Affinity Investment Advisors LLC Takes $215,000 Position in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Affinity Investment Advisors LLC acquired a new stake in Tenet Healthcare Corporation, purchasing 1,601 shares valued at approximately $215,000 in the first quarter.
• Recent analyst upgrades have seen Tenet Healthcare’s price targets revised, with Morgan Stanley raising theirs from $175.00 to $210.00, reflecting a positive outlook on the stock.
• Tenet Healthcare reported $4.02 earnings per share for the last quarter, significantly exceeding analyst expectations of $2.84, with a revenue of $5.27 billion.

Affinity Investment Advisors LLC acquired a new stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,601 shares of the company's stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in THC. Raymond James Financial Inc. grew its stake in shares of Tenet Healthcare by 17.6% in the first quarter. Raymond James Financial Inc. now owns 456,331 shares of the company's stock valued at $61,377,000 after buying an additional 68,150 shares in the last quarter. Tocqueville Asset Management L.P. bought a new position in shares of Tenet Healthcare in the first quarter valued at $271,000. Brandywine Global Investment Management LLC grew its stake in shares of Tenet Healthcare by 84.5% in the first quarter. Brandywine Global Investment Management LLC now owns 95,329 shares of the company's stock valued at $12,822,000 after buying an additional 43,648 shares in the last quarter. Sector Gamma AS grew its stake in shares of Tenet Healthcare by 95.5% in the first quarter. Sector Gamma AS now owns 43,000 shares of the company's stock valued at $5,784,000 after buying an additional 21,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake 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 buying an additional 181,667 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on THC shares. Stephens raised shares of Tenet Healthcare to a "strong-buy" rating in a research note on Monday, June 2nd. Bank of America lifted their price objective on shares of Tenet Healthcare from $165.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Guggenheim lifted their price objective 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. Morgan Stanley lifted their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Finally, Wolfe Research cut shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $191.88.

Tenet Healthcare Trading Down 0.2%

Shares of Tenet Healthcare stock opened at $172.04 on Friday. The firm has a 50-day moving average of $167.18 and a 200-day moving average of $148.46. The stock has a market cap of $15.20 billion, a PE ratio of 11.01, a PEG ratio of 0.74 and a beta of 1.52. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $185.25. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping the consensus estimate of $2.84 by $1.18. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The business had revenue of $5.27 billion during the quarter, compared to analysts' expectations of $5.16 billion. During the same quarter in the prior year, the business posted $2.31 earnings per share. Tenet Healthcare's revenue was up 3.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director James L. Bierman sold 4,613 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $170.00, for a total transaction of $784,210.00. Following the completion of the transaction, the director owned 35,271 shares of the company's stock, valued at approximately $5,996,070. The trade was a 11.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Paola M. Arbour sold 7,738 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the completion of the transaction, the executive vice president directly owned 20,110 shares of the company's stock, valued at $3,479,030. This trade represents a 27.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,659 shares of company stock valued at $7,068,604 over the last three months. 0.81% of the stock is owned by insiders.

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.

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