Voya Investment Management LLC Purchases 27,995 Shares of Tenet Healthcare Corporation $THC

Key Points

• Voya Investment Management LLC increased its stake in Tenet Healthcare Corporation by 27.7%, acquiring an additional 27,995 shares, bringing its total ownership to 129,186 shares valued at approximately $17.4 million.
• Tenet Healthcare reported a strong quarterly performance with $4.02 earnings per share, surpassing analysts' expectations of $2.84 and reflecting a year-over-year revenue increase of 3.2% to $5.27 billion.
• Institutional investors own 95.44% of Tenet Healthcare's stock, indicating strong institutional interest and confidence in the company's performance.

Voya Investment Management LLC lifted its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 27.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 129,186 shares of the company's stock after purchasing an additional 27,995 shares during the quarter. Voya Investment Management LLC owned about 0.14% of Tenet Healthcare worth $17,376,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new position in Tenet Healthcare in the first quarter worth $218,549,000. Ameriprise Financial Inc. lifted its stake in Tenet Healthcare by 348.4% during the first quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company's stock worth $263,905,000 after purchasing an additional 1,524,642 shares during the last quarter. Boston Partners lifted its stake in Tenet Healthcare by 692.9% during the first 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. Price T Rowe Associates Inc. MD lifted its stake in Tenet Healthcare by 6.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company's stock worth $1,021,736,000 after purchasing an additional 463,552 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Tenet Healthcare by 111.3% during the first quarter. Adage Capital Partners GP L.L.C. now owns 469,529 shares of the company's stock worth $63,152,000 after purchasing an additional 247,314 shares during the last quarter. Institutional investors own 95.44% of the company's stock.

Insider Activity at Tenet Healthcare

In related news, Director Christopher S. Lynch sold 3,952 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 12,358 shares of the company's stock, valued at $2,179,827.62. This trade represents a 24.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Y. Foo sold 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was 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 owned 20,878 shares in the company, valued at $3,748,227.34. This represents a 27.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,722 shares of company stock valued at $17,161,015 over the last 90 days. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $186.54 on Tuesday. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $199.99. The company has a 50 day simple moving average of $174.18 and a two-hundred day simple moving average of $155.79. The company has a market capitalization of $16.48 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 0.83 and a beta of 1.55. 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 announced 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 business had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.16 billion. Tenet Healthcare had a net margin of 7.17% and a return on equity of 24.69%. The business's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. Analysts expect that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on THC. JPMorgan Chase & Co. lifted their price target on Tenet Healthcare from $190.00 to $200.00 and gave the stock an "overweight" rating in a research note on Monday, August 4th. Cantor Fitzgerald restated an "overweight" rating and set a $190.00 price target on shares of Tenet Healthcare in a research report on Tuesday, August 26th. Stephens upgraded shares of Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $195.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Finally, UBS Group upped their price target on shares of Tenet Healthcare from $230.00 to $238.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $195.50.

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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