Janney Montgomery Scott LLC Makes New Investment in Tenet Healthcare Corporation (NYSE:THC)

Janney Montgomery Scott LLC purchased a new stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,765 shares of the company's stock, valued at approximately $1,986,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in THC. Norges Bank bought a new stake in Tenet Healthcare during the 4th quarter valued at $190,819,000. Wealthfront Advisers LLC purchased a new stake in shares of Tenet Healthcare in the 4th quarter worth about $69,059,000. Raymond James Financial Inc. purchased a new stake in shares of Tenet Healthcare in the 4th quarter worth about $49,001,000. Renaissance Technologies LLC grew its position in shares of Tenet Healthcare by 579.2% in the 4th quarter. Renaissance Technologies LLC now owns 438,563 shares of the company's stock worth $55,360,000 after buying an additional 373,988 shares during the period. Finally, Bridgewater Associates LP grew its position in shares of Tenet Healthcare by 225.4% in the 4th quarter. Bridgewater Associates LP now owns 407,194 shares of the company's stock worth $51,400,000 after buying an additional 282,071 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director J Robert Kerrey sold 5,001 shares of Tenet Healthcare stock in a transaction on Friday, May 9th. The stock was sold at an average price of $148.50, for a total transaction of $742,648.50. Following the completion of the sale, the director now directly owns 22,377 shares in the company, valued at approximately $3,322,984.50. This trade represents a 18.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard W. Fisher sold 836 shares of Tenet Healthcare stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total value of $144,761.76. Following the sale, the director now owns 11,292 shares of the company's stock, valued at approximately $1,955,322.72. This trade represents a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,121 shares of company stock worth $8,846,305 over the last three months. 0.81% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on THC shares. The Goldman Sachs Group upped their target price on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Robert W. Baird restated a "neutral" rating and set a $137.00 target price (down previously from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. Guggenheim initiated coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They issued a "buy" rating and a $165.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, Baird R W cut shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $182.24.

Tenet Healthcare Trading Up 2.2%

Tenet Healthcare stock opened at $172.65 on Friday. The stock has a market cap of $16.04 billion, a P/E ratio of 11.42, a PEG ratio of 1.23 and a beta of 1.65. 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 1 year low of $109.82 and a 1 year high of $177.32. The firm's 50 day moving average price is $156.01 and its 200-day moving average price is $139.35.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results 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 net margin of 7.09% and a return on equity of 22.58%. The firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.15 billion. During the same period last year, the firm posted $3.22 earnings per share. Tenet Healthcare's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities analysts predict that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Tenet Healthcare Company 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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