Fred Alger Management LLC Makes New Investment in 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 purchased a new stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 19,716 shares of the company's stock, valued at approximately $2,652,000.

Several other institutional investors have also made changes to their positions in THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $26,000. Wayfinding Financial LLC acquired a new position in Tenet Healthcare in the first quarter worth $28,000. SVB Wealth LLC acquired a new position in Tenet Healthcare in the first quarter worth $30,000. N.E.W. Advisory Services LLC bought a new stake in shares of Tenet Healthcare during the first quarter worth $31,000. Finally, Brooklyn Investment Group increased its holdings in Tenet Healthcare by 908.7% in the first quarter. Brooklyn Investment Group now owns 232 shares of the company's stock valued at $31,000 after purchasing an additional 209 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on THC shares. Raymond James Financial restated an "outperform" rating and issued a $200.00 price target (up from $185.00) on shares of Tenet Healthcare in a report on Wednesday, July 23rd. Truist Financial raised their price objective on Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Wolfe Research cut Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Robert W. Baird dropped their price target on Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Finally, Wells Fargo & Company lifted their price objective on Tenet Healthcare from $195.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of "Moderate Buy" and an average target price of $195.50.

Tenet Healthcare Price Performance

NYSE:THC traded down $0.78 during trading hours on Friday, hitting $192.60. 889,220 shares of the company's stock traded hands, compared to its average volume of 1,058,117. The business's fifty day simple moving average is $173.91 and its two-hundred day simple moving average is $155.04. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $199.99. 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 firm has a market cap of $17.02 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.83 and a beta of 1.55.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its 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 firm had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The business's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.31 EPS. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, research analysts anticipate that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, CEO Saumya Sutaria sold 78,762 shares of Tenet Healthcare stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total value of $15,026,214.36. Following the transaction, the chief executive officer directly owned 368,683 shares of the company's stock, valued at approximately $70,337,342.74. The trade was a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $176.39, for a total transaction of $697,093.28. Following the transaction, the director owned 12,358 shares of the company's stock, valued at $2,179,827.62. This represents a 24.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,722 shares of company stock valued at $17,161,015 in the last 90 days. Insiders own 0.81% of the company's stock.

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.