Mutual of America Capital Management LLC Sells 7,529 Shares of Tenet Healthcare Corporation $THC

Key Points

• Mutual of America Capital Management LLC reduced its stake in Tenet Healthcare Corporation by 9.5%, selling 7,529 shares and owning about 0.08% of the company valued at approximately $12.6 million as of the latest reporting period.
• Analysts have mixed ratings for Tenet Healthcare, with one research firm downgrading it to a "hold" while others increased their price targets, with Barclays setting it at $229 and Wells Fargo at $238.
• Insiders have sold over 90,000 shares of Tenet Healthcare stock in the past 90 days, indicating a notable shift in management positions, with significant decreases in ownership after sales.

Mutual of America Capital Management LLC cut its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 9.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,554 shares of the company's stock after selling 7,529 shares during the period. Mutual of America Capital Management LLC owned about 0.08% of Tenet Healthcare worth $12,594,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Foster & Motley Inc. increased its holdings in shares of Tenet Healthcare by 88.8% in the 2nd quarter. Foster & Motley Inc. now owns 8,889 shares of the company's stock worth $1,564,000 after buying an additional 4,181 shares during the last quarter. Arista Wealth Management LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth about $427,000. WCM Investment Management LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth about $25,722,000. Ritholtz Wealth Management boosted its stake in shares of Tenet Healthcare by 1.6% during the 2nd quarter. Ritholtz Wealth Management now owns 17,648 shares of the company's stock worth $3,106,000 after purchasing an additional 286 shares during the period. Finally, Axxcess Wealth Management LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter worth about $619,000. 95.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

THC has been the subject of several research reports. Zacks Research cut shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Barclays boosted their price objective on shares of Tenet Healthcare from $208.00 to $229.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Bank of America boosted their price objective on shares of Tenet Healthcare from $205.00 to $225.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Finally, Wells Fargo & Company boosted their price objective on shares of Tenet Healthcare from $200.00 to $238.00 and gave the company an "overweight" rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.25.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $199.89 on Monday. The company has a market capitalization of $17.66 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 0.86 and a beta of 1.52. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $207.14. 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 50 day moving average of $189.23 and a 200 day moving average of $167.26.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, topping 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%. Tenet Healthcare's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, sell-side analysts predict that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tenet Healthcare news, Director Christopher S. Lynch sold 3,952 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $2,179,827.62. This represents a 24.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Y. Foo sold 8,000 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total transaction of $1,436,240.00. Following the transaction, the executive vice president owned 20,878 shares in the company, valued at $3,748,227.34. The trade was a 27.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,722 shares of company stock worth $17,161,015 in the last 90 days. 0.81% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding THC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tenet Healthcare Corporation (NYSE:THC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.