GAMMA Investing LLC Acquires 191,219 Shares of Tenet Healthcare Co. (NYSE:THC)

GAMMA Investing LLC grew its stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 17,134.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,335 shares of the company's stock after acquiring an additional 191,219 shares during the period. GAMMA Investing LLC owned 0.20% of Tenet Healthcare worth $25,869,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Colonial Trust Co SC raised its position in shares of Tenet Healthcare by 85.7% in the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after buying an additional 114 shares in the last quarter. GeoWealth Management LLC raised its position in shares of Tenet Healthcare by 39.8% in the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock valued at $37,000 after buying an additional 84 shares in the last quarter. WR Wealth Planners LLC raised its position in shares of Tenet Healthcare by 2,836.4% in the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company's stock valued at $41,000 after buying an additional 312 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Tenet Healthcare by 30.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after acquiring an additional 110 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new position in Tenet Healthcare in the fourth quarter valued at approximately $60,000. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Trading Up 1.0%

THC stock traded up $1.77 during midday trading on Thursday, hitting $171.66. The stock had a trading volume of 1,277,534 shares, compared to its average volume of 1,525,253. The firm has a market cap of $15.94 billion, a P/E ratio of 5.33, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. Tenet Healthcare Co. has a 1-year low of $109.82 and a 1-year high of $174.14. The business has a fifty day moving average price of $142.93 and a two-hundred day moving average price of $136.84.

Tenet Healthcare (NYSE:THC - Get Free Report) last released 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. The business had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Tenet Healthcare's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.22 earnings per share. On average, sell-side analysts predict that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Tenet Healthcare from $165.00 to $175.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Barclays boosted their target price on shares of Tenet Healthcare from $171.00 to $215.00 and gave the stock an "overweight" rating in a research note on Monday. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $150.00 to $195.00 in a research note on Thursday, May 29th. Guggenheim started coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They set a "buy" rating and a $165.00 target price on the stock. Finally, UBS Group boosted their target price on shares of Tenet Healthcare from $217.00 to $230.00 and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $180.18.

Insider Activity at Tenet Healthcare

In other news, Director James L. Bierman sold 4,613 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $170.00, for a total transaction of $784,210.00. Following the transaction, the director now owns 35,271 shares in the company, valued at approximately $5,996,070. This represents a 11.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director J Robert Kerrey sold 9,525 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $125.43, for a total transaction of $1,194,720.75. Following the transaction, the director now owns 27,378 shares in the company, valued at $3,434,022.54. This represents a 25.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,072 shares of company stock worth $8,557,590 over the last quarter. Company insiders own 0.81% of the company's stock.

About Tenet Healthcare

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.