Concurrent Investment Advisors LLC Acquires 1,317 Shares of Tenet Healthcare Corporation (NYSE:THC)

Concurrent Investment Advisors LLC increased its position in Tenet Healthcare Corporation (NYSE:THC) by 37.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 4,824 shares of the company’s stock after buying an additional 1,317 shares during the period. Concurrent Investment Advisors LLC’s holdings in Tenet Healthcare were worth $649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in Tenet Healthcare by 1.6% in the 1st quarter. Bank of New York Mellon Corp now owns 815,126 shares of the company’s stock worth $109,634,000 after acquiring an additional 13,057 shares during the period. Wayfinding Financial LLC bought a new position in Tenet Healthcare in the 1st quarter worth $28,000. Brookstone Capital Management bought a new position in Tenet Healthcare in the 1st quarter worth $1,921,000. Principal Financial Group Inc. raised its holdings in Tenet Healthcare by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 218,805 shares of the company’s stock worth $29,429,000 after acquiring an additional 803 shares during the period. Finally, Summit Trail Advisors LLC raised its holdings in Tenet Healthcare by 47.6% in the 1st quarter. Summit Trail Advisors LLC now owns 2,913 shares of the company’s stock worth $392,000 after acquiring an additional 940 shares during the period. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

NYSE:THC opened at $171.16 on Thursday. Tenet Healthcare Corporation has a 1 year low of $109.82 and a 1 year high of $178.76. The firm has a 50 day moving average of $164.82 and a 200-day moving average of $141.82. 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 stock has a market capitalization of $15.90 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 1.26 and a beta of 1.64.

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

Insider Buying and Selling

In related news, Director James L. Bierman sold 13,836 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $159.58, for a total value of $2,207,948.88. Following the completion of the transaction, the director owned 41,435 shares in the company, valued at $6,612,197.30. The trade was a 25.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard W. Fisher sold 3,077 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $165.72, for a total transaction of $509,920.44. Following the completion of the transaction, the director owned 12,128 shares of the company’s stock, valued at $2,009,852.16. This trade represents a 20.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,121 shares of company stock valued at $8,846,305 in the last ninety days. 0.81% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

THC has been the topic of several research analyst reports. Morgan Stanley raised their price target on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Bank of America raised their price target on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, May 14th. Baird R W lowered shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Wall Street Zen upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Sunday, June 15th. Finally, The Goldman Sachs Group raised their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $183.94.

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.