Tenet Healthcare Corporation (NYSE:THC) Stock Position Cut by Hedeker Wealth LLC

Key Points

• Hedeker Wealth LLC has reduced its stake in Tenet Healthcare Corporation by 12.7%, now holding 17,028 shares valued at approximately $2.29 million.
• Tenet Healthcare reported $4.02 earnings per share (EPS) for the last quarter, exceeding expectations of $2.84 EPS and marking a 3.2% year-over-year revenue increase to $5.27 billion.
• Institutional investors control 95.44% of Tenet Healthcare's stock, indicating strong institutional interest in the company.

Hedeker Wealth LLC cut its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 12.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,028 shares of the company's stock after selling 2,471 shares during the period. Hedeker Wealth LLC's holdings in Tenet Healthcare were worth $2,290,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Cetera Investment Advisers boosted its holdings in shares of Tenet Healthcare by 37.1% in the 1st quarter. Cetera Investment Advisers now owns 28,820 shares of the company's stock valued at $3,876,000 after buying an additional 7,801 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of Tenet Healthcare by 9.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 5,934 shares of the company's stock valued at $798,000 after buying an additional 501 shares in the last quarter. One Wealth Advisors LLC boosted its stake in Tenet Healthcare by 20.7% during the 1st quarter. One Wealth Advisors LLC now owns 3,834 shares of the company's stock worth $516,000 after purchasing an additional 658 shares during the period. Advisor OS LLC purchased a new position in Tenet Healthcare during the 1st quarter worth $201,000. Finally, AE Wealth Management LLC grew its position in Tenet Healthcare by 92.2% during the 1st quarter. AE Wealth Management LLC now owns 5,564 shares of the company's stock worth $748,000 after purchasing an additional 2,669 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Wall Street Analyst Weigh In

THC has been the topic of several research reports. Mizuho raised their price objective on shares of Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Stephens raised shares of Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Guggenheim raised their price objective on shares of Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wells Fargo & Company upgraded shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $150.00 to $195.00 in a research note on Thursday, May 29th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of "Moderate Buy" and a consensus target price of $190.00.

Tenet Healthcare Stock Up 3.1%

Shares of NYSE:THC traded up $4.63 during mid-day trading on Friday, hitting $153.01. 1,981,866 shares of the company traded hands, compared to its average volume of 1,591,770. The firm's 50 day simple moving average is $168.17 and its 200 day simple moving average is $145.19. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $185.25. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.70 and a current ratio of 1.71. The firm has a market cap of $14.21 billion, a P/E ratio of 9.80, a PEG ratio of 0.63 and a beta of 1.64.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. The business had revenue of $5.27 billion for the quarter, compared to analysts' expectations of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The business's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.31 earnings per share. On average, equities analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insider Activity

In other news, Director Richard W. Fisher sold 836 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.16, for a total transaction of $144,761.76. Following the completion of the transaction, the director owned 11,292 shares in the company, valued at approximately $1,955,322.72. This represents a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paola M. Arbour sold 7,738 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the transaction, the executive vice president owned 20,110 shares of the company's stock, valued at $3,479,030. This represents a 27.79% decrease in their position. 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 quarter. 0.81% of the stock is owned by company insiders.

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.