Steamboat Capital Partners LLC Raises Stake in Tenet Healthcare Corporation $THC

Key Points

• Steamboat Capital Partners LLC increased its stake in Tenet Healthcare by 11.5%, owning 99,515 shares valued at approximately $13.4 million. The stock constitutes 4.1% of their overall portfolio.
• JPMorgan raised its price target for Tenet Healthcare from $190 to $200, while UBS increased theirs from $230 to $238, indicating strong analyst expectations for the company’s growth.
• Insider trading activity saw Tenet's EVP selling 8,000 shares for about $1.44 million, representing a significant decrease in ownership, which may signal changing confidence levels among executives.

Steamboat Capital Partners LLC increased its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 11.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 99,515 shares of the company's stock after purchasing an additional 10,281 shares during the quarter. Tenet Healthcare accounts for 4.1% of Steamboat Capital Partners LLC's investment portfolio, making the stock its 6th biggest position. Steamboat Capital Partners LLC owned 0.11% of Tenet Healthcare worth $13,385,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in THC. Northern Trust Corp raised its position in Tenet Healthcare by 22.0% in the 4th quarter. Northern Trust Corp now owns 848,049 shares of the company's stock worth $107,049,000 after purchasing an additional 152,671 shares during the period. Comerica Bank raised its position in Tenet Healthcare by 3.3% in the 4th quarter. Comerica Bank now owns 56,388 shares of the company's stock worth $7,118,000 after purchasing an additional 1,780 shares during the period. Caisse DE Depot ET Placement DU Quebec bought a new stake in Tenet Healthcare in the 4th quarter worth $10,780,000. AXA S.A. grew its holdings in Tenet Healthcare by 42.0% in the 4th quarter. AXA S.A. now owns 94,700 shares of the company's stock worth $11,954,000 after acquiring an additional 27,998 shares during the last quarter. Finally, Aristeia Capital L.L.C. bought a new stake in Tenet Healthcare in the 4th quarter worth $857,000. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Stock Performance

NYSE THC traded up $5.59 during trading hours on Thursday, hitting $192.50. 1,204,450 shares of the company's stock traded hands, compared to its average volume of 1,509,840. The business's fifty day moving average price is $171.11 and its two-hundred day moving average price is $152.16. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39. The firm has a market capitalization of $17.01 billion, a P/E ratio of 12.32, a P/E/G ratio of 0.79 and a beta of 1.55. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $193.46.

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, topping analysts' consensus estimates of $2.84 by $1.18. The business had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The company's revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. Equities research analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on THC. Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $195.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Truist Financial lifted their target price on shares of Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Raymond James Financial reaffirmed an "outperform" rating and set a $200.00 target price (up previously from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Stephens raised shares of Tenet Healthcare to a "strong-buy" rating in a research note on Monday, June 2nd. Finally, Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $192.69.

Insider Buying and Selling

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 8,000 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $179.53, for a total value of $1,436,240.00. Following the completion of the transaction, the executive vice president directly owned 20,878 shares in the company, valued at $3,748,227.34. This represents a 27.70% decrease in their ownership of the stock. 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 company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total transaction of $697,093.28. Following the transaction, the director owned 12,358 shares of the company's stock, valued at approximately $2,179,827.62. This represents a 24.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,960 shares of company stock valued at $2,134,801. Company insiders own 0.81% of the company's stock.

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.