Chung Wu Investment Group LLC purchased a new stake in Tenet Healthcare Corporation (NYSE:THC – Free Report) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 200 shares of the company’s stock, valued at approximately $35,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Tenet Healthcare by 6.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company’s stock valued at $1,021,736,000 after purchasing an additional 463,552 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Tenet Healthcare by 348.4% in the first quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company’s stock valued at $263,905,000 after purchasing an additional 1,524,642 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Tenet Healthcare by 12.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,675,199 shares of the company’s stock valued at $225,297,000 after purchasing an additional 181,667 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $218,549,000. Finally, Boston Partners increased its holdings in shares of Tenet Healthcare by 692.9% in the first quarter. Boston Partners now owns 1,162,642 shares of the company’s stock valued at $156,318,000 after purchasing an additional 1,016,010 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Tenet Healthcare from $190.00 to $200.00 and gave the stock an “overweight” rating in a research note on Monday, August 4th. Morgan Stanley raised their target price on Tenet Healthcare from $175.00 to $210.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Tenet Healthcare in a research note on Saturday, September 27th. Raymond James Financial reissued an “outperform” rating and set a $200.00 target price (up previously from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Finally, UBS Group raised their target price on Tenet Healthcare from $230.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $196.81.
Tenet Healthcare Trading Down 1.5%
THC opened at $199.86 on Tuesday. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $205.99. The business has a fifty day simple moving average of $182.72 and a 200-day simple moving average of $163.26. The firm has a market cap of $17.66 billion, a P/E ratio of 12.80, a P/E/G ratio of 0.87 and a beta of 1.52. 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 – Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $1.18. The firm 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%.Tenet Healthcare’s revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business posted $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, equities analysts expect that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.
Insider Activity at Tenet Healthcare
In related news, CEO Saumya Sutaria sold 78,762 shares of Tenet Healthcare stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total value of $15,026,214.36. Following the completion of the transaction, the chief executive officer directly owned 368,683 shares in the company, valued at approximately $70,337,342.74. This trade represents a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher S. Lynch sold 3,952 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the sale, the director directly owned 12,358 shares of the company’s stock, valued at $2,179,827.62. This trade represents a 24.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,722 shares of company stock worth $17,161,015. Company 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.
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