The Manufacturers Life Insurance Company Purchases 11,154 Shares of Tenet Healthcare Corporation $THC

Key Points

• The Manufacturers Life Insurance Company has increased its stake in Tenet Healthcare Corporation by 9.9%, now owning 124,247 shares after acquiring an additional 11,154 shares.
• Recent analyst reports have generally been positive, with multiple firms raising their price targets for Tenet Healthcare, including a new price objective of $200.00 from both Raymond James and Wells Fargo.
• Insider activity showed significant sell-offs, as EVP Lisa Y. Foo sold 8,000 shares and Director Christopher S. Lynch sold 3,952 shares, indicating a decrease in ownership by both individuals.

The Manufacturers Life Insurance Company increased its position in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 9.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,247 shares of the company's stock after acquiring an additional 11,154 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.13% of Tenet Healthcare worth $16,711,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. US Bancorp DE lifted its stake in Tenet Healthcare by 0.8% in the first quarter. US Bancorp DE now owns 8,620 shares of the company's stock valued at $1,159,000 after buying an additional 68 shares in the last quarter. Lindbrook Capital LLC lifted its stake in Tenet Healthcare by 5.3% in the first quarter. Lindbrook Capital LLC now owns 1,427 shares of the company's stock valued at $192,000 after buying an additional 72 shares in the last quarter. Covestor Ltd lifted its stake in Tenet Healthcare by 10.4% in the first quarter. Covestor Ltd now owns 873 shares of the company's stock valued at $117,000 after buying an additional 82 shares in the last quarter. Colonial Trust Co SC lifted 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 buying an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in Tenet Healthcare by 24.2% in the first quarter. Smartleaf Asset Management LLC now owns 585 shares of the company's stock valued at $78,000 after buying an additional 114 shares in the last quarter. Institutional investors own 95.44% of the company's stock.

Analyst Upgrades and Downgrades

THC has been the topic of a number of recent research reports. Raymond James Financial reiterated an "outperform" rating and issued a $200.00 price objective (up from $185.00) on shares of Tenet Healthcare in a report on Wednesday, July 23rd. Wells Fargo & Company lifted their price objective on shares of Tenet Healthcare from $195.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. UBS Group lifted their price objective on shares of Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a report on Monday, August 4th. Finally, Truist Financial lifted their price objective on shares of Tenet Healthcare from $190.00 to $205.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. One 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 stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $192.69.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 8,000 shares of the company's stock in a transaction 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $697,093.28. Following the completion of the transaction, the director owned 12,358 shares in the company, valued at approximately $2,179,827.62. This represents a 24.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,534 shares of company stock valued at $3,618,237 in the last ninety days. Company insiders own 0.81% of the company's stock.

Tenet Healthcare Price Performance

Shares of THC opened at $185.15 on Wednesday. The company has a market cap of $16.36 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 0.79 and a beta of 1.55. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $186.05. The company's fifty day simple moving average is $170.76 and its 200 day simple moving average is $151.92. The company has a current ratio of 1.71, a quick ratio of 1.63 and a debt-to-equity ratio of 2.39.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $5.16 billion. During the same period in the previous year, the company earned $2.31 earnings per share. The company's quarterly revenue was up 3.2% on a year-over-year basis. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. On average, research analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

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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