Nuveen LLC Invests $218.55 Million in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Nuveen LLC has invested approximately $218.55 million in Tenet Healthcare Corporation by acquiring 1,624,898 shares, representing about 1.75% of the company's stock.
• Analysts have varied ratings on Tenet Healthcare, with four analystsfourteen analysts
• Tenet Healthcare reported earnings per share of $4.02 for the latest quarter, exceeding expectations by $1.18, with a revenue of $5.27 billion, which was above analyst forecasts.

Nuveen LLC acquired a new position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,624,898 shares of the company's stock, valued at approximately $218,549,000. Nuveen LLC owned about 1.75% of Tenet Healthcare at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in THC. Advisory Services Network LLC increased its holdings in Tenet Healthcare by 69.7% in the fourth quarter. Advisory Services Network LLC now owns 5,851 shares of the company's stock worth $739,000 after purchasing an additional 2,403 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Tenet Healthcare in the fourth quarter worth approximately $49,001,000. Treasurer of the State of North Carolina increased its holdings in Tenet Healthcare by 2.4% in the fourth quarter. Treasurer of the State of North Carolina now owns 58,019 shares of the company's stock worth $7,324,000 after purchasing an additional 1,345 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Tenet Healthcare by 10.7% in the fourth quarter. Sterling Capital Management LLC now owns 16,129 shares of the company's stock worth $2,036,000 after purchasing an additional 1,562 shares in the last quarter. Finally, Barclays PLC increased its holdings in Tenet Healthcare by 50.3% in the fourth quarter. Barclays PLC now owns 208,733 shares of the company's stock worth $26,348,000 after purchasing an additional 69,867 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Guggenheim lifted their target price on Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Wells Fargo & Company upgraded Tenet Healthcare from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $150.00 to $195.00 in a report on Thursday, May 29th. Truist Financial boosted their price objective on Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Morgan Stanley boosted their price objective on Tenet Healthcare from $175.00 to $210.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, 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. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $191.56.

Tenet Healthcare Stock Up 0.5%

THC stock opened at $166.41 on Tuesday. The stock's fifty day simple moving average is $167.14 and its two-hundred day simple moving average is $147.62. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $185.25. The stock has a market cap of $14.70 billion, a P/E ratio of 10.65, a P/E/G ratio of 0.71 and a beta of 1.52.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $5.16 billion. During the same quarter in the previous year, the firm earned $2.31 earnings per share. The business's revenue was up 3.2% on a year-over-year basis. Analysts expect that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Richard W. Fisher sold 3,077 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $165.72, for a total value of $509,920.44. Following the sale, the director directly owned 12,128 shares in the company, valued at $2,009,852.16. The trade was a 20.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Paola M. Arbour sold 7,738 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $173.00, for a total value of $1,338,674.00. Following the completion of the sale, the executive vice president owned 20,110 shares in the company, valued at approximately $3,479,030. The trade was a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,120 shares of company stock valued at $8,103,656. 0.81% of the stock is currently owned by 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.

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