Envestnet Asset Management Inc. Acquires 6,424 Shares of Tenet Healthcare Corporation (NYSE:THC)

Envestnet Asset Management Inc. lifted its position in Tenet Healthcare Corporation (NYSE:THC) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,582 shares of the company’s stock after acquiring an additional 6,424 shares during the quarter. Envestnet Asset Management Inc. owned 0.22% of Tenet Healthcare worth $27,382,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Tenet Healthcare in the first quarter valued at about $212,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Tenet Healthcare by 65.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company’s stock valued at $189,000 after purchasing an additional 562 shares during the last quarter. GAMMA Investing LLC grew its stake in Tenet Healthcare by 28.1% in the first quarter. GAMMA Investing LLC now owns 1,430 shares of the company’s stock valued at $192,000 after purchasing an additional 314 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Tenet Healthcare in the first quarter valued at about $1,986,000. Finally, LPL Financial LLC grew its stake in Tenet Healthcare by 40.6% in the fourth quarter. LPL Financial LLC now owns 67,136 shares of the company’s stock valued at $8,475,000 after purchasing an additional 19,389 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Richard W. Fisher sold 836 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $173.16, for a total transaction of $144,761.76. Following the completion of the sale, the director directly owned 11,292 shares in the company, valued at approximately $1,955,322.72. The trade was a 6.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Paola M. Arbour sold 7,738 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total value of $1,338,674.00. Following the completion of the sale, the executive vice president owned 20,110 shares of the company’s stock, valued at approximately $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,121 shares of company stock valued at $8,846,305 in the last three months. Company insiders own 0.81% of the company’s stock.

Tenet Healthcare Trading Up 1.1%

Shares of NYSE:THC opened at $177.73 on Tuesday. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $178.76. The company has a market capitalization of $16.51 billion, a PE ratio of 11.75, a PEG ratio of 1.28 and a beta of 1.64. The business has a 50 day moving average of $165.94 and a two-hundred day moving average of $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 (NYSE:THC) last announced its earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, topping the consensus estimate of $3.11 by $1.25. The business had revenue of $5.22 billion during 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 business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $3.22 EPS. As a group, analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Robert W. Baird reiterated a “neutral” rating and issued a $137.00 target price (down previously from $153.00) on shares of Tenet Healthcare in a research note on Tuesday, April 15th. UBS Group boosted their price target on Tenet Healthcare from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, April 30th. Barclays boosted their price target on Tenet Healthcare from $171.00 to $215.00 and gave the stock an “overweight” rating in a research note on Monday, June 2nd. Morgan Stanley boosted their price target on Tenet Healthcare from $175.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Finally, The Goldman Sachs Group boosted their price target on Tenet Healthcare from $134.00 to $154.00 and gave the stock a “neutral” rating in a research note on Monday, May 5th. 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $184.53.

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.