Portside Wealth Group LLC Takes Position in Tenet Healthcare Co. (NYSE:THC)

Portside Wealth Group LLC purchased a new position in Tenet Healthcare Co. (NYSE:THC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,339 shares of the company's stock, valued at approximately $449,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Tenet Healthcare in the fourth quarter valued at $5,892,000. Asset Management One Co. Ltd. raised its stake in Tenet Healthcare by 541.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company's stock valued at $1,213,000 after acquiring an additional 8,000 shares during the period. Truist Financial Corp lifted its holdings in Tenet Healthcare by 1.6% during the fourth quarter. Truist Financial Corp now owns 12,407 shares of the company's stock valued at $1,566,000 after purchasing an additional 198 shares during the last quarter. Alberta Investment Management Corp boosted its position in Tenet Healthcare by 212.5% during the fourth quarter. Alberta Investment Management Corp now owns 25,000 shares of the company's stock worth $3,156,000 after purchasing an additional 17,000 shares during the period. Finally, Empirical Finance LLC raised its position in shares of Tenet Healthcare by 69.0% in the fourth quarter. Empirical Finance LLC now owns 8,360 shares of the company's stock valued at $1,055,000 after purchasing an additional 3,414 shares during the period. Institutional investors own 95.44% of the company's stock.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director J Robert Kerrey sold 5,001 shares of the stock in a transaction on Friday, May 9th. The shares were 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 owns 22,377 shares of the company's stock, valued at $3,322,984.50. This represents a 18.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James L. Bierman sold 13,836 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $159.58, for a total transaction of $2,207,948.88. Following the transaction, the director now directly owns 41,435 shares of the company's stock, valued at approximately $6,612,197.30. This trade represents a 25.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,121 shares of company stock worth $8,846,305 in the last ninety days. 0.81% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Tenet Healthcare from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Barclays boosted their price objective on Tenet Healthcare from $171.00 to $215.00 and gave the company an "overweight" rating in a research note on Monday, June 2nd. Guggenheim started coverage on Tenet Healthcare in a report on Wednesday, April 9th. They set a "buy" rating and a $165.00 target price for the company. The Goldman Sachs Group raised their price objective on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. Finally, Stephens upgraded shares of Tenet Healthcare to a "strong-buy" rating in a research note on Monday, June 2nd. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of "Moderate Buy" and an average target price of $182.24.

Tenet Healthcare Price Performance

THC traded down $1.31 during midday trading on Friday, hitting $164.23. The stock had a trading volume of 1,842,076 shares, compared to its average volume of 1,551,727. The company has a market cap of $15.25 billion, a P/E ratio of 5.10, 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. The business has a fifty day moving average of $148.09 and a 200 day moving average of $137.62. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, beating the consensus estimate 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 net margin of 15.48% and a return on equity of 21.88%. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $3.22 EPS. As a group, equities analysts forecast that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Tenet Healthcare 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.