Royal Bank of Canada Acquires 30,281 Shares of Tenet Healthcare Corporation $THC

Key Points

• Royal Bank of Canada increased its stake in Tenet Healthcare by 34.0%, owning 119,349 shares worth approximately $16 million as of the latest SEC filing.
• In recent insider trading, EVP Lisa Y. Foo sold 8,000 shares, and Director Christopher S. Lynch sold 3,952 shares, decreasing their ownership percentages significantly.
• Tenet Healthcare reported an EPS of $4.02 for the last quarter, exceeding analysts' expectations, and established an FY 2025 EPS guidance of $15.550 - $16.210.

Royal Bank of Canada boosted its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 34.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 119,349 shares of the company's stock after acquiring an additional 30,281 shares during the period. Royal Bank of Canada owned 0.13% of Tenet Healthcare worth $16,052,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Tenet Healthcare in the first quarter valued at about $26,000. Wayfinding Financial LLC bought a new position in Tenet Healthcare during the first quarter worth about $28,000. SVB Wealth LLC bought a new position in Tenet Healthcare during the first quarter worth about $30,000. N.E.W. Advisory Services LLC bought a new position in Tenet Healthcare during the first quarter worth about $31,000. Finally, Brooklyn Investment Group boosted its holdings in 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 buying an additional 209 shares during the last quarter. Institutional investors own 95.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Robert W. Baird reduced their target price on Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Truist Financial lifted their price objective on Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Guggenheim lifted their price objective on Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Stephens upgraded Tenet Healthcare to a "strong-buy" rating in a report on Monday, June 2nd. Finally, Morgan Stanley lifted their price objective on Tenet Healthcare from $175.00 to $210.00 and gave the company an "overweight" rating in a report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Tenet Healthcare has a consensus rating of "Moderate Buy" and a consensus target price of $195.50.

Tenet Healthcare Stock Performance

Shares of THC stock traded down $0.78 during trading on Friday, reaching $192.60. 889,220 shares of the company's stock were exchanged, compared to its average volume of 1,058,117. 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 firm's fifty day moving average price is $173.91 and its 200-day moving average price is $155.04. Tenet Healthcare Corporation has a twelve month low of $109.82 and a twelve month high of $199.99. The stock has a market capitalization of $17.02 billion, a PE ratio of 12.33, a PEG ratio of 0.83 and a beta of 1.55.

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. The firm had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The company's revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.31 EPS. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. As a group, sell-side analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insider Activity

In other Tenet Healthcare news, CEO Saumya Sutaria sold 78,762 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total value of $15,026,214.36. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher S. Lynch sold 3,952 shares of the company's 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 transaction, the director directly owned 12,358 shares in the company, valued at $2,179,827.62. This represents a 24.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,722 shares of company stock worth $17,161,015 over the last quarter. 0.81% of the stock is currently owned by corporate insiders.

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.