Park Avenue Securities LLC Decreases Holdings in Tenet Healthcare Co. (NYSE:THC)

Park Avenue Securities LLC trimmed its holdings in Tenet Healthcare Co. (NYSE:THC - Free Report) by 19.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 11,375 shares of the company's stock after selling 2,815 shares during the quarter. Park Avenue Securities LLC's holdings in Tenet Healthcare were worth $1,530,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in shares of Tenet Healthcare by 9.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company's stock valued at $119,000 after purchasing an additional 80 shares in the last quarter. GeoWealth Management LLC boosted its position in shares of Tenet Healthcare by 39.8% during 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 during the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Tenet Healthcare by 1.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company's stock valued at $732,000 after purchasing an additional 92 shares during the last quarter. Prudential PLC lifted its holdings in shares of Tenet Healthcare by 0.7% during the 4th quarter. Prudential PLC now owns 15,344 shares of the company's stock valued at $1,937,000 after buying an additional 107 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in Tenet Healthcare by 30.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after buying an additional 110 shares during the period. 95.44% of the stock is owned by institutional investors.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $173.00, for a total value of $1,338,674.00. Following the completion of the sale, the executive vice president now directly owns 20,110 shares of the company's stock, valued at approximately $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard W. Fisher sold 836 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.16, for a total transaction of $144,761.76. Following the sale, the director now directly owns 11,292 shares in the company, valued at $1,955,322.72. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,121 shares of company stock worth $8,846,305 over the last quarter. 0.81% of the stock is currently owned by company insiders.

Tenet Healthcare Trading Up 2.5%

Shares of THC traded up $3.97 during midday trading on Thursday, reaching $165.38. The company had a trading volume of 1,943,444 shares, compared to its average volume of 1,549,091. The firm has a 50 day simple moving average of $146.29 and a 200-day simple moving average of $137.36. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The stock has a market cap of $15.36 billion, a PE ratio of 5.13, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65. Tenet Healthcare Co. has a 1-year low of $109.82 and a 1-year high of $174.14.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $5.15 billion. During the same quarter in the prior year, the company posted $3.22 EPS. The business's revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts forecast that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Analysts Set New Price Targets

THC has been the subject of several recent analyst reports. Wall Street Zen downgraded Tenet Healthcare from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. The Goldman Sachs Group lifted their target price on Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Guggenheim started coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 price objective on the stock. Bank of America raised their price target on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Finally, Baird R W lowered Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $182.24.

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.