors LLC now owns 2,972 shares of the company's stock worth $400,000 after buying an additional 254 shares during the period. Finally, KBC Group NV boosted its position in shares of Tenet Healthcare by 124.3% during the first quarter. KBC Group NV now owns 15,721 shares of the company's stock worth $2,114,000 after buying an additional 8,711 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Insider Activity at Tenet Healthcare

In related news, Director J Robert Kerrey sold 5,001 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $148.50, for a total value of $742,648.50. Following the sale, the director directly owned 22,377 shares in the company, valued at $3,322,984.50. The trade was a 18.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James L. Bierman sold 13,836 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $159.58, for a total value of $2,207,948.88. Following the completion of the sale, the director owned 41,435 shares in the company, valued at approximately $6,612,197.30. This trade represents a 25.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,121 shares of company stock valued at $8,846,305 over the last 90 days. 0.81% of the stock is owned by insiders.

Tenet Healthcare Stock Down 0.7%

Shares of NYSE THC traded down $1.23 during midday trading on Wednesday, hitting $171.16. 822,420 shares of the company's stock were exchanged, compared to its average volume of 1,621,504. 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 twelve month low of $109.82 and a twelve month high of $178.76. The company has a market cap of $15.90 billion, a PE ratio of 11.32, a P/E/G ratio of 1.26 and a beta of 1.64. The firm's fifty day simple moving average is $164.82 and its 200-day simple moving average is $141.82.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on THC. Bank of America raised their price target on Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Guggenheim initiated coverage on Tenet Healthcare in a report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 target price for the company. Wall Street Zen raised Tenet Healthcare from a "hold" rating to a "buy" rating in a research report on Sunday, June 15th. UBS Group lifted their price objective on Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Finally, Baird R W cut Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Tenet Healthcare currently has a consensus rating of "Moderate Buy" and an average price target of $183.94.

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.