Tectonic Advisors LLC Invests $1.98 Million in Tenet Healthcare Corporation (NYSE:THC)

Tectonic Advisors LLC acquired a new position in Tenet Healthcare Corporation (NYSE:THC) in the first quarter, Holdings Channel.com reports. The firm acquired 14,738 shares of the company’s stock, valued at approximately $1,982,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $26,000. Wayfinding Financial LLC bought a new position in Tenet Healthcare during the 1st quarter valued at approximately $28,000. Colonial Trust Co SC raised its position in Tenet Healthcare by 85.7% during the 4th 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 last quarter. GeoWealth Management LLC raised its position in Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock valued at $37,000 after purchasing an additional 84 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in Tenet Healthcare by 46.2% during the 1st quarter. Versant Capital Management Inc now owns 718 shares of the company’s stock valued at $97,000 after purchasing an additional 227 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Paola M. Arbour sold 7,738 shares of the firm’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $173.00, for a total value of $1,338,674.00. Following the transaction, the executive vice president directly owned 20,110 shares of the company’s stock, valued at approximately $3,479,030. This trade represents a 27.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director J Robert Kerrey sold 5,001 shares of the firm’s stock in a transaction 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 directly owned 22,377 shares in the company, valued at approximately $3,322,984.50. This represents a 18.27% 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 worth $8,846,305. Insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on THC shares. Mizuho upped their price target on Tenet Healthcare from $184.00 to $194.00 and gave the company an “outperform” rating in a research report on Friday. Wall Street Zen upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Sunday, June 15th. Wells Fargo & Company upgraded Tenet Healthcare from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $150.00 to $195.00 in a report on Thursday, May 29th. UBS Group upped their target price on Tenet Healthcare from $217.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Finally, Barclays upped their target price on Tenet Healthcare from $171.00 to $215.00 and gave the stock an “overweight” rating in a report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and an average target price of $184.53.

Tenet Healthcare Stock Performance

Shares of THC opened at $177.73 on Tuesday. The business’s fifty day simple moving average is $165.94 and its two-hundred day simple moving average is $142.64. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.23. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $178.76. The company has a market cap of $16.51 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 1.28 and a beta of 1.64.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, April 29th. The company reported $4.36 EPS for the quarter, beating the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a return on equity of 22.58% and a net margin of 7.09%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business posted $3.22 EPS. Research analysts anticipate that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

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.