Allspring Global Investments Holdings LLC Has $60.43 Million Position in Tenet Healthcare Corporation (NYSE:THC)

Allspring Global Investments Holdings LLC raised its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 50.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 453,023 shares of the company's stock after buying an additional 152,244 shares during the period. Allspring Global Investments Holdings LLC owned 0.48% of Tenet Healthcare worth $60,433,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new stake in Tenet Healthcare in the 1st quarter valued at $1,986,000. LPL Financial LLC increased its stake in Tenet Healthcare by 40.6% in the 4th quarter. LPL Financial LLC now owns 67,136 shares of the company's stock valued at $8,475,000 after buying an additional 19,389 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Tenet Healthcare by 22.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,532 shares of the company's stock valued at $188,524,000 after buying an additional 272,906 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Tenet Healthcare by 10.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,836 shares of the company's stock valued at $1,115,000 after acquiring an additional 827 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of Tenet Healthcare by 606.9% in the 1st quarter. Farther Finance Advisors LLC now owns 2,545 shares of the company's stock valued at $340,000 after acquiring an additional 2,185 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on THC shares. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "buy" rating in a research report on Sunday, June 15th. Guggenheim started coverage on shares of Tenet Healthcare in a research report on Wednesday, April 9th. They issued a "buy" rating and a $165.00 price objective for the company. Robert W. Baird reissued a "neutral" rating and issued a $137.00 price objective (down previously from $153.00) on shares of Tenet Healthcare in a research report on Tuesday, April 15th. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $150.00 to $195.00 in a research report on Thursday, May 29th. Finally, Barclays lifted their target price on shares of Tenet Healthcare from $171.00 to $215.00 and gave the stock an "overweight" rating in a report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $183.94.

Insider Activity

In related news, EVP Paola M. Arbour sold 6,461 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $160.20, for a total transaction of $1,035,052.20. Following the completion of the transaction, the executive vice president now directly owns 27,848 shares in the company, valued at $4,461,249.60. This represents a 18.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Robert Kerrey sold 5,001 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $148.50, for a total transaction of $742,648.50. Following the transaction, the director now owns 22,377 shares of the company's stock, valued at approximately $3,322,984.50. This represents a 18.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,121 shares of company stock worth $8,846,305. 0.81% of the stock is currently owned by corporate insiders.

Tenet Healthcare Stock Performance

NYSE THC opened at $173.64 on Monday. The company has a quick ratio of 1.70, a current ratio of 1.78 and a debt-to-equity ratio of 2.23. The company has a market capitalization of $16.13 billion, a P/E ratio of 11.48, a P/E/G ratio of 1.27 and a beta of 1.65. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $177.32. The firm has a 50-day moving average price of $157.06 and a two-hundred day moving average price of $139.61.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $4.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.11 by $1.25. The firm had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 7.09% and a return on equity of 22.58%. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.22 EPS. Analysts anticipate that Tenet Healthcare Corporation will post 12.24 earnings per share 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.

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