Adage Capital Partners GP L.L.C. Increases Stock Holdings in Tenet Healthcare Corporation $THC

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Tenet Healthcare Corporation by 111.3%, now owning 469,529 shares valued at $63.15 million.
• The company's recent earnings report showed an EPS of $4.02, exceeding estimates by $1.18, with revenues of $5.27 billion, up 3.2% year-over-year.
• Wall Street analysts are optimistic, with multiple firms adjusting their price targets upward, including UBS Group raising their target to $238.00.

Adage Capital Partners GP L.L.C. boosted its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 111.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 469,529 shares of the company's stock after acquiring an additional 247,314 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.51% of Tenet Healthcare worth $63,152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of THC. US Bancorp DE boosted its stake in shares of Tenet Healthcare by 0.8% in the 1st quarter. US Bancorp DE now owns 8,620 shares of the company's stock valued at $1,159,000 after purchasing an additional 68 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Tenet Healthcare by 5.3% in the 1st quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock valued at $192,000 after purchasing an additional 72 shares in the last quarter. Covestor Ltd boosted its stake in shares of Tenet Healthcare by 10.4% in the 1st quarter. Covestor Ltd now owns 873 shares of the company's stock valued at $117,000 after purchasing an additional 82 shares in the last quarter. Colonial Trust Co SC boosted its stake in shares of Tenet Healthcare by 85.7% in the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after purchasing an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in Tenet Healthcare by 24.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 585 shares of the company's stock worth $78,000 after buying an additional 114 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Guggenheim lifted their target price on shares of Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Robert W. Baird dropped their price target on shares of Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. boosted their price target on shares of Tenet Healthcare from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Monday, August 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $190.00 price target on shares of Tenet Healthcare in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $192.69.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 8,000 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total value of $1,436,240.00. Following the completion of the sale, the executive vice president owned 20,878 shares in the company, valued at $3,748,227.34. This represents a 27.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christopher S. Lynch sold 3,952 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total transaction of $697,093.28. Following the completion of the sale, the director owned 12,358 shares of the company's stock, valued at approximately $2,179,827.62. The trade was a 24.23% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,960 shares of company stock valued at $2,134,801. Company insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Up 2.0%

THC stock traded up $3.88 during midday trading on Friday, reaching $196.40. 923,997 shares of the company's stock traded hands, compared to its average volume of 910,441. The company has a market cap of $17.35 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.84 and a beta of 1.55. The firm's fifty day moving average price is $171.97 and its 200-day moving average price is $153.11. 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 Corporation has a 52 week low of $109.82 and a 52 week high of $196.73.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 7.17% and a return on equity of 24.69%. Tenet Healthcare's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.31 EPS. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. As a group, sell-side analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal 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.