Cresset Asset Management LLC Sells 3,623 Shares of Tenet Healthcare Corporation $THC

Key Points

• Cresset Asset Management LLC sold 3,623 shares of Tenet Healthcare, reducing its stake by 55.7%, leaving it with 2,886 shares valued at $388,000.
• Various institutional investors have modified their holdings in Tenet, with notable stakes acquired by Cambridge Investment Research, Envestnet Asset Management, and Mirae Asset Global Investments during the first quarter.
• Tenet Healthcare recently reported earnings of $4.02 per share, surpassing analyst expectations, and set FY 2025 guidance for earnings between $15.550 and $16.210 per share.

Cresset Asset Management LLC trimmed its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 55.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,886 shares of the company's stock after selling 3,623 shares during the quarter. Cresset Asset Management LLC's holdings in Tenet Healthcare were worth $388,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in THC. US Bancorp DE grew its stake in shares of Tenet Healthcare by 0.8% in the first quarter. US Bancorp DE now owns 8,620 shares of the company's stock worth $1,159,000 after purchasing an additional 68 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Tenet Healthcare by 5.3% in the first quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock valued at $192,000 after buying an additional 72 shares during the period. Covestor Ltd raised its position in shares of Tenet Healthcare by 10.4% during the first quarter. Covestor Ltd now owns 873 shares of the company's stock worth $117,000 after purchasing an additional 82 shares during the period. GeoWealth Management LLC raised its position in shares of Tenet Healthcare by 39.8% during the fourth quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after purchasing an additional 84 shares during the period. Finally, Colonial Trust Co SC grew its holdings in shares of Tenet Healthcare by 85.7% during the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after buying an additional 114 shares in the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on THC. Bank of America lifted their price objective on Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Wall Street Zen upgraded Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a report on Saturday, July 26th. Truist Financial raised their target price on Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Guggenheim raised their target price on Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Barclays reduced their target price on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $192.69.

Insider Activity

In other Tenet Healthcare news, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total value of $1,338,674.00. Following the transaction, the executive vice president owned 20,110 shares of the company's stock, valued at approximately $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Christopher S. Lynch sold 3,952 shares of the business's stock in a transaction 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 sale, the director directly owned 12,358 shares in the company, valued at approximately $2,179,827.62. This represents a 24.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,526 shares of company stock worth $3,616,769 in the last ninety days. Company insiders own 0.81% of the company's stock.

Tenet Healthcare Trading Down 0.7%

Shares of THC traded down $1.35 on Friday, reaching $183.18. 309,071 shares of the company's stock were exchanged, compared to its average volume of 1,518,774. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $16.18 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 0.78 and a beta of 1.52. The business has a 50 day moving average price of $169.87 and a two-hundred day moving average price of $150.72. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $185.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. The business had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. Tenet Healthcare's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. Research analysts anticipate that Tenet Healthcare Corporation will post 12.24 earnings per share for the current 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.