Park Avenue Securities LLC Cuts Stake in Tenet Healthcare Co. (NYSE:THC)

Park Avenue Securities LLC decreased its holdings in Tenet Healthcare Co. (NYSE:THC) by 19.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,375 shares of the company’s stock after selling 2,815 shares during the period. Park Avenue Securities LLC’s holdings in Tenet Healthcare were worth $1,530,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB increased its holdings in shares of Tenet Healthcare by 1,352.8% in the fourth 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. Savant Capital LLC increased its position in Tenet Healthcare by 10.4% during the 4th quarter. Savant Capital LLC now owns 7,439 shares of the company’s stock valued at $939,000 after buying an additional 699 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Tenet Healthcare during the 4th quarter valued at about $5,892,000. Castellan Group lifted its position in Tenet Healthcare by 4.4% in the 4th quarter. Castellan Group now owns 39,588 shares of the company’s stock valued at $4,997,000 after acquiring an additional 1,663 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in shares of Tenet Healthcare by 541.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company’s stock worth $1,213,000 after acquiring an additional 8,000 shares during the period. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on THC shares. Baird R W downgraded Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Robert W. Baird reaffirmed a “neutral” rating and issued a $137.00 price objective (down from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. Bank of America boosted their target price on Tenet Healthcare from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, May 14th. Guggenheim began coverage on shares of Tenet Healthcare in a research note on Wednesday, April 9th. They issued a “buy” rating and a $165.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $177.00 price objective on shares of Tenet Healthcare in a research note on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average target price of $182.24.

Tenet Healthcare Stock Performance

NYSE:THC opened at $161.21 on Thursday. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The firm has a 50-day moving average price of $146.29 and a two-hundred day moving average price of $137.36. The company has a market capitalization of $14.97 billion, a P/E ratio of 5.00, a price-to-earnings-growth ratio of 1.02 and a beta of 1.65. Tenet Healthcare Co. has a twelve month low of $109.82 and a twelve month high of $174.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter last year, the firm earned $3.22 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. As a group, research analysts expect that Tenet Healthcare Co. will post 12.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, Director J Robert Kerrey sold 5,001 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 22,377 shares of the company’s stock, valued at $3,322,984.50. This represents a 18.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Paola M. Arbour sold 6,461 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the completion of the transaction, the executive vice president now owns 27,848 shares in the company, valued at approximately $4,461,249.60. This represents a 18.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,121 shares of company stock valued at $8,846,305 over the last three months. 0.81% of the stock is owned by company insiders.

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.