Fred Alger Management LLC Acquires Shares of 19,716 Tenet Healthcare Corporation $THC

Key Points

• Fred Alger Management LLC acquired a new stake in Tenet Healthcare Corporation, purchasing 19,716 shares valued at approximately $2,652,000 in the first quarter.
• A significant trend among institutional investors is evident, with entities like Nuveen LLC and Ameriprise Financial Inc. significantly increasing their holdings in Tenet Healthcare during the same period.
• Analysts maintain a generally positive outlook on Tenet Healthcare, with a consensus rating of "Moderate Buy" and an average price target of $192.69, despite some varying target adjustments from different firms.

Fred Alger Management LLC bought a new position in Tenet Healthcare Corporation (NYSE:THC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 19,716 shares of the company's stock, valued at approximately $2,652,000.

Other institutional investors have also recently made changes to their positions in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $26,000. Wayfinding Financial LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $28,000. SVB Wealth LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $30,000. N.E.W. Advisory Services LLC bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at about $31,000. Finally, Brooklyn Investment Group boosted its position in shares of Tenet Healthcare by 908.7% during the 1st quarter. Brooklyn Investment Group now owns 232 shares of the company's stock valued at $31,000 after purchasing an additional 209 shares in the last quarter. Institutional investors own 95.44% of the company's stock.

Tenet Healthcare Stock Performance

NYSE THC traded down $2.63 on Monday, hitting $190.19. 304,773 shares of the stock traded hands, compared to its average volume of 1,499,695. The business's fifty day moving average is $173.91 and its two-hundred day moving average is $155.37. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $199.99. The firm has a market capitalization of $16.80 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.83 and a beta of 1.55. 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 (NYSE:THC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating the consensus estimate of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The business had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same period in the prior year, the company earned $2.31 earnings per share. Tenet Healthcare'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 anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on THC. Stephens upgraded Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Morgan Stanley upped their price target on Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Mizuho upped their price target on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. UBS Group upped their price target on Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Barclays dropped their price target on Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $195.50.

Insider Activity at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 78,762 shares of Tenet Healthcare stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total transaction of $15,026,214.36. Following the completion of the sale, the chief executive officer owned 368,683 shares of the company's stock, valued at approximately $70,337,342.74. This trade represents a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher S. Lynch sold 3,952 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the sale, the director directly owned 12,358 shares of the company's stock, valued at approximately $2,179,827.62. This trade represents a 24.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,722 shares of company stock valued at $17,161,015. Company insiders own 0.81% of the company's stock.

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.