New Age Alpha Advisors LLC Reduces Position in Tenet Healthcare Corporation (NYSE:THC)

New Age Alpha Advisors LLC cut its position in Tenet Healthcare Corporation (NYSE:THC) by 15.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,216 shares of the company’s stock after selling 8,476 shares during the period. New Age Alpha Advisors LLC’s holdings in Tenet Healthcare were worth $6,216,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Tenet Healthcare in the 1st quarter valued at approximately $212,000. Envestnet Asset Management Inc. grew its position in shares of Tenet Healthcare by 3.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 203,582 shares of the company’s stock valued at $27,382,000 after buying an additional 6,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tenet Healthcare by 65.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company’s stock valued at $189,000 after buying an additional 562 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Tenet Healthcare by 28.1% in the 1st quarter. GAMMA Investing LLC now owns 1,430 shares of the company’s stock valued at $192,000 after buying an additional 314 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Tenet Healthcare in the 1st quarter valued at $1,986,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Stock Up 1.8%

Shares of NYSE:THC opened at $161.01 on Tuesday. The company has a market cap of $14.23 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 0.67 and a beta of 1.52. The firm’s 50-day simple moving average is $167.54 and its 200-day simple moving average is $146.63. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $185.25.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating the consensus estimate of $2.84 by $1.18. The business had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.31 earnings per share. As a group, equities research analysts predict that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.

Insider Transactions at Tenet Healthcare

In related news, Director Richard W. Fisher sold 836 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.16, for a total value of $144,761.76. Following the completion of the sale, the director owned 11,292 shares in the company, valued at $1,955,322.72. This trade represents a 6.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Paola M. Arbour sold 7,738 shares of the firm’s stock in a transaction dated 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 owned 20,110 shares of the company’s stock, valued at $3,479,030. This trade represents a 27.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,121 shares of company stock valued at $8,846,305. 0.81% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Baird R W downgraded shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Robert W. Baird dropped their target price on shares of Tenet Healthcare from $195.00 to $167.00 and set a “neutral” rating on the stock in a research report on Friday, July 25th. Bank of America increased their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. Raymond James Financial reiterated an “outperform” rating and set a $200.00 price target (up previously from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Tenet Healthcare from $190.00 to $200.00 and gave the stock an “overweight” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Tenet Healthcare currently has an average rating of “Moderate Buy” and a consensus target price of $191.56.

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.