Somerset Trust Co Makes New Investment in Tenet Healthcare Co. (NYSE:THC)

Somerset Trust Co acquired a new position in Tenet Healthcare Co. (NYSE:THC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,254 shares of the company's stock, valued at approximately $303,000.

Several other large investors also recently added to or reduced their stakes in THC. Colonial Trust Co SC boosted its position 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 acquiring an additional 114 shares during the last quarter. GeoWealth Management LLC raised its stake 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 in the last quarter. WR Wealth Planners LLC lifted its position in Tenet Healthcare by 2,836.4% during the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company's stock valued at $41,000 after purchasing an additional 312 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Tenet Healthcare by 30.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock worth $59,000 after buying an additional 110 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new stake in shares of Tenet Healthcare during the 4th quarter valued at $60,000. Institutional investors own 95.44% of the company's stock.

Insider Buying and Selling at Tenet Healthcare

In other news, Director James L. Bierman sold 13,836 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $159.58, for a total value of $2,207,948.88. Following the sale, the director now directly owns 41,435 shares of the company's stock, valued at $6,612,197.30. The trade was a 25.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director J Robert Kerrey sold 5,001 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $148.50, for a total value 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. Over the last 90 days, insiders sold 55,072 shares of company stock valued at $8,557,590. 0.81% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on THC. Truist Financial increased their target price on Tenet Healthcare from $175.00 to $190.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Baird R W lowered Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. TD Cowen initiated coverage on Tenet Healthcare in a research report on Wednesday, February 26th. They issued a "buy" rating and a $175.00 target price for the company. Royal Bank of Canada increased their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Finally, Bank of America increased their target price on Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $180.18.

Tenet Healthcare Trading Up 1.2%

Shares of THC stock traded up $1.96 during trading hours on Tuesday, reaching $172.08. The company's stock had a trading volume of 1,201,532 shares, compared to its average volume of 1,529,391. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The stock has a market capitalization of $15.98 billion, a P/E ratio of 5.34, a P/E/G ratio of 1.02 and a beta of 1.63. The firm's fifty day simple moving average is $141.45 and its 200 day simple moving average is $136.36. Tenet Healthcare Co. has a one year low of $109.82 and a one year high of $174.14.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, topping 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 analyst estimates of $5.15 billion. During the same period in the prior year, the business earned $3.22 EPS. The company's revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current 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.