Comerica Bank Purchases 2,204 Shares of Tenet Healthcare Corporation $THC

Key Points

• Comerica Bank increased its stake in Tenet Healthcare Corporation by 3.9%, acquiring an additional 2,204 shares, bringing its total ownership to 58,592 shares worth approximately $7.88 million.
• Equities analysts have a consensus rating of "Moderate Buy" for Tenet Healthcare, with price targets ranging from $167.00 to $205.00, reflecting varied outlooks on the company's stock.
• Tenet Healthcare reported strong earnings last quarter, with an EPS of $4.02, exceeding expectations by $1.18, and showing a year-over-year revenue increase of 3.2% to $5.27 billion.

Comerica Bank grew its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,592 shares of the company's stock after purchasing an additional 2,204 shares during the period. Comerica Bank owned approximately 0.06% of Tenet Healthcare worth $7,881,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Campbell & CO Investment Adviser LLC grew its position in shares of Tenet Healthcare by 121.9% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 16,590 shares of the company's stock valued at $2,231,000 after purchasing an additional 9,113 shares in the last quarter. Oliver Luxxe Assets LLC grew its position in Tenet Healthcare by 16.3% in the first quarter. Oliver Luxxe Assets LLC now owns 5,796 shares of the company's stock worth $780,000 after acquiring an additional 811 shares in the last quarter. SVB Wealth LLC purchased a new position in Tenet Healthcare in the first quarter worth $30,000. Smartleaf Asset Management LLC grew its position in Tenet Healthcare by 24.2% in the first quarter. Smartleaf Asset Management LLC now owns 585 shares of the company's stock worth $78,000 after acquiring an additional 114 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Tenet Healthcare by 7.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,048 shares of the company's stock valued at $410,000 after buying an additional 222 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on THC shares. UBS Group upped their price objective on shares of Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Robert W. Baird lowered their price objective on shares of Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $190.00 price objective on shares of Tenet Healthcare in a research note on Tuesday, August 26th. Wells Fargo & Company upped their price objective on shares of Tenet Healthcare from $195.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $192.69.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total value of $1,436,240.00. Following the sale, the executive vice president owned 20,878 shares in the company, valued at approximately $3,748,227.34. This trade represents a 27.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christopher S. Lynch sold 3,952 shares of Tenet Healthcare stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $176.39, for a total value of $697,093.28. Following the transaction, the director owned 12,358 shares in the company, valued at $2,179,827.62. This trade represents a 24.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,534 shares of company stock worth $3,618,237. Company insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Down 0.2%

Shares of NYSE:THC traded down $0.41 during trading on Monday, reaching $184.12. 918,320 shares of the stock traded hands, compared to its average volume of 925,333. The stock has a 50-day moving average of $170.19 and a two-hundred day moving average of $151.34. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $185.25. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71. The stock has a market cap of $16.27 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 0.79 and a beta of 1.55.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $5.16 billion. During the same quarter last year, the company posted $2.31 earnings per share. The firm's quarterly revenue was up 3.2% on a year-over-year basis. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. As a group, sell-side analysts expect that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Tenet Healthcare 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.