Bank of America Corp DE grew its position in shares of Tenet Healthcare Co. (NYSE:THC – Get Rating) by 32.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,695,154 shares of the company's stock after purchasing an additional 415,946 shares during the period. Bank of America Corp DE owned 1.57% of Tenet Healthcare worth $145,716,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of THC. Washington Trust Advisors Inc. acquired a new stake in shares of Tenet Healthcare during the 1st quarter worth about $34,000. Parkside Financial Bank & Trust boosted its position in shares of Tenet Healthcare by 1,063.9% in the first quarter. Parkside Financial Bank & Trust now owns 419 shares of the company's stock worth $36,000 after acquiring an additional 383 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Tenet Healthcare in the first quarter worth approximately $36,000. Prospera Financial Services Inc acquired a new stake in shares of Tenet Healthcare in the first quarter worth approximately $73,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Tenet Healthcare in the first quarter worth approximately $78,000. 97.38% of the stock is owned by institutional investors and hedge funds.
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In other news, Director J Robert Kerrey sold 36,766 shares of the business's stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $65.56, for a total transaction of $2,410,378.96. Following the completion of the transaction, the director now owns 48,798 shares of the company's stock, valued at $3,199,196.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director J Robert Kerrey sold 36,766 shares of the business's stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $65.56, for a total transaction of $2,410,378.96. Following the completion of the transaction, the director now owns 48,798 shares of the company's stock, valued at $3,199,196.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 7,439 shares of the business's stock in a transaction on Monday, July 25th. The shares were sold at an average price of $62.92, for a total transaction of $468,061.88. Following the transaction, the director now directly owns 34,362 shares of the company's stock, valued at approximately $2,162,057.04. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
Tenet Healthcare Stock Down 3.8 %
THC stock opened at $53.62 on Friday. Tenet Healthcare Co. has a twelve month low of $50.37 and a twelve month high of $92.65. The company has a current ratio of 1.39, a quick ratio of 1.30 and a debt-to-equity ratio of 7.07. The company has a market capitalization of $5.79 billion, a P/E ratio of 6.66, a PEG ratio of 1.05 and a beta of 2.45. The firm has a 50 day simple moving average of $61.18 and a 200-day simple moving average of $68.00.Tenet Healthcare (NYSE:THC – Get Rating) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.10. Tenet Healthcare had a net margin of 4.58% and a return on equity of 45.10%. During the same period in the prior year, the firm earned $1.59 earnings per share. On average, equities research analysts predict that Tenet Healthcare Co. will post 6.47 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts recently issued reports on THC shares. Raymond James decreased their target price on shares of Tenet Healthcare from $120.00 to $110.00 and set a "strong-buy" rating on the stock in a research report on Monday, July 11th. Loop Capital initiated coverage on shares of Tenet Healthcare in a report on Thursday, June 16th. They issued a "buy" rating and a $80.00 price target on the stock. StockNews.com lowered shares of Tenet Healthcare from a "buy" rating to a "hold" rating in a report on Saturday, July 30th. The Goldman Sachs Group cut their price target on shares of Tenet Healthcare from $108.00 to $93.00 and set a "buy" rating on the stock in a report on Tuesday, July 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Tenet Healthcare from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Thursday, July 7th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $92.69.
Tenet Healthcare Company Profile
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Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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