Elevation Point Wealth Partners LLC Purchases Shares of 1,586 Tenet Healthcare Corporation $THC

Elevation Point Wealth Partners LLC acquired a new position in shares of Tenet Healthcare Corporation (NYSE:THC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,586 shares of the company’s stock, valued at approximately $279,000.

Other hedge funds have also bought and sold shares of the company. SVB Wealth LLC bought a new position in shares of Tenet Healthcare in the 1st quarter worth $30,000. Brooklyn Investment Group increased its stake in Tenet Healthcare by 908.7% in the first quarter. Brooklyn Investment Group now owns 232 shares of the company’s stock valued at $31,000 after acquiring an additional 209 shares during the last quarter. Chung Wu Investment Group LLC bought a new stake in Tenet Healthcare during the second quarter worth about $35,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Tenet Healthcare by 2,227.3% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 256 shares of the company’s stock worth $45,000 after purchasing an additional 245 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in shares of Tenet Healthcare by 238.2% during the 2nd quarter. True Wealth Design LLC now owns 257 shares of the company’s stock valued at $45,000 after buying an additional 181 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on THC. Bank of America increased their price target on shares of Tenet Healthcare from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Morgan Stanley set a $232.00 target price on shares of Tenet Healthcare and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Truist Financial restated a “buy” rating and set a $240.00 price target (up from $225.00) on shares of Tenet Healthcare in a research report on Monday, November 3rd. Cantor Fitzgerald lifted their price objective on Tenet Healthcare from $190.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Tenet Healthcare in a research report on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.69.

Insider Activity at Tenet Healthcare

In other news, Director Tammy Romo sold 15,099 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $200.81, for a total value of $3,032,030.19. Following the completion of the sale, the director directly owned 47,267 shares of the company’s stock, valued at approximately $9,491,686.27. This trade represents a 24.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Saumya Sutaria sold 78,762 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total transaction of $15,026,214.36. Following the transaction, the chief executive officer owned 368,683 shares in the company, valued at $70,337,342.74. This represents a 17.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 122,084 shares of company stock valued at $23,843,196 over the last quarter. Company insiders own 0.81% of the company’s stock.

Tenet Healthcare Trading Down 0.3%

THC opened at $216.84 on Friday. Tenet Healthcare Corporation has a one year low of $109.82 and a one year high of $221.00. The company has a debt-to-equity ratio of 2.27, a current ratio of 1.71 and a quick ratio of 1.63. The business has a 50 day simple moving average of $201.77 and a two-hundred day simple moving average of $182.41. The firm has a market capitalization of $19.06 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 0.89 and a beta of 1.53.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 28th. The company reported $3.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.37. Tenet Healthcare had a return on equity of 25.11% and a net margin of 6.49%.The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.26 billion. During the same period in the previous year, the firm earned $2.93 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. Tenet Healthcare has set its FY 2025 guidance at 15.930-16.26 EPS. Analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

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.