Hennessy Advisors Inc. Sells 9,900 Shares of Tenet Healthcare Co. (NYSE:THC)

Hennessy Advisors Inc. cut its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 10.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,900 shares of the company's stock after selling 9,900 shares during the period. Hennessy Advisors Inc. owned about 0.09% of Tenet Healthcare worth $11,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of THC. Norges Bank acquired a new position in shares of Tenet Healthcare in the fourth quarter worth about $190,819,000. Wealthfront Advisers LLC acquired a new position in shares of Tenet Healthcare in the fourth quarter worth about $69,059,000. Raymond James Financial Inc. acquired a new position in shares of Tenet Healthcare during the 4th quarter worth about $49,001,000. Renaissance Technologies LLC raised its position in shares of Tenet Healthcare by 579.2% during the 4th quarter. Renaissance Technologies LLC now owns 438,563 shares of the company's stock worth $55,360,000 after purchasing an additional 373,988 shares during the last quarter. Finally, Bridgewater Associates LP raised its position in shares of Tenet Healthcare by 225.4% during the 4th quarter. Bridgewater Associates LP now owns 407,194 shares of the company's stock worth $51,400,000 after purchasing an additional 282,071 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Analyst Ratings Changes

THC has been the subject of several research analyst reports. Wells Fargo & Company upgraded shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $150.00 to $195.00 in a research report on Thursday, May 29th. Royal Bank of Canada upped their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Robert W. Baird reaffirmed a "neutral" rating and set a $137.00 price objective (down previously from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. TD Cowen assumed coverage on shares of Tenet Healthcare in a research note on Wednesday, February 26th. They set a "buy" rating and a $175.00 price objective for the company. Finally, Bank of America upped their price objective on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. Three analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $182.24.

Tenet Healthcare Price Performance

Shares of NYSE THC traded up $2.89 during midday trading on Tuesday, reaching $167.13. The company's stock had a trading volume of 1,781,706 shares, compared to its average volume of 1,573,796. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The company has a 50 day moving average price of $148.99 and a 200 day moving average price of $137.74. Tenet Healthcare Co. has a one year low of $109.82 and a one year high of $174.14. The company has a market cap of $15.52 billion, a price-to-earnings ratio of 5.19, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last released 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. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the firm posted $3.22 earnings per share. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current year.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 5,001 shares of Tenet Healthcare stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $148.50, for a total value of $742,648.50. Following the completion of the sale, the director now directly owns 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Fisher sold 836 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total transaction of $144,761.76. Following the completion of the sale, the director now owns 11,292 shares of the company's stock, valued at $1,955,322.72. The trade was a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,121 shares of company stock valued at $8,846,305. Corporate 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.