FORA Capital LLC Decreases Position in Tenet Healthcare Corporation $THC

Key Points

• FORA Capital LLC reduced its position in Tenet Healthcare by 26.7% in Q1 2023, holding 13,199 shares valued at approximately $1.78 million.
• Tenet Healthcare's stock received multiple price target upgrades from various analysts, with Truist Financial raising the price objective from $190.00 to $205.00 while maintaining a "buy" rating.
• In its latest earnings report, Tenet Healthcare exceeded expectations with a reported EPS of $4.02, significantly surpassing the consensus estimate of $2.84.

FORA Capital LLC reduced its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 26.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,199 shares of the company's stock after selling 4,818 shares during the quarter. FORA Capital LLC's holdings in Tenet Healthcare were worth $1,775,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. US Bancorp DE lifted its stake in Tenet Healthcare by 0.8% in the 1st quarter. US Bancorp DE now owns 8,620 shares of the company's stock valued at $1,159,000 after buying an additional 68 shares in the last quarter. Lindbrook Capital LLC lifted its stake in Tenet Healthcare by 5.3% in the 1st quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock valued at $192,000 after buying an additional 72 shares in the last quarter. Covestor Ltd lifted its stake in Tenet Healthcare by 10.4% in the 1st quarter. Covestor Ltd now owns 873 shares of the company's stock valued at $117,000 after buying an additional 82 shares in the last quarter. Colonial Trust Co SC lifted its stake 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 buying an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in Tenet Healthcare by 24.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 585 shares of the company's stock valued at $78,000 after buying an additional 114 shares in the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Trading Down 0.2%

Shares of NYSE THC traded down $0.41 during midday trading on Friday, reaching $184.12. 918,320 shares of the stock were exchanged, compared to its average volume of 932,302. The company has a 50 day simple moving average of $170.19 and a 200 day simple moving average of $151.21. The stock has a market capitalization of $16.27 billion, a P/E ratio of 11.79, a PEG ratio of 0.79 and a beta of 1.52. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71. Tenet Healthcare Corporation has a twelve month low of $109.82 and a twelve month high of $185.25.

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

Insider Activity at Tenet Healthcare

In related news, Director Christopher S. Lynch sold 3,952 shares of Tenet Healthcare stock in a transaction that occurred 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 completion of the sale, the director owned 12,358 shares in the company, valued at approximately $2,179,827.62. This trade represents a 24.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $1,436,240.00. Following the completion of the transaction, the executive vice president directly owned 20,878 shares of the company's stock, valued at $3,748,227.34. This represents a 27.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,534 shares of company stock worth $3,618,237 over the last quarter. Company insiders own 0.81% of the company's stock.

Analysts Set New Price Targets

THC has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on shares of Tenet Healthcare from $134.00 to $154.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Raymond James Financial reiterated an "outperform" rating and issued a $200.00 price objective (up previously from $185.00) on shares of Tenet Healthcare in a report on Wednesday, July 23rd. Wolfe Research downgraded shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a report on Monday, July 28th. Morgan Stanley increased their price objective on shares of Tenet Healthcare from $175.00 to $210.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $190.00 price objective on shares of Tenet Healthcare in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of "Moderate Buy" and an average target price of $192.69.

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.