Tenet Healthcare Corporation $THC Stake Lessened by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Tenet Healthcare Corporation by 10.5%, bringing its holdings to 31,114 shares valued at approximately $4.19 million.
• Despite the pension fund's reduction, other institutional investors like Dimensional Fund Advisors LP and Boston Partners significantly increased their positions in Tenet Healthcare during the same quarter.
• Tenet Healthcare reported a quarterly EPS of $4.02, surpassing estimates of $2.84, with revenues of $5.27 billion, leading analysts to raise their price targets for the stock.

State of New Jersey Common Pension Fund D lowered its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 10.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,114 shares of the company's stock after selling 3,635 shares during the period. State of New Jersey Common Pension Fund D's holdings in Tenet Healthcare were worth $4,185,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of Tenet Healthcare by 12.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,675,199 shares of the company's stock worth $225,297,000 after acquiring an additional 181,667 shares in the last quarter. Nuveen LLC acquired a new position in shares of Tenet Healthcare in the 1st quarter worth approximately $218,549,000. Boston Partners raised its position in Tenet Healthcare by 692.9% in the 1st quarter. Boston Partners now owns 1,162,642 shares of the company's stock worth $156,318,000 after purchasing an additional 1,016,010 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Tenet Healthcare by 20.8% during the 4th quarter. AQR Capital Management LLC now owns 872,117 shares of the company's stock valued at $110,087,000 after acquiring an additional 150,361 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Tenet Healthcare by 22.0% in the 4th quarter. Northern Trust Corp now owns 848,049 shares of the company's stock valued at $107,049,000 after buying an additional 152,671 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

Tenet Healthcare Stock Performance

NYSE THC opened at $177.10 on Wednesday. The firm's fifty day moving average price is $167.70 and its two-hundred day moving average price is $148.91. The stock has a market cap of $15.65 billion, a PE ratio of 11.34, a PEG ratio of 0.73 and a beta of 1.52. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $185.25. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71.

Tenet Healthcare (NYSE:THC - Get Free Report) last posted its 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 firm had revenue of $5.27 billion for the quarter, compared to analysts' expectations 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 quarter in the previous year, the firm posted $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, equities analysts expect that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Raymond James Financial restated an "outperform" rating and issued a $200.00 price objective (up previously from $185.00) on shares of Tenet Healthcare in a research report on Wednesday, July 23rd. Truist Financial increased their price objective on shares of Tenet Healthcare from $190.00 to $205.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price objective on shares of Tenet Healthcare from $195.00 to $200.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Robert W. Baird reduced their price objective on shares of Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $191.88.

Insider Activity at Tenet Healthcare

In other news, Director J Robert Kerrey sold 1,222 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $164.96, for a total transaction of $201,581.12. Following the transaction, the director owned 22,377 shares in the company, valued at approximately $3,691,309.92. This represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Fisher sold 3,077 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $165.72, for a total transaction of $509,920.44. Following the transaction, the director owned 12,128 shares in the company, valued at $2,009,852.16. This represents a 20.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,873 shares of company stock worth $5,444,128 over the last three months. 0.81% of the stock is currently owned by company insiders.

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.

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