Assenagon Asset Management S.A. Lowers Stock Position in Tenet Healthcare Corporation $THC

Key Points

• Assenagon Asset Management cut its Tenet Healthcare position by 60.7% in the second quarter, selling 74,968 shares and retaining 48,533 shares valued at approximately $9.08 million. Hedge funds and institutional investors collectively own 95.44% of THC.
• Wall Street remains broadly positive, with 17 analysts assigning Buy ratings and three recommending Hold. Tenet has a consensus rating of Moderate Buy and an average price target of $272.25.
• Tenet reported strong quarterly results, posting $6.12 in earnings per share versus the $4.26 estimate and $6.04 billion in revenue, up 6.8% year over year. However, insiders sold 41,375 shares worth nearly $9.8 million during the last quarter.

Assenagon Asset Management S.A. decreased its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 60.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,533 shares of the company's stock after selling 74,968 shares during the quarter. Assenagon Asset Management S.A. owned about 0.06% of Tenet Healthcare worth $9,080,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of THC. Triumph Capital Management purchased a new position in shares of Tenet Healthcare during the third quarter worth about $25,000. Activest Wealth Management purchased a new stake in shares of Tenet Healthcare during the fourth quarter worth approximately $26,000. Elyxium Wealth LLC acquired a new stake in shares of Tenet Healthcare during the fourth quarter worth $29,000. Canada Pension Plan Investment Board purchased a new position in Tenet Healthcare in the 2nd quarter valued at $35,000. Finally, Meeder Asset Management Inc. increased its stake in Tenet Healthcare by 146.2% in the 4th quarter. Meeder Asset Management Inc. now owns 192 shares of the company's stock valued at $38,000 after buying an additional 114 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on THC shares. Raymond James Financial set a $270.00 target price on shares of Tenet Healthcare in a report on Monday, July 27th. Royal Bank Of Canada raised their price objective on shares of Tenet Healthcare from $236.00 to $283.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Robert W. Baird boosted their target price on Tenet Healthcare from $210.00 to $280.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. UBS Group raised their price target on Tenet Healthcare from $288.00 to $308.00 and gave the company a "buy" rating in a report on Monday, July 27th. Finally, Piper Sandler set a $308.00 price target on Tenet Healthcare in a research note on Monday, July 27th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $272.25.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 10,000 shares of the company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $258.03, for a total value of $2,580,300.00. Following the sale, the executive vice president owned 32,053 shares of the company's stock, valued at $8,270,635.59. This represents a 23.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher S. Lynch sold 3,837 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $243.44, for a total transaction of $934,079.28. Following the completion of the sale, the director owned 9,568 shares in the company, valued at $2,329,233.92. This represents a 28.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,375 shares of company stock valued at $9,793,347 in the last quarter. 0.97% of the stock is owned by corporate insiders.

Tenet Healthcare Stock Performance

NYSE THC opened at $259.74 on Wednesday. The business has a 50 day moving average price of $203.92 and a 200 day moving average price of $202.38. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.41 and a quick ratio of 1.35. The company has a market capitalization of $20.91 billion, a P/E ratio of 10.02, a PEG ratio of 0.99 and a beta of 1.23. Tenet Healthcare Corporation has a 1-year low of $157.58 and a 1-year high of $265.32.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $6.12 earnings per share for the quarter, beating the consensus estimate of $4.26 by $1.86. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The company had revenue of $6.04 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the prior year, the company earned $4.02 earnings per share. Tenet Healthcare's revenue was up 6.8% compared to the same quarter last year. Tenet Healthcare has set its FY 2026 guidance at 20.300-21.690 EPS. Sell-side analysts expect that Tenet Healthcare Corporation will post 21.09 EPS for the current fiscal year.

About Tenet Healthcare

Tenet Healthcare Corporation NYSE: THC is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet's operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.

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