LSV Asset Management Purchases 85,875 Shares of Tenet Healthcare Corporation (NYSE:THC)

Key Points

• LSV Asset Management increased its position in Tenet Healthcare Corporation by 63.0% during the first quarter, acquiring 85,875 additional shares.
• Several hedge funds, including Castellan Group and Natixis Advisors, have significantly raised their stakes in Tenet Healthcare, as institutional investors now own 95.44% of the company's stock.
• Wall Street analysts have a generally positive outlook, with a consensus rating of "Moderate Buy" and an average target price of $190.00 for Tenet Healthcare shares.

LSV Asset Management increased its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 63.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 222,115 shares of the company's stock after purchasing an additional 85,875 shares during the period. LSV Asset Management owned 0.24% of Tenet Healthcare worth $29,874,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in THC. Castellan Group raised its stake in shares of Tenet Healthcare by 97.6% in the 1st quarter. Castellan Group now owns 78,223 shares of the company's stock valued at $10,521,000 after purchasing an additional 38,635 shares in the last quarter. US Bancorp DE grew its position 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 purchasing an additional 68 shares during the last quarter. King Wealth Management Group acquired a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $740,000. Foster & Motley Inc. boosted its holdings in shares of Tenet Healthcare by 35.3% in the first quarter. Foster & Motley Inc. now owns 4,708 shares of the company's stock valued at $633,000 after acquiring an additional 1,229 shares in the last quarter. Finally, Natixis Advisors LLC boosted its holdings in shares of Tenet Healthcare by 102.7% in the first quarter. Natixis Advisors LLC now owns 35,763 shares of the company's stock valued at $4,810,000 after acquiring an additional 18,123 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company's stock.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 836 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $173.16, for a total transaction of $144,761.76. Following the sale, the director directly owned 11,292 shares in the company, valued at approximately $1,955,322.72. The trade was a 6.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James L. Bierman sold 4,613 shares of Tenet Healthcare stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $170.00, for a total transaction of $784,210.00. Following the transaction, the director directly owned 35,271 shares of the company's stock, valued at $5,996,070. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,121 shares of company stock worth $8,846,305 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on THC shares. Royal Bank Of Canada raised their target price on shares of Tenet Healthcare from $183.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. The Goldman Sachs Group raised their price objective on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $150.00 to $195.00 in a research note on Thursday, May 29th. Truist Financial increased their target price on shares of Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, Wolfe Research downgraded shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Four 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 data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $191.56.

Tenet Healthcare Stock Performance

NYSE THC traded down $0.87 during midday trading on Wednesday, hitting $159.42. The company had a trading volume of 907,045 shares, compared to its average volume of 1,588,220. 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 stock has a market cap of $14.08 billion, a price-to-earnings ratio of 10.21, a P/E/G ratio of 0.69 and a beta of 1.52. The firm has a fifty day simple moving average of $167.44 and a two-hundred day simple moving average of $146.73. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $185.25.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating the consensus estimate of $2.84 by $1.18. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The business had revenue of $5.27 billion for the quarter, compared to analyst estimates of $5.16 billion. During the same period in the previous year, the business earned $2.31 EPS. The firm's revenue was up 3.2% on a year-over-year basis. Equities 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.