Primoris Wealth Advisors LLC Trims Stock Holdings in Tenet Healthcare Corporation (NYSE:THC)

Primoris Wealth Advisors LLC decreased its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 36.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,659 shares of the company's stock after selling 2,126 shares during the quarter. Primoris Wealth Advisors LLC's holdings in Tenet Healthcare were worth $492,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

THC has been the subject of several research reports. Robert W. Baird reissued a "neutral" rating and set a $137.00 price objective (down from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. The Goldman Sachs Group boosted 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. UBS Group raised their price target on shares of Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Guggenheim assumed coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They set a "buy" rating and a $165.00 price objective for the company. Finally, Royal Bank Of Canada raised their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $182.24.

Insider Transactions at Tenet Healthcare

In related news, EVP Paola M. Arbour sold 6,461 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the completion of the transaction, the executive vice president now directly owns 27,848 shares in the company, valued at $4,461,249.60. This represents a 18.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Robert Kerrey sold 5,001 shares of the business's 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 transaction, the director now directly owns 22,377 shares of the company's stock, valued at approximately $3,322,984.50. This trade represents a 18.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Up 2.2%

THC stock opened at $172.65 on Friday. The company has a market capitalization of $16.04 billion, a P/E ratio of 11.42, a PEG ratio of 1.23 and a beta of 1.65. The firm has a 50 day simple moving average of $156.01 and a 200-day simple moving average of $139.35. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.23. Tenet Healthcare Corporation has a twelve month low of $109.82 and a twelve month high of $177.32.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, topping the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a net margin of 7.09% and a return on equity of 22.58%. The company had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the previous year, the firm earned $3.22 EPS. The company's revenue was down 2.5% on a year-over-year basis. On average, equities research 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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