Assenagon Asset Management S.A. Cuts Stock Holdings in Tenet Healthcare Corporation $THC

Key Points

• Assenagon Asset Management S.A. reduced its stake in Tenet Healthcare Corporation by 12.9%, now owning approximately 84,377 shares valued at $14.85 million as of its latest SEC filing.
• Several other institutional investors have made adjustments to their holdings in Tenet Healthcare, with Brooklyn Investment Group significantly increasing its position by 908.7% in the first quarter.
• Despite a recent downgrade from Wolfe Research, various analysts have raised their price targets for Tenet Healthcare, indicating a consensus rating of "Moderate Buy" with a target price averaging around $196.81.

Assenagon Asset Management S.A. lessened its stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 12.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,377 shares of the company's stock after selling 12,511 shares during the period. Assenagon Asset Management S.A. owned about 0.09% of Tenet Healthcare worth $14,850,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Tenet Healthcare in the first quarter valued at approximately $26,000. Wayfinding Financial LLC bought a new stake in Tenet Healthcare during the 1st quarter valued at $28,000. SVB Wealth LLC bought a new stake in Tenet Healthcare during the 1st quarter valued at $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Tenet Healthcare during the first quarter worth about $31,000. Finally, Brooklyn Investment Group raised its position in Tenet Healthcare by 908.7% during the 1st quarter. Brooklyn Investment Group now owns 232 shares of the company's stock valued at $31,000 after purchasing an additional 209 shares during the last quarter. Institutional investors own 95.44% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on THC shares. Wolfe Research downgraded Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a report on Monday, July 28th. Mizuho increased their price target on shares of Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. Raymond James Financial reissued an "outperform" rating and issued a $200.00 price target (up from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Morgan Stanley increased their target price on Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Finally, Guggenheim increased their target price on Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $196.81.

Tenet Healthcare Trading Up 2.0%

Tenet Healthcare stock opened at $194.02 on Tuesday. The business has a 50-day simple moving average of $175.57 and a two-hundred day simple moving average of $157.99. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. The company has a market cap of $17.14 billion, a P/E ratio of 12.42, a P/E/G ratio of 0.81 and a beta of 1.55. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $199.99.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same period in the previous year, the business posted $2.31 earnings per share. The firm's quarterly revenue was up 3.2% compared to the same quarter last year. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. Analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insider Buying and Selling at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 78,762 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total transaction 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. The trade was a 17.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Christopher S. Lynch sold 3,952 shares of the company's stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,722 shares of company stock valued at $17,161,015. Company insiders own 0.81% of the company's stock.

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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