First Mercantile Trust Co. Decreases Stake in Tenet Healthcare Corp (THC)

First Mercantile Trust Co. trimmed its stake in shares of Tenet Healthcare Corp (NYSE:THC) by 4.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,275 shares of the company’s stock after selling 475 shares during the period. First Mercantile Trust Co.’s holdings in Tenet Healthcare were worth $267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in THC. Oregon Public Employees Retirement Fund raised its holdings in shares of Tenet Healthcare by 1,653.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 565,569 shares of the company’s stock valued at $33,000 after purchasing an additional 533,313 shares during the last quarter. Enlightenment Research LLC purchased a new stake in Tenet Healthcare during the fourth quarter valued at approximately $36,000. Pearl River Capital LLC purchased a new stake in Tenet Healthcare during the fourth quarter valued at approximately $41,000. Financial Gravity Wealth Inc. purchased a new stake in Tenet Healthcare during the first quarter valued at approximately $51,000. Finally, Bessemer Group Inc. increased its holdings in Tenet Healthcare by 346.3% during the fourth quarter. Bessemer Group Inc. now owns 3,325 shares of the company’s stock valued at $57,000 after buying an additional 2,580 shares during the last quarter.

Shares of NYSE THC opened at $20.84 on Friday. The company has a debt-to-equity ratio of 21.98, a current ratio of 1.23 and a quick ratio of 1.15. The firm has a market capitalization of $2.13 billion, a PE ratio of 11.20, a PEG ratio of 0.39 and a beta of 1.68. Tenet Healthcare Corp has a 1 year low of $16.60 and a 1 year high of $39.74.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.25. The firm had revenue of $4.55 billion during the quarter, compared to analysts’ expectations of $4.51 billion. Tenet Healthcare had a negative net margin of 0.04% and a positive return on equity of 29.29%. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. As a group, research analysts predict that Tenet Healthcare Corp will post 2.32 earnings per share for the current fiscal year.

A number of analysts have commented on the stock. Raymond James upped their target price on shares of Tenet Healthcare from $37.00 to $47.00 in a report on Wednesday, February 27th. Bank of America reaffirmed a “neutral” rating and set a $30.00 target price (up from $21.00) on shares of Tenet Healthcare in a report on Tuesday, February 26th. Citigroup upped their target price on shares of Tenet Healthcare from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. ValuEngine cut shares of Tenet Healthcare from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. Finally, Barclays set a $24.00 target price on shares of Tenet Healthcare and gave the company a “hold” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $30.07.

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Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

Further Reading: How To Calculate Debt-to-Equity Ratio

Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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