Nordea Investment Management AB Sells 16,488 Shares of Tenet Healthcare Corporation $THC

Key Points

• Nordea Investment Management AB reduced its holdings in Tenet Healthcare by 18.1% in Q2, resulting in ownership of 74,647 shares valued at approximately $12.8 million.
• Tenet Healthcare recently reported earnings of $4.02 per share, significantly exceeding estimates, with a revenue of $5.27 billion for the quarter.
• A downgrade from Zacks Research and altered price objectives from multiple brokerages indicate a mixed sentiment among analysts regarding Tenet Healthcare's stock performance.

Nordea Investment Management AB trimmed its stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 18.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,647 shares of the company's stock after selling 16,488 shares during the quarter. Nordea Investment Management AB owned approximately 0.08% of Tenet Healthcare worth $12,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in THC. Price T Rowe Associates Inc. MD increased its holdings in Tenet Healthcare by 6.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company's stock worth $1,021,736,000 after purchasing an additional 463,552 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Tenet Healthcare by 348.4% in the first quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company's stock worth $263,905,000 after purchasing an additional 1,524,642 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Tenet Healthcare by 12.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,675,199 shares of the company's stock worth $225,297,000 after purchasing an additional 181,667 shares in the last quarter. Nuveen LLC bought a new stake in Tenet Healthcare in the first quarter worth approximately $218,549,000. Finally, Boston Partners increased its holdings in Tenet Healthcare by 692.9% in the first quarter. Boston Partners now owns 1,162,642 shares of the company's stock worth $156,318,000 after purchasing an additional 1,016,010 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 0.4%

Shares of NYSE:THC opened at $199.89 on Monday. The stock has a market cap of $17.66 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 0.86 and a beta of 1.52. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $207.14. The business's 50 day moving average is $189.23 and its 200 day moving average is $167.26.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $1.18. The company had revenue of $5.27 billion for the quarter, compared to analysts' expectations of $5.16 billion. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.Tenet Healthcare's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, sell-side analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Christopher S. Lynch sold 3,952 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the transaction, the director owned 12,358 shares of the company's stock, valued at approximately $2,179,827.62. The trade was a 24.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa Y. Foo sold 8,000 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $179.53, for a total value of $1,436,240.00. Following the completion of the transaction, the executive vice president directly owned 20,878 shares in the company, valued at approximately $3,748,227.34. This represents a 27.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,722 shares of company stock valued at $17,161,015. Insiders own 0.81% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on THC. Zacks Research downgraded Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Robert W. Baird decreased their price objective on Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Raymond James Financial restated an "outperform" rating and set a $200.00 price objective (up previously from $185.00) on shares of Tenet Healthcare in a report on Wednesday, July 23rd. The Goldman Sachs Group began coverage on Tenet Healthcare in a report on Tuesday, October 14th. They set a "buy" rating and a $224.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on Tenet Healthcare from $200.00 to $238.00 and gave the company an "overweight" rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $209.25.

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.

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