Ameriprise Financial Inc. Acquires 1,524,642 Shares of Tenet Healthcare Corporation $THC

Key Points

• Ameriprise Financial Inc. increased its ownership in Tenet Healthcare by 348.4%, acquiring over 1.5 million additional shares, which now represent approximately 2.11% of the company's total stock.
• Tenet Healthcare's stock has a 52-week range of $109.82 to $185.25 and a current market capitalization of $15.87 billion.
• In its latest earnings report, Tenet Healthcare reported $4.02 earnings per share (EPS), exceeding expectations, with a projected EPS guidance for FY 2025 set between 15.550 and 16.210.

Ameriprise Financial Inc. raised its stake in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 348.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,962,314 shares of the company's stock after purchasing an additional 1,524,642 shares during the period. Ameriprise Financial Inc. owned 2.11% of Tenet Healthcare worth $263,905,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of THC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Tenet Healthcare in the first quarter valued at $26,000. Wayfinding Financial LLC bought a new stake in Tenet Healthcare in the first quarter valued at $28,000. Colonial Trust Co SC increased its stake in Tenet Healthcare by 85.7% in the fourth quarter. Colonial Trust Co SC now owns 247 shares of the company's stock valued at $31,000 after purchasing an additional 114 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Tenet Healthcare during the first quarter worth about $31,000. Finally, Brooklyn Investment Group increased its position in shares of Tenet Healthcare by 908.7% during the first quarter. Brooklyn Investment Group now owns 232 shares of the company's stock worth $31,000 after acquiring an additional 209 shares in the last quarter. 95.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on THC. Truist Financial boosted 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. Morgan Stanley boosted their target price on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Barclays decreased their target price on shares of Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Guggenheim boosted their target price on shares of Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, The Goldman Sachs Group upped their price objective on shares of Tenet Healthcare from $134.00 to $154.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $192.69.

Insider Activity

In other news, Director James L. Bierman sold 4,613 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $170.00, for a total transaction of $784,210.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Y. Foo sold 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $179.53, for a total transaction of $1,436,240.00. Following the completion of the transaction, the executive vice president directly owned 20,878 shares of the company's stock, valued at approximately $3,748,227.34. This trade represents a 27.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,139 shares of company stock worth $4,400,979. 0.81% of the stock is owned by insiders.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock traded down $0.38 on Tuesday, reaching $179.85. 720,641 shares of the company traded hands, compared to its average volume of 1,533,171. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $185.25. The company has a 50 day moving average of $168.99 and a 200 day moving average of $149.98. The firm has a market capitalization of $15.89 billion, a PE ratio of 11.51, a PEG ratio of 0.77 and a beta of 1.52. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its 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 net margin of 7.17% and a return on equity of 24.69%. The firm had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. During the same period in the prior year, the firm earned $2.31 EPS. The company's revenue 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. Equities analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.

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.