Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Makes New $26,000 Investment in Tenet Healthcare Corporation (NYSE:THC)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Tenet Healthcare Corporation (NYSE:THC) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 192 shares of the company’s stock, valued at approximately $26,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in THC. Truist Financial Corp lifted its stake in Tenet Healthcare by 1.6% during the fourth quarter. Truist Financial Corp now owns 12,407 shares of the company’s stock worth $1,566,000 after purchasing an additional 198 shares during the last quarter. Global Retirement Partners LLC lifted its stake in shares of Tenet Healthcare by 15.2% in the 4th quarter. Global Retirement Partners LLC now owns 878 shares of the company’s stock valued at $111,000 after acquiring an additional 116 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Tenet Healthcare by 21.4% in the 4th quarter. IFP Advisors Inc now owns 4,503 shares of the company’s stock valued at $568,000 after acquiring an additional 794 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Tenet Healthcare in the 4th quarter valued at $5,832,000. Finally, Versor Investments LP lifted its stake in shares of Tenet Healthcare by 69.1% in the 4th quarter. Versor Investments LP now owns 9,200 shares of the company’s stock valued at $1,161,000 after acquiring an additional 3,761 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Insider Transactions at Tenet Healthcare

In related news, EVP Paola M. Arbour sold 6,461 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $160.20, for a total value of $1,035,052.20. Following the transaction, the executive vice president now owns 27,848 shares of the company’s stock, valued at approximately $4,461,249.60. This trade represents a 18.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas W. Arnst sold 9,786 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total transaction of $1,624,476.00. The disclosure for this sale can be found here. Insiders have sold 54,121 shares of company stock valued at $8,846,305 in the last 90 days. 0.81% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $173.64 on Friday. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.23. The business has a 50-day moving average price of $157.06 and a two-hundred day moving average price of $139.59. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $177.32. The company has a market cap of $16.13 billion, a P/E ratio of 11.48, a PEG ratio of 1.26 and a beta of 1.65.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.11 by $1.25. The company had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a net margin of 7.09% and a return on equity of 22.58%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.22 EPS. As a group, analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on THC shares. UBS Group increased their price target on Tenet Healthcare from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Robert W. Baird reiterated a “neutral” rating and issued a $137.00 price target (down from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. Wells Fargo & Company upgraded Tenet Healthcare from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $150.00 to $195.00 in a report on Thursday, May 29th. Bank of America increased their price objective on Tenet Healthcare from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, May 14th. Finally, Wall Street Zen upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a report on Sunday, June 15th. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $182.24.

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.