Envestnet Portfolio Solutions Inc. Sells 2,692 Shares of Tenet Healthcare Corporation (NYSE:THC)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 21.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,955 shares of the company's stock after selling 2,692 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Tenet Healthcare were worth $1,339,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of THC. Colonial Trust Co SC lifted its position in Tenet Healthcare by 85.7% in the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock worth $31,000 after buying an additional 114 shares in the last quarter. GeoWealth Management LLC lifted its holdings in shares of Tenet Healthcare by 39.8% during the 4th 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. WR Wealth Planners LLC lifted its stake in Tenet Healthcare by 2,836.4% in the fourth quarter. WR Wealth Planners LLC now owns 323 shares of the company's stock valued at $41,000 after acquiring an additional 312 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Tenet Healthcare by 30.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock worth $59,000 after acquiring an additional 110 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Tenet Healthcare by 46.2% during the 1st quarter. Versant Capital Management Inc now owns 718 shares of the company's stock worth $97,000 after purchasing an additional 227 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Price Performance

NYSE THC traded down $2.58 on Wednesday, reaching $168.94. The company's stock had a trading volume of 1,525,373 shares, compared to its average volume of 1,592,086. The firm has a market cap of $15.69 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.65. 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 52 week low of $109.82 and a 52 week high of $174.14. The business has a 50-day moving average price of $154.02 and a 200 day moving average price of $138.92.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results 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 return on equity of 22.58% and a net margin of 7.09%. The business had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter last year, the company earned $3.22 EPS. Tenet Healthcare's revenue was down 2.5% on a year-over-year basis. Sell-side analysts expect that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analyst Upgrades and Downgrades

THC has been the topic of several recent research reports. TD Cowen started coverage on Tenet Healthcare in a report on Wednesday, February 26th. They set a "buy" rating and a $175.00 target price on the stock. 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. Wall Street Zen upgraded Tenet Healthcare from a "hold" rating to a "buy" rating in a report on Sunday, June 15th. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $150.00 to $195.00 in a report on Thursday, May 29th. Finally, Royal Bank Of Canada lifted their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.24.

Insider Activity

In other news, EVP Thomas W. Arnst sold 9,786 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total transaction of $1,624,476.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director J Robert Kerrey sold 5,001 shares of the company's stock in a transaction dated 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 owns 22,377 shares in the company, valued at approximately $3,322,984.50. The trade was a 18.27% 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 over the last three months. 0.81% of the stock is owned by insiders.

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.