Summit Investment Advisors Inc. Sells 611 Shares of Tenet Healthcare Co. (NYSE:THC)

Summit Investment Advisors Inc. lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 1.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,448 shares of the company’s stock after selling 611 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Tenet Healthcare were worth $4,222,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in THC. EverSource Wealth Advisors LLC lifted its position in Tenet Healthcare by 9.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 940 shares of the company’s stock valued at $119,000 after acquiring an additional 80 shares during the last quarter. Spire Wealth Management increased its position in shares of Tenet Healthcare by 19.5% during the fourth quarter. Spire Wealth Management now owns 558 shares of the company’s stock worth $70,000 after purchasing an additional 91 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Tenet Healthcare by 1.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,619 shares of the company’s stock valued at $732,000 after purchasing an additional 92 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Tenet Healthcare by 1.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,109 shares of the company’s stock valued at $1,024,000 after buying an additional 100 shares in the last quarter. Finally, Prudential PLC boosted its holdings in Tenet Healthcare by 0.7% in the fourth quarter. Prudential PLC now owns 15,344 shares of the company’s stock worth $1,937,000 after acquiring an additional 107 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Price Performance

NYSE:THC opened at $123.70 on Monday. The stock has a market capitalization of $11.77 billion, a PE ratio of 3.84, a price-to-earnings-growth ratio of 1.02 and a beta of 1.77. Tenet Healthcare Co. has a 52 week low of $90.03 and a 52 week high of $171.20. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.25. The stock’s 50-day moving average price is $129.77 and its 200-day moving average price is $139.42.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Wednesday, February 12th. The company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.49. Tenet Healthcare had a return on equity of 21.88% and a net margin of 15.48%. As a group, equities analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. KeyCorp cut their price objective on shares of Tenet Healthcare from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. TD Cowen initiated coverage on shares of Tenet Healthcare in a report on Wednesday, February 26th. They issued a “buy” rating and a $175.00 price target for the company. Morgan Stanley initiated coverage on Tenet Healthcare in a research report on Wednesday, March 26th. They issued an “overweight” rating and a $165.00 target price on the stock. The Goldman Sachs Group cut Tenet Healthcare from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $196.00 to $140.00 in a research report on Monday, December 16th. Finally, Guggenheim assumed coverage on Tenet Healthcare in a research note on Wednesday, April 9th. They issued a “buy” rating and a $165.00 price objective for the company. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.33.

Insider Activity

In other news, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the transaction, the director now owns 27,378 shares in the company, valued at $3,434,022.54. This trade represents a 25.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.93% of the company’s stock.

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.