King Wealth Management Group bought a new position in Tenet Healthcare Corporation (NYSE:THC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,500 shares of the company's stock, valued at approximately $740,000.
Other hedge funds have also recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Tenet Healthcare in the first quarter worth about $26,000. Wayfinding Financial LLC purchased a new position in Tenet Healthcare in the 1st quarter worth approximately $28,000. Colonial Trust Co SC raised its holdings in shares of Tenet Healthcare by 85.7% during the 4th 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. N.E.W. Advisory Services LLC purchased a new stake in shares of Tenet Healthcare in the 1st quarter valued at $31,000. Finally, GeoWealth Management LLC lifted its position in 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 purchasing an additional 84 shares during the last quarter. Institutional investors own 95.44% of the company's stock.
Analysts Set New Price Targets
A number of research firms have weighed in on THC. Morgan Stanley upped their target price on Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Wall Street Zen upgraded shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $150.00 to $195.00 in a research note on Thursday, May 29th. Mizuho boosted their price objective on shares of Tenet Healthcare from $184.00 to $194.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Finally, Guggenheim raised their price objective on Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $190.00.
View Our Latest Research Report on Tenet Healthcare
Insiders Place Their Bets
In other news, EVP Thomas W. Arnst sold 9,786 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total transaction of $1,624,476.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the sale, the executive vice president owned 20,110 shares of the company's stock, valued at approximately $3,479,030. This represents a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is currently owned by company insiders.
Tenet Healthcare Stock Performance
THC traded down $3.22 during midday trading on Friday, hitting $158.06. 1,034,084 shares of the company were exchanged, compared to its average volume of 1,687,722. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $185.25. The firm has a market capitalization of $13.96 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 0.67 and a beta of 1.52. The company's 50 day simple moving average is $167.58 and its 200 day simple moving average is $146.21. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39.
Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, beating the consensus estimate of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The company had revenue of $5.27 billion for the quarter, compared to analyst estimates of $5.16 billion. During the same period last year, the company earned $2.31 earnings per share. Tenet Healthcare's quarterly revenue was up 3.2% compared to the same quarter last year. As a group, sell-side analysts predict that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.
Tenet Healthcare Profile
(
Free Report)
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.
Further Reading

Before you consider Tenet Healthcare, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tenet Healthcare wasn't on the list.
While Tenet Healthcare currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.