IQ EQ FUND MANAGEMENT IRELAND Ltd Makes New $1.46 Million Investment in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Tenet Healthcare Corporation, purchasing 10,843 shares valued at approximately $1.46 million.
• Analysts have set new price targets for Tenet Healthcare, with Raymond James Financial raising its target from $185.00 to $200.00, reflecting a generally positive outlook on the stock.
• Tenet Healthcare reported a 4.02 EPS for the quarter, exceeding analysts' expectations and marking a year-over-year revenue increase of 3.2%.

IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,843 shares of the company's stock, valued at approximately $1,458,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Tenet Healthcare during the 1st quarter worth $26,000. Wayfinding Financial LLC acquired a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $28,000. N.E.W. Advisory Services LLC purchased a new stake in Tenet Healthcare during the 1st quarter worth about $31,000. Colonial Trust Co SC boosted 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 worth $31,000 after purchasing an additional 114 shares during the last quarter. Finally, GeoWealth Management LLC increased its holdings in shares of Tenet Healthcare by 39.8% during the 4th quarter. GeoWealth Management LLC now owns 295 shares of the company's stock worth $37,000 after buying an additional 84 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Tenet Healthcare news, Director J Robert Kerrey sold 1,222 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $164.96, for a total transaction of $201,581.12. Following the sale, the director owned 22,377 shares of the company's stock, valued at $3,691,309.92. The trade was a 5.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total value of $1,338,674.00. Following the sale, the executive vice president directly owned 20,110 shares of the company's stock, valued at approximately $3,479,030. This trade represents a 27.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,121 shares of company stock worth $8,846,305 over the last three months. Insiders own 0.81% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on THC. Mizuho boosted 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. Bank of America raised their price target on Tenet Healthcare from $165.00 to $180.00 and gave the company a "buy" rating in a 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. Baird R W lowered Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $190.00 to $200.00 and gave the stock an "overweight" rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Tenet Healthcare presently has an average rating of "Moderate Buy" and a consensus target price of $191.56.

Tenet Healthcare Stock Performance

NYSE THC traded up $3.99 on Thursday, hitting $163.25. 830,818 shares of the stock were exchanged, compared to its average volume of 1,717,901. The company has a market capitalization of $14.42 billion, a PE ratio of 10.45, a P/E/G ratio of 0.68 and a beta of 1.52. The business's fifty day moving average is $167.28 and its 200 day moving average is $147.04. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $185.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its 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 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 analysts' expectations of $5.16 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The business's revenue for the quarter was up 3.2% compared to the same quarter last year. Research analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

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.