Zions Bancorporation National Association UT Takes Position in Tenet Healthcare Corporation (NYSE:THC)

Zions Bancorporation National Association UT purchased a new stake in shares of Tenet Healthcare Corporation (NYSE:THC) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 741 shares of the company’s stock, valued at approximately $100,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Tenet Healthcare in the first quarter valued at approximately $26,000. Wayfinding Financial LLC bought a new position in shares of Tenet Healthcare in the first quarter valued at approximately $28,000. Colonial Trust Co SC boosted its holdings in shares of Tenet Healthcare by 85.7% in the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company’s stock valued at $31,000 after acquiring an additional 114 shares in the last quarter. N.E.W. Advisory Services LLC bought a new position in shares of Tenet Healthcare in the first quarter valued at approximately $31,000. Finally, GeoWealth Management LLC boosted its holdings in shares of Tenet Healthcare by 39.8% in the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company’s stock valued at $37,000 after acquiring an additional 84 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 0.5%

Shares of Tenet Healthcare stock opened at $166.41 on Tuesday. The firm has a market cap of $14.70 billion, a price-to-earnings ratio of 10.65, a P/E/G ratio of 0.71 and a beta of 1.52. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $185.25. The stock has a 50-day simple moving average of $167.14 and a 200-day simple moving average of $147.62.

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

Analysts Set New Price Targets

THC has been the topic of a number of research reports. Bank of America boosted their target price on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, May 14th. Baird R W downgraded shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Morgan Stanley boosted their target price on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Wall Street Zen upgraded shares of Tenet Healthcare from a “hold” rating to a “strong-buy” rating in a report on Saturday, July 26th. Finally, Stephens upgraded shares of Tenet Healthcare to a “strong-buy” rating in a report on Monday, June 2nd. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $191.56.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Thomas W. Arnst sold 9,786 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total transaction of $1,624,476.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard W. Fisher sold 836 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.16, for a total value of $144,761.76. Following the transaction, the director directly owned 11,292 shares in the company, valued at approximately $1,955,322.72. This represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,120 shares of company stock worth $8,103,656 over the last quarter. Insiders own 0.81% of the company’s stock.

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.