Brookstone Capital Management Invests $1.92 Million in Tenet Healthcare Corporation (NYSE:THC)

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

A number of other hedge funds and other institutional investors also recently modified their holdings of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Tenet Healthcare during the 1st quarter worth about $26,000. Colonial Trust Co SC raised its holdings in shares of Tenet Healthcare by 85.7% in the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock worth $31,000 after buying an additional 114 shares in the last quarter. GeoWealth Management LLC raised its holdings in shares of Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after buying an additional 84 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Tenet Healthcare by 30.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after purchasing an additional 110 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Tenet Healthcare by 46.2% during the 1st quarter. Versant Capital Management Inc now owns 718 shares of the company's stock valued at $97,000 after purchasing an additional 227 shares in the last quarter. Institutional investors own 95.44% of the company's stock.

Insider Activity

In other news, Director Richard W. Fisher sold 836 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.16, for a total value of $144,761.76. Following the completion of the sale, the director directly owned 11,292 shares in the company, valued at $1,955,322.72. This trade represents a 6.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James L. Bierman sold 4,613 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $170.00, for a total value of $784,210.00. Following the completion of the sale, the director owned 35,271 shares of the company's stock, valued at approximately $5,996,070. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is owned by insiders.

Analysts Set New Price Targets

THC has been the subject of several research reports. UBS Group lifted their target price on Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Truist Financial boosted their price target on Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a report on Monday, May 12th. Royal Bank Of Canada upped their target price on Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Stephens raised Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Finally, Bank of America boosted 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. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $183.94.

Tenet Healthcare Price Performance

Shares of THC traded up $2.46 during trading hours on Thursday, reaching $173.86. The stock had a trading volume of 850,607 shares, compared to its average volume of 1,562,363. The stock has a market capitalization of $16.15 billion, a PE ratio of 11.50, a PEG ratio of 1.26 and a beta of 1.64. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $178.76. The company's 50-day moving average is $164.82 and its two-hundred day moving average is $141.82. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.70 and a current ratio of 1.78.

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, beating analysts' consensus estimates of $3.11 by $1.25. Tenet Healthcare had a return on equity of 22.58% and a net margin of 7.09%. The business had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the business posted $3.22 earnings per share. Tenet Healthcare's quarterly revenue was down 2.5% on a year-over-year basis. Research analysts expect that Tenet Healthcare Corporation will post 12.24 EPS for the current 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.