Legacy Capital Group California Inc. Trims Holdings in Tenet Healthcare Corporation $THC

Key Points

• Legacy Capital Group California sharply cut its Tenet Healthcare position by 85.4% in the first quarter, selling 8,315 shares and leaving it with 1,418 shares worth about $268,000.
• Tenet Healthcare reported better-than-expected earnings for the quarter, posting EPS of $4.82 versus estimates of $4.21, while revenue rose 2.6% year over year to $5.37 billion.
• Analysts remain broadly positive on the stock, with 18 Buy ratings and 4 Hold ratings; the consensus view is Moderate Buy with an average price target of $245.37.

Legacy Capital Group California Inc. decreased its stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 85.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,418 shares of the company's stock after selling 8,315 shares during the period. Legacy Capital Group California Inc.'s holdings in Tenet Healthcare were worth $268,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Archer Investment Corp bought a new stake in shares of Tenet Healthcare during the first quarter valued at about $113,000. State of Michigan Retirement System grew its stake in Tenet Healthcare by 1.9% during the first quarter. State of Michigan Retirement System now owns 21,193 shares of the company's stock valued at $3,999,000 after acquiring an additional 400 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Tenet Healthcare by 3.8% during the 1st quarter. Principal Financial Group Inc. now owns 196,092 shares of the company's stock worth $37,005,000 after acquiring an additional 7,127 shares during the period. Applied Finance Capital Management LLC lifted its stake in Tenet Healthcare by 3.8% in the 1st quarter. Applied Finance Capital Management LLC now owns 1,644 shares of the company's stock worth $310,000 after purchasing an additional 60 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its position in shares of Tenet Healthcare by 31.0% during the 1st quarter. Diversify Wealth Management LLC now owns 3,409 shares of the company's stock valued at $614,000 after purchasing an additional 806 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Trading Up 4.6%

NYSE THC opened at $192.16 on Thursday. The company has a quick ratio of 1.30, a current ratio of 1.36 and a debt-to-equity ratio of 1.96. The stock's 50-day simple moving average is $184.15 and its two-hundred day simple moving average is $197.51. Tenet Healthcare Corporation has a twelve month low of $146.60 and a twelve month high of $247.21. The company has a market capitalization of $16.55 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 1.51 and a beta of 1.27.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $4.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.21 by $0.61. The firm had revenue of $5.37 billion during the quarter, compared to analysts' expectations of $5.39 billion. Tenet Healthcare had a return on equity of 25.55% and a net margin of 7.94%.The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $4.36 EPS. Tenet Healthcare has set its FY 2026 guidance at 16.380-18.68 EPS. Research analysts forecast that Tenet Healthcare Corporation will post 17.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on THC shares. TD Cowen lowered their price objective on Tenet Healthcare from $242.00 to $233.00 and set a "buy" rating on the stock in a research report on Monday, June 22nd. Stephens decreased their target price on Tenet Healthcare from $275.00 to $260.00 and set an "overweight" rating on the stock in a research note on Monday, May 4th. Morgan Stanley set a $254.00 price target on Tenet Healthcare in a report on Friday, May 1st. Robert W. Baird cut their price objective on Tenet Healthcare from $245.00 to $210.00 and set a "neutral" rating for the company in a report on Tuesday, May 5th. Finally, Weiss Ratings downgraded shares of Tenet Healthcare from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 2nd. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Tenet Healthcare currently has a consensus rating of "Moderate Buy" and an average target price of $245.37.

Insider Activity at Tenet Healthcare

In related news, Director Nadja West sold 3,000 shares of Tenet Healthcare stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $177.35, for a total value of $532,050.00. Following the transaction, the director owned 24,805 shares in the company, valued at $4,399,166.75. This trade represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Robert Kerrey sold 5,638 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $174.52, for a total transaction of $983,943.76. Following the completion of the sale, the director directly owned 16,804 shares of the company's stock, valued at $2,932,634.08. This represents a 25.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.97% of the company's stock.

About Tenet Healthcare

Tenet Healthcare Corporation NYSE: THC is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet's operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.

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