Tenet Healthcare Corporation $THC Shares Sold by New York State Teachers Retirement System

Key Points

• The New York State Teachers Retirement System reduced its holdings in Tenet Healthcare Corporation by 4.4%, now owning approximately 0.11% of the company, valued at $17.21 million.
• Analysts have mixed ratings on Tenet Healthcare; while Goldman Sachs initiated coverage with a "buy" rating and a target price of $224, Zacks downgraded the stock to a "hold" rating.
• Tenet Healthcare reported a quarterly EPS of $4.02, exceeding expectations, with a revenue of $5.27 billion and a year-over-year revenue increase of 3.2%.

New York State Teachers Retirement System lowered its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,782 shares of the company's stock after selling 4,487 shares during the period. New York State Teachers Retirement System owned about 0.11% of Tenet Healthcare worth $17,210,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Tenet Healthcare during the first quarter worth about $26,000. Chung Wu Investment Group LLC acquired a new position in Tenet Healthcare during the second quarter worth about $35,000. Wayfinding Financial LLC acquired a new position in Tenet Healthcare during the first quarter worth about $28,000. SVB Wealth LLC acquired a new position in Tenet Healthcare during the first quarter worth about $30,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Tenet Healthcare during the first quarter worth about $31,000. Institutional investors and hedge funds own 95.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on THC shares. The Goldman Sachs Group started coverage on shares of Tenet Healthcare in a research report on Tuesday. They issued a "buy" rating and a $224.00 price objective for the company. Zacks Research lowered shares of Tenet Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Mizuho boosted their price objective on shares of Tenet Healthcare from $194.00 to $225.00 and gave the company an "outperform" rating in a research report on Friday. Wolfe Research lowered shares of Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Tenet Healthcare from $200.00 to $238.00 and gave the company an "overweight" rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $209.25.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $199.89 on Friday. Tenet Healthcare Corporation has a one year low of $109.82 and a one year high of $207.14. 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 50 day moving average price of $189.23 and a 200 day moving average price of $166.82. The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 0.85 and a beta of 1.52.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, topping 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 firm had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same quarter in the prior year, the business posted $2.31 earnings per share. Tenet Healthcare'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. Sell-side analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insiders Place Their Bets

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 8,000 shares of the business'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 transaction of $1,436,240.00. Following the completion of the sale, the executive vice president directly owned 20,878 shares in the company, valued at $3,748,227.34. The trade was a 27.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Saumya Sutaria sold 78,762 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total transaction of $15,026,214.36. Following the sale, the chief executive officer owned 368,683 shares of the company's stock, valued at approximately $70,337,342.74. This represents a 17.60% decrease in their ownership of the stock. 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 ninety days. 0.81% of the stock is owned by company 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.

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