Baker Tilly Wealth Management LLC Invests $329,000 in Tenet Healthcare Corporation $THC

Key Points

• Baker Tilly Wealth Management LLC has acquired a new position in Tenet Healthcare Corporation, purchasing 1,867 shares valued at approximately $329,000 during the second quarter.
• Tenet Healthcare exceeded analysts' expectations for earnings in Q2, reporting $4.02 earnings per share compared to the consensus estimate of $2.84, with a revenue of $5.27 billion.
• Analyst sentiment towards Tenet Healthcare is positive, with upgrades and increased price targets from several firms, including a shift from a "hold" rating to a "strong-buy" by Wall Street Zen.

Baker Tilly Wealth Management LLC acquired a new position in Tenet Healthcare Corporation (NYSE:THC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,867 shares of the company's stock, valued at approximately $329,000.

A number of other hedge funds also recently added to or reduced their stakes in THC. Nuveen LLC acquired a new position in Tenet Healthcare during the first quarter worth about $218,549,000. Ameriprise Financial Inc. increased its stake in Tenet Healthcare by 348.4% in the 1st quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company's stock worth $263,905,000 after purchasing an additional 1,524,642 shares in the last quarter. Boston Partners boosted its position in Tenet Healthcare by 692.9% during the first quarter. Boston Partners now owns 1,162,642 shares of the company's stock worth $156,318,000 after purchasing an additional 1,016,010 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Tenet Healthcare by 6.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company's stock valued at $1,021,736,000 after buying an additional 463,552 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in Tenet Healthcare by 111.3% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 469,529 shares of the company's stock valued at $63,152,000 after buying an additional 247,314 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Trading Down 0.1%

Shares of NYSE THC traded down $0.20 during trading on Friday, reaching $190.09. The company had a trading volume of 3,491,692 shares, compared to its average volume of 1,084,422. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $199.99. 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 stock has a market cap of $16.79 billion, a P/E ratio of 12.17, a PEG ratio of 0.81 and a beta of 1.55. The company's fifty day moving average price is $175.25 and its 200-day moving average price is $157.09.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The company had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same period in the previous year, the business earned $2.31 EPS. The firm's 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. As a group, research analysts expect that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on THC shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $190.00 target price on shares of Tenet Healthcare in a research note on Tuesday, August 26th. Mizuho raised their target price on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Wolfe Research cut shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Raymond James Financial restated an "outperform" rating and issued a $200.00 price objective (up previously from $185.00) on shares of Tenet Healthcare in a research report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $196.81.

Insider Activity

In other news, Director Christopher S. Lynch sold 3,952 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $176.39, for a total transaction of $697,093.28. Following the completion of the transaction, the director directly owned 12,358 shares in the company, valued at $2,179,827.62. The trade was a 24.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 of the company's stock, valued at approximately $70,337,342.74. This represents a 17.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,722 shares of company stock valued at $17,161,015 over the last quarter. Company insiders own 0.81% of the company's stock.

About Tenet Healthcare

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.