California State Teachers Retirement System Purchases 18,783,432 Shares of Tenet Healthcare Corporation $THC

California State Teachers Retirement System lifted its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 18,362.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,885,726 shares of the company's stock after buying an additional 18,783,432 shares during the quarter. California State Teachers Retirement System owned approximately 23.45% of Tenet Healthcare worth $3,533,142,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Triumph Capital Management purchased a new position in shares of Tenet Healthcare in the third quarter worth $25,000. Elyxium Wealth LLC bought a new position in shares of Tenet Healthcare in the 4th quarter valued at about $29,000. Canada Pension Plan Investment Board purchased a new position in shares of Tenet Healthcare in the 2nd quarter worth approximately $35,000. Trust Co. of Vermont purchased a new position in Tenet Healthcare during the second quarter worth $37,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Tenet Healthcare by 146.2% during the 4th quarter. Meeder Asset Management Inc. now owns 192 shares of the company's stock worth $38,000 after purchasing an additional 114 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Price Performance

NYSE:THC opened at $263.75 on Friday. 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 50 day moving average price of $243.84 and a 200-day moving average price of $212.04. Tenet Healthcare Corporation has a 1-year low of $157.58 and a 1-year high of $283.05. The firm has a market cap of $21.24 billion, a price-to-earnings ratio of 10.17, a price-to-earnings-growth ratio of 1.03 and a beta of 1.23.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $6.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.26 by $1.86. Tenet Healthcare had a net margin of 10.27% and a return on equity of 26.76%. The firm had revenue of $6.04 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same period in the prior year, the firm posted $4.02 earnings per share. The firm's quarterly 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. Equities research analysts forecast that Tenet Healthcare Corporation will post 21.04 EPS for the current year.

Wall Street Analysts Forecast Growth

THC has been the subject of a number of recent analyst reports. Stephens restated an "overweight" rating and set a $285.00 price objective on shares of Tenet Healthcare in a report on Monday, July 27th. Zacks Research raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. Barclays raised their price objective on Tenet Healthcare from $240.00 to $271.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Tenet Healthcare in a report on Monday, July 27th. Finally, Mizuho set a $290.00 price target on Tenet Healthcare in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Tenet Healthcare has a consensus rating of "Buy" and a consensus target price of $275.53.

Insider Activity

In related news, Director Nadja West sold 1,152 shares of Tenet Healthcare stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $258.80, for a total value of $298,137.60. Following the completion of the transaction, the director owned 23,653 shares in the company, valued at $6,121,396.40. The trade was a 4.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Foo sold 24,000 shares of the company's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $266.32, for a total value of $6,391,680.00. Following the completion of the transaction, the executive vice president directly owned 8,053 shares of the company's stock, valued at $2,144,674.96. The trade was a 74.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 109,189 shares of company stock worth $29,264,109. 0.97% of the stock is currently owned by corporate insiders.

About Tenet Healthcare

Tenet Healthcare Corporation NYSE: THC is a diversified healthcare services company that owns and operates acute care hospitals and other healthcare facilities in the United States. Its hospitals provide services including emergency care, surgery, cardiovascular care, orthopedics, oncology, women's health and other inpatient and outpatient treatments.

Through its ambulatory business, United Surgical Partners International, Tenet operates and manages ambulatory surgery centers and other outpatient facilities.

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