PNC Financial Services Group Inc. Buys 498 Shares of Tenet Healthcare Corporation (NYSE:THC)

PNC Financial Services Group Inc. increased its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 12.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,593 shares of the company’s stock after buying an additional 498 shares during the period. PNC Financial Services Group Inc.’s holdings in Tenet Healthcare were worth $618,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Tenet Healthcare during the 1st quarter worth about $212,000. Envestnet Asset Management Inc. boosted its holdings in Tenet Healthcare by 3.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 203,582 shares of the company’s stock valued at $27,382,000 after purchasing an additional 6,424 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Tenet Healthcare by 65.5% in the 1st 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 period. GAMMA Investing LLC boosted its holdings in Tenet Healthcare by 28.1% in the 1st 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 period. Finally, Janney Montgomery Scott LLC bought a new stake in Tenet Healthcare in the 1st quarter valued at about $1,986,000. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Up 2.3%

Shares of NYSE THC opened at $170.43 on Wednesday. The firm has a market cap of $15.06 billion, a PE ratio of 10.91, a P/E/G ratio of 0.71 and a beta of 1.52. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $185.25. The company’s fifty day simple moving average is $167.11 and its 200 day simple moving average is $147.78. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $1.18. The business had revenue of $5.27 billion for the quarter, compared to analyst estimates of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. Tenet Healthcare’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.31 earnings per share. As a group, sell-side analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Insider Activity

In other Tenet Healthcare news, EVP Thomas W. Arnst sold 9,786 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total transaction of $1,624,476.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 3,077 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $165.72, for a total transaction of $509,920.44. Following the transaction, the director directly owned 12,128 shares in the company, valued at $2,009,852.16. The trade was a 20.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,120 shares of company stock valued at $8,103,656. 0.81% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Barclays cut their price objective on shares of Tenet Healthcare from $215.00 to $208.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. The Goldman Sachs Group boosted their target price on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a “neutral” rating in a research report on Monday, May 5th. Raymond James Financial reiterated an “outperform” rating and set a $200.00 price objective (up from $185.00) on shares of Tenet Healthcare in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. upped their price objective on shares of Tenet Healthcare from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Monday, August 4th. Finally, Wolfe Research cut shares of Tenet Healthcare from an “outperform” rating to a “peer perform” rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $191.56.

Tenet Healthcare Company 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.