Bank of America Corp DE Sells 428,757 Shares of Tenet Healthcare Co. (NYSE:THC)

Bank of America Corp DE lessened its holdings in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 25.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,268,667 shares of the company's stock after selling 428,757 shares during the quarter. Bank of America Corp DE owned 1.33% of Tenet Healthcare worth $160,144,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. GeoWealth Management LLC grew its position in Tenet Healthcare by 39.8% in the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after buying an additional 84 shares during the last quarter. WR Wealth Planners LLC boosted its stake in Tenet Healthcare by 2,836.4% during the 4th 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 period. Smartleaf Asset Management LLC boosted its stake in Tenet Healthcare by 30.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 471 shares of the company's stock valued at $59,000 after purchasing an additional 110 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Tenet Healthcare in the 4th quarter worth approximately $60,000. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of Tenet Healthcare by 1,352.8% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 523 shares of the company's stock worth $66,000 after buying an additional 487 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Insider Buying and Selling at Tenet Healthcare

In related 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 transaction 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 represents a 18.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Performance

NYSE:THC traded up $2.39 during mid-day trading on Thursday, hitting $161.96. 725,046 shares of the stock were exchanged, compared to its average volume of 1,535,994. The stock has a market capitalization of $15.04 billion, a price-to-earnings ratio of 5.03, a price-to-earnings-growth ratio of 1.02 and a beta of 1.63. The firm's 50-day simple moving average is $131.24 and its 200 day simple moving average is $136.25. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.70 and a current ratio of 1.78. Tenet Healthcare Co. has a fifty-two week low of $109.82 and a fifty-two week high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $1.25. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the company posted $3.22 EPS. As a group, equities analysts anticipate that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on THC shares. Bank of America upped their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday. TD Cowen started coverage on Tenet Healthcare in a research note on Wednesday, February 26th. They issued a "buy" rating and a $175.00 target price for the company. UBS Group boosted their target price on Tenet Healthcare from $217.00 to $230.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $177.00 target price on shares of Tenet Healthcare in a research report on Thursday, February 13th. Finally, Guggenheim initiated coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.94.

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.