Essex Investment Management Co. LLC Has $3.22 Million Position in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Essex Investment Management Co. LLC increased its stake in Tenet Healthcare by 9.3% during the first quarter, owning a total of 23,911 shares valued at approximately $3.22 million.
• Wall Street analysts have differing opinions on Tenet Healthcare, with four analysts rating it hold, fourteen as buy, and two as strong buy, with an average target price of $190.00.
• Insider transactions indicate a decline in positions, as Director J Robert Kerrey and EVP Thomas W. Arnst sold significant amounts of shares recently, signaling potential concerns around the stock's trajectory.

Essex Investment Management Co. LLC boosted its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 9.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,911 shares of the company's stock after purchasing an additional 2,044 shares during the period. Essex Investment Management Co. LLC's holdings in Tenet Healthcare were worth $3,216,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Tenet Healthcare in the 1st quarter valued at about $26,000. Wayfinding Financial LLC acquired a new stake in Tenet Healthcare in the 1st quarter valued at about $28,000. Colonial Trust Co SC increased its position in Tenet Healthcare by 85.7% in the 4th quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after acquiring an additional 114 shares in the last quarter. GeoWealth Management LLC increased its position in Tenet Healthcare by 39.8% in the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock valued at $37,000 after acquiring an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in Tenet Healthcare by 46.2% in the 1st quarter. Versant Capital Management Inc now owns 718 shares of the company's stock valued at $97,000 after acquiring an additional 227 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

Tenet Healthcare Stock Down 1.5%

Shares of THC stock traded down $2.44 during trading on Friday, reaching $158.84. The company's stock had a trading volume of 572,876 shares, compared to its average volume of 1,601,390. The business has a fifty day moving average price of $167.68 and a 200-day moving average price of $146.00. 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 company has a market cap of $14.75 billion, a price-to-earnings ratio of 10.17, a price-to-earnings-growth ratio of 0.69 and a beta of 1.64. Tenet Healthcare Corporation has a one year low of $109.82 and a one year high of $185.25.

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

Insiders Place Their Bets

In other Tenet Healthcare news, Director Richard W. Fisher sold 836 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.16, for a total transaction of $144,761.76. Following the sale, the director directly owned 11,292 shares of the company's stock, valued at approximately $1,955,322.72. This represents a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James L. Bierman sold 4,613 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $170.00, for a total transaction of $784,210.00. Following the sale, the director directly owned 35,271 shares in the company, valued at $5,996,070. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,121 shares of company stock valued at $8,846,305 over the last 90 days. 0.81% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on THC. Wells Fargo & Company upgraded shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $150.00 to $195.00 in a research report on Thursday, May 29th. Truist Financial lifted their price target on shares of Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Barclays lowered their price target on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Wall Street Zen upgraded shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, Wolfe Research cut shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $190.00.

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.