Park Avenue Securities LLC Sells 7,374 Shares of Tenet Healthcare Corporation $THC

Key Points

• Park Avenue Securities LLC significantly reduced its holdings in Tenet Healthcare Corporation by selling 7,374 shares, resulting in a 64.8% decrease in its position during the 2nd quarter.
• Tenet Healthcare reported a strong quarterly earnings of $4.02 per share, surpassing the consensus estimate by $1.18, with revenues also exceeding expectations at $5.27 billion.
• Several research firms have increased their price targets for Tenet Healthcare, with Barclays raising it from $208.00 to $229.00 and UBS increasing theirs to $238.00, showing strong analyst confidence in the company's performance.

Park Avenue Securities LLC trimmed its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 64.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,001 shares of the company's stock after selling 7,374 shares during the period. Park Avenue Securities LLC's holdings in Tenet Healthcare were worth $704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in Tenet Healthcare by 2.8% during the second quarter. Farther Finance Advisors LLC now owns 2,615 shares of the company's stock valued at $460,000 after acquiring an additional 70 shares during the period. UMB Bank n.a. grew its stake in shares of Tenet Healthcare by 36.4% in the 2nd quarter. UMB Bank n.a. now owns 1,117 shares of the company's stock valued at $197,000 after purchasing an additional 298 shares during the period. Baker Tilly Wealth Management LLC bought a new stake in shares of Tenet Healthcare in the 2nd quarter valued at approximately $329,000. Vista Investment Partners LLC grew its stake in shares of Tenet Healthcare by 0.3% in the 2nd quarter. Vista Investment Partners LLC now owns 25,257 shares of the company's stock valued at $4,445,000 after purchasing an additional 76 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Tenet Healthcare by 110.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,266 shares of the company's stock valued at $2,961,000 after purchasing an additional 9,081 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Tenet Healthcare Stock Up 2.7%

NYSE:THC opened at $202.06 on Friday. The stock's fifty day moving average price is $177.41 and its two-hundred day moving average price is $159.77. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $202.15. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71. The company has a market cap of $17.85 billion, a price-to-earnings ratio of 12.94, a P/E/G ratio of 0.86 and a beta of 1.55.

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 (EPS) 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 firm had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter in the prior year, the business earned $2.31 EPS. The business's revenue for the quarter was up 3.2% compared to the same quarter last year. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insider Activity

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

Analysts Set New Price Targets

Several research firms have recently weighed in on THC. Barclays upped their price objective on Tenet Healthcare from $208.00 to $229.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. UBS Group upped their price objective on Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Morgan Stanley boosted their target price on Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Mizuho boosted their target price on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Finally, Truist Financial boosted their target price on Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of "Moderate Buy" and an average price target of $196.81.

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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