Wedmont Private Capital Buys New Position in Tenet Healthcare Co. (NYSE:THC)

Wedmont Private Capital purchased a new stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,938 shares of the company's stock, valued at approximately $240,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Colonial Trust Co SC grew its stake 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 worth $31,000 after acquiring an additional 114 shares during the last quarter. GeoWealth Management LLC increased its position in shares of 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 purchasing an additional 84 shares in the last quarter. WR Wealth Planners LLC increased its position in Tenet Healthcare by 2,836.4% in the 4th quarter. WR Wealth Planners LLC now owns 323 shares of the company's stock valued at $41,000 after acquiring an additional 312 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Tenet Healthcare by 30.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after acquiring an additional 110 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in Tenet Healthcare in the 4th quarter valued at about $60,000. Institutional investors and hedge funds own 95.44% of the company's stock.

Insiders Place Their Bets

In other news, Director J Robert Kerrey sold 5,001 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $148.50, for a total value of $742,648.50. Following the completion of the transaction, the director now owns 22,377 shares of the company's stock, valued at $3,322,984.50. This represents a 18.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James L. Bierman sold 13,836 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $159.58, for a total value of $2,207,948.88. Following the completion of the transaction, the director now directly owns 41,435 shares of the company's stock, valued at $6,612,197.30. This represents a 25.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,121 shares of company stock valued at $8,846,305. 0.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on THC shares. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "buy" rating in a research note on Sunday. Baird R W downgraded shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. UBS Group lifted their price objective 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. Morgan Stanley boosted their target price on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Stephens upgraded shares of Tenet Healthcare to a "strong-buy" rating in a report on Monday, June 2nd. Three equities research 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $182.24.

Tenet Healthcare Price Performance

THC traded down $1.31 on Friday, hitting $164.23. 1,842,076 shares of the stock were exchanged, compared to its average volume of 1,551,727. Tenet Healthcare Co. has a 12 month low of $109.82 and a 12 month high of $174.14. The business has a 50-day moving average of $148.09 and a two-hundred day moving average of $137.62. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.78 and a quick ratio of 1.70. The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 5.10, a PEG ratio of 1.02 and a beta of 1.65.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $5.22 billion during the quarter, compared to analysts' expectations of $5.15 billion. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. Tenet Healthcare's revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.22 earnings per share. Sell-side analysts forecast that Tenet Healthcare Co. will post 12.24 EPS 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.