LPL Financial LLC Boosts Stock Holdings in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• LPL Financial LLC increased its holdings in Tenet Healthcare Corporation to $9.28 million after purchasing additional shares, raising their total to approximately 69,028 shares.
• In the latest quarter, Tenet Healthcare reported $4.02 earnings per share, significantly surpassing analysts' expectations of $2.84, along with a revenue of $5.27 billion.
• Analysts have mixed sentiments regarding Tenet Healthcare, with recent target prices ranging from $167.00 to $238.00, reflecting varying ratings and expectations among equity research firms.

LPL Financial LLC increased its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 2.8% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 69,028 shares of the company's stock after buying an additional 1,892 shares during the quarter. LPL Financial LLC owned about 0.07% of Tenet Healthcare worth $9,284,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. TD Asset Management Inc boosted its stake in Tenet Healthcare by 6.2% during the first quarter. TD Asset Management Inc now owns 130,253 shares of the company's stock worth $17,519,000 after buying an additional 7,608 shares during the period. Cetera Investment Advisers boosted its stake in shares of Tenet Healthcare by 37.1% during the first quarter. Cetera Investment Advisers now owns 28,820 shares of the company's stock valued at $3,876,000 after purchasing an additional 7,801 shares during the period. Avantax Advisory Services Inc. raised its holdings in shares of Tenet Healthcare by 9.2% in the first quarter. Avantax Advisory Services Inc. now owns 5,934 shares of the company's stock valued at $798,000 after acquiring an additional 501 shares in the last quarter. One Wealth Advisors LLC raised its holdings in shares of Tenet Healthcare by 20.7% in the first quarter. One Wealth Advisors LLC now owns 3,834 shares of the company's stock valued at $516,000 after acquiring an additional 658 shares in the last quarter. Finally, Advisor OS LLC bought a new stake in shares of Tenet Healthcare in the first quarter valued at about $201,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on THC. Wells Fargo & Company upgraded shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $150.00 to $195.00 in a report on Thursday, May 29th. Morgan Stanley upped their price objective on Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. UBS Group increased their target price on Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Mizuho raised their price objective on Tenet Healthcare from $184.00 to $194.00 and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Barclays cut their target price on Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $191.56.

Insider Activity

In related news, Director Richard W. Fisher sold 3,077 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $165.72, for a total value of $509,920.44. Following the sale, the director owned 12,128 shares in the company, valued at $2,009,852.16. This represents a 20.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Paola M. Arbour sold 7,738 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the completion of the sale, the executive vice president 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. In the last ninety days, insiders have sold 49,120 shares of company stock valued at $8,103,656. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Up 2.3%

Shares of THC traded up $3.80 during midday trading on Tuesday, hitting $170.43. The stock had a trading volume of 806,976 shares, compared to its average volume of 1,706,210. The firm has a market cap of $15.06 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 0.71 and a beta of 1.52. The company has a 50 day simple moving average of $167.11 and a two-hundred day simple moving average of $147.78. 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 twelve month low of $109.82 and a twelve month high of $185.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating analysts' consensus estimates of $2.84 by $1.18. The company had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The firm's quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.31 earnings per share. On average, analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

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.