WealthPlan Investment Management LLC Buys Shares of 9,004 Tenet Healthcare Corporation (NYSE:THC)

Key Points

• WealthPlan Investment Management LLC acquired 9,004 shares of Tenet Healthcare Corporation, valued at approximately $1.2 million, signaling increased institutional interest in the healthcare sector.
• Analysts have raised their price targets for Tenet Healthcare, with Goldman Sachs and Royal Bank Of Canada setting new targets at $154.00 and $189.00 respectively, indicating strong market confidence.
• Insiders sold over 54,000 shares of Tenet Healthcare stock recently, with notable transactions including EVP Paola M. Arbour's sale of 7,738 shares valued at approximately $1.34 million.

WealthPlan Investment Management LLC purchased a new position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,004 shares of the company's stock, valued at approximately $1,211,000.

A number of other hedge funds have also bought and sold shares of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Tenet Healthcare during the first quarter valued at about $26,000. Wayfinding Financial LLC bought a new stake in Tenet Healthcare in the first quarter worth about $28,000. Colonial Trust Co SC raised its position in shares of Tenet Healthcare by 85.7% in the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after purchasing an additional 114 shares during the period. N.E.W. Advisory Services LLC bought a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $31,000. Finally, GeoWealth Management LLC increased its holdings in Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after acquiring an additional 84 shares during the period. Institutional investors own 95.44% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on THC shares. The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Royal Bank Of Canada increased their price target on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Stephens raised shares of Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Finally, Wolfe Research cut shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $191.56.

Insider Transactions at Tenet Healthcare

In related news, EVP Paola M. Arbour sold 7,738 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the completion of the sale, the executive vice president directly owned 20,110 shares in the company, valued at approximately $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James L. Bierman sold 4,613 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $170.00, for a total transaction of $784,210.00. Following the completion of the transaction, the director owned 35,271 shares of the company's stock, valued at approximately $5,996,070. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,121 shares of company stock valued at $8,846,305. Company insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Down 0.5%

NYSE:THC opened at $159.42 on Thursday. The firm has a market cap of $14.08 billion, a P/E ratio of 10.21, a P/E/G ratio of 0.68 and a beta of 1.52. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $185.25. The firm has a 50-day simple moving average of $167.34 and a two-hundred day simple moving average of $146.81.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating analysts' consensus estimates of $2.84 by $1.18. The business had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. Tenet Healthcare's revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $2.31 EPS. Analysts predict that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

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.

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