Pallas Capital Advisors LLC Increases Stake in Tenet Healthcare Corporation $THC

Key Points

• Pallas Capital Advisors LLC increased its stake in Tenet Healthcare Corporation by 96.7% in Q2, accumulating shares worth approximately $791,000.
• Analysts' target prices for Tenet Healthcare have seen increases, with estimates ranging from $167.00 to $210.00, indicating a generally positive outlook for the company's stock.
• Insider trading activity included significant sales by executives, with CEO Saumya Sutaria selling shares valued at over $15 million, indicating potential caution among company leadership.

Pallas Capital Advisors LLC raised its stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 96.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,494 shares of the company's stock after acquiring an additional 2,209 shares during the quarter. Pallas Capital Advisors LLC's holdings in Tenet Healthcare were worth $791,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of THC. US Bancorp DE increased its holdings in Tenet Healthcare by 0.8% in the 1st quarter. US Bancorp DE now owns 8,620 shares of the company's stock worth $1,159,000 after buying an additional 68 shares in the last quarter. Lindbrook Capital LLC grew its position in shares of Tenet Healthcare by 5.3% during the first quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock valued at $192,000 after purchasing an additional 72 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Tenet Healthcare by 10.4% in the 1st quarter. Covestor Ltd now owns 873 shares of the company's stock worth $117,000 after purchasing an additional 82 shares during the period. Smartleaf Asset Management LLC boosted its position in Tenet Healthcare by 24.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 585 shares of the company's stock valued at $78,000 after buying an additional 114 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in shares of Tenet Healthcare by 2.7% in the 1st quarter. Meeder Asset Management Inc. now owns 4,521 shares of the company's stock worth $608,000 after purchasing an additional 118 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Raymond James Financial reiterated an "outperform" rating and set a $200.00 price target (up from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Barclays boosted their price target on shares of Tenet Healthcare from $208.00 to $229.00 and gave the company an "overweight" rating in a research report on Thursday. Robert W. Baird reduced their target price on shares of Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Finally, Wolfe Research cut Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $196.81.

Insider Activity

In related news, Director Christopher S. Lynch sold 3,952 shares of Tenet Healthcare 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 sale, the director directly 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Saumya Sutaria sold 78,762 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total transaction of $15,026,214.36. Following the completion of the sale, the chief executive officer owned 368,683 shares in the company, valued at $70,337,342.74. This represents a 17.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,722 shares of company stock worth $17,161,015. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Stock Down 0.1%

Shares of NYSE:THC traded down $0.20 during midday trading on Friday, hitting $190.09. The stock had a trading volume of 3,491,692 shares, compared to its average volume of 1,084,422. The company has a market cap of $16.79 billion, a P/E ratio of 12.17, a PEG ratio of 0.81 and a beta of 1.55. 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 business's 50-day simple moving average is $175.25 and its 200-day simple moving average is $157.30. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $199.99.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted 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. 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 prior year, the business earned $2.31 EPS. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. 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.

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.