Truist Financial Corp Trims Position in Tenet Healthcare Corporation $THC

Key Points

• Truist Financial Corp has reduced its holdings in Tenet Healthcare Corporation by 17.1%, now owning 10,334 shares valued at approximately $1.82 million.
• Several analysts have increased their price targets for Tenet Healthcare, with UBS Group raising it from $230 to $238 and KeyCorp from $205 to $225, indicating positive sentiment in the market.
• Insiders have sold a total of 90,722 shares of Tenet Healthcare stock over the last quarter, highlighting possible shifts in confidence among company executives.

Truist Financial Corp reduced its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 17.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,334 shares of the company's stock after selling 2,136 shares during the quarter. Truist Financial Corp's holdings in Tenet Healthcare were worth $1,819,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in THC. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Tenet Healthcare during the 1st quarter worth about $212,000. Envestnet Asset Management Inc. boosted its holdings in shares of Tenet Healthcare by 3.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 203,582 shares of the company's stock valued at $27,382,000 after purchasing an additional 6,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Tenet Healthcare by 65.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company's stock worth $189,000 after buying an additional 562 shares during the last quarter. Royal Bank of Canada raised its position in shares of Tenet Healthcare by 34.0% in the 1st quarter. Royal Bank of Canada now owns 119,349 shares of the company's stock worth $16,052,000 after buying an additional 30,281 shares during the period. Finally, GAMMA Investing LLC grew its position in Tenet Healthcare by 28.1% during the first quarter. GAMMA Investing LLC now owns 1,430 shares of the company's stock valued at $192,000 after acquiring an additional 314 shares during the period. 95.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

THC has been the topic of several research analyst reports. KeyCorp lifted their price objective on Tenet Healthcare from $205.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday. Guggenheim boosted their price objective on shares of Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. UBS Group raised their target price on shares of Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. 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. Finally, Mizuho boosted their price objective on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $201.69.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $189.45 on Friday. The company's fifty day moving average price is $185.76 and its two-hundred day moving average price is $164.87. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63. The firm has a market capitalization of $16.74 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.81 and a beta of 1.52. Tenet Healthcare Corporation has a 12 month low of $109.82 and a 12 month high of $207.14.

Tenet Healthcare (NYSE:THC - Get Free Report) last released 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. The business had revenue of $5.27 billion for the quarter, compared to analysts' expectations 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 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, research analysts anticipate that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other news, EVP Lisa Y. Foo sold 8,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 20,878 shares of the company's stock, valued at approximately $3,748,227.34. The trade was a 27.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Saumya Sutaria sold 78,762 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 368,683 shares in the company, valued at $70,337,342.74. The trade was a 17.60% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,722 shares of company stock valued at $17,161,015. 0.81% of the stock is currently owned by corporate insiders.

Tenet Healthcare Company 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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