Wallace Advisory Group LLC Takes $288,000 Position in Tenet Healthcare Corporation $THC

Key Points

• Wallace Advisory Group LLC has acquired a new position in Tenet Healthcare Corporation ($THC), purchasing 1,635 shares valued at approximately $288,000.
• Analysts have set new price targets for Tenet Healthcare, with Mizuho increasing their target from $194.00 to $225.00, while JPMorgan raised theirs from $190.00 to $200.00.
• CEO Saumya Sutaria sold 78,762 shares for over $15 million, reducing their ownership stake by 17.60%.

Wallace Advisory Group LLC acquired a new position in Tenet Healthcare Corporation (NYSE:THC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,635 shares of the company's stock, valued at approximately $288,000.

Several other hedge funds and other institutional investors have also modified their holdings of THC. GAMMA Investing LLC grew its stake in shares of Tenet Healthcare by 28.1% in the first quarter. GAMMA Investing LLC now owns 1,430 shares of the company's stock worth $192,000 after acquiring an additional 314 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Tenet Healthcare during the first quarter worth $1,986,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Tenet Healthcare during the first quarter worth $212,000. Whalen Wealth Management Inc. acquired a new stake in Tenet Healthcare during the first quarter worth $429,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Tenet Healthcare during the first quarter worth $3,777,000. Institutional investors and hedge funds own 95.44% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on THC shares. Mizuho lifted their price target on shares of Tenet Healthcare from $194.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday. JPMorgan Chase & Co. boosted their target price on shares of Tenet Healthcare from $190.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. Weiss Ratings restated a "hold (c+)" rating on shares of Tenet Healthcare in a research note on Wednesday, October 8th. Truist Financial set a $225.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 14th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $190.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $209.25.

Insiders Place Their Bets

In other Tenet Healthcare news, CEO Saumya Sutaria sold 78,762 shares of the business's 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 completion of the sale, the chief executive officer directly owned 368,683 shares of the company's stock, valued at approximately $70,337,342.74. The trade was a 17.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lisa Y. Foo sold 8,000 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $179.53, for a total value of $1,436,240.00. Following the sale, the executive vice president directly owned 20,878 shares of the company's stock, valued at $3,748,227.34. This represents a 27.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 90,722 shares of company stock valued at $17,161,015. 0.81% of the stock is currently owned by insiders.

Tenet Healthcare Stock Performance

Tenet Healthcare stock opened at $201.83 on Tuesday. The stock has a 50-day simple moving average of $189.94 and a 200 day simple moving average of $167.83. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a 12-month low of $109.82 and a 12-month high of $207.14. The stock has a market capitalization of $17.83 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 0.86 and a beta of 1.52.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) 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 analysts' expectations of $5.16 billion. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The firm's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.31 earnings per share. On average, research analysts anticipate that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

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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