Pallas Capital Advisors LLC Takes $307,000 Position in Tenet Healthcare Corporation (NYSE:THC)

Pallas Capital Advisors LLC acquired a new position in Tenet Healthcare Corporation (NYSE:THC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,285 shares of the company's stock, valued at approximately $307,000.

A number of other hedge funds have also recently modified their holdings of THC. Norges Bank purchased a new position in Tenet Healthcare in the 4th quarter worth about $190,819,000. Wealthfront Advisers LLC purchased a new position in shares of Tenet Healthcare during the fourth quarter worth approximately $69,059,000. Raymond James Financial Inc. bought a new stake in shares of Tenet Healthcare during the fourth quarter valued at approximately $49,001,000. Renaissance Technologies LLC grew its stake in Tenet Healthcare by 579.2% in the fourth 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 in the last quarter. Finally, Bridgewater Associates LP increased its holdings in 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 period. Institutional investors own 95.44% of the company's stock.

Analysts Set New Price Targets

THC has been the topic of several research reports. TD Cowen started coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They set a "buy" rating and a $175.00 price objective on the stock. Morgan Stanley upped their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the company an "overweight" rating in a report on Monday, June 9th. UBS Group boosted their target price on shares of Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $150.00 to $195.00 in a research note on Thursday, May 29th. Finally, Truist Financial upped their target price on Tenet Healthcare from $175.00 to $190.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.24.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded up $2.89 during mid-day trading on Tuesday, reaching $167.13. 1,781,707 shares of the stock traded hands, compared to its average volume of 1,479,304. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.23. The business has a 50-day moving average of $149.70 and a 200 day moving average of $137.94. The stock has a market capitalization of $15.52 billion, a PE ratio of 11.05, a PEG ratio of 1.20 and a beta of 1.65. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $174.14.

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

Insiders Place Their Bets

In related news, Director Richard W. Fisher sold 836 shares of Tenet Healthcare stock in a transaction that occurred 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 transaction, the director now owns 11,292 shares in the company, valued at approximately $1,955,322.72. This trade represents a 6.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Paola M. Arbour sold 6,461 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total value of $1,035,052.20. Following the completion of the sale, the executive vice president now directly owns 27,848 shares of the company's stock, valued at $4,461,249.60. This trade represents a 18.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,121 shares of company stock valued at $8,846,305 in the last ninety days. 0.81% of the stock is currently owned by corporate insiders.

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.