Tenet Healthcare Corporation $THC Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L.L.P NC reduced its holdings in Tenet Healthcare Corporation by 24.3% in the second quarter, owning approximately 0.25% of the company after selling 72,915 shares.
• Several hedge funds adjusted their stakes in Tenet Healthcare, with most recent reporting that 95.44% of the stock is owned by institutional investors and hedge funds.
• Analysts generally maintain a positive outlook for Tenet Healthcare, with a consensus rating of "Moderate Buy" and a price target of $196.81.

Wedge Capital Management L L P NC decreased its stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 24.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,612 shares of the company's stock after selling 72,915 shares during the quarter. Wedge Capital Management L L P NC owned about 0.25% of Tenet Healthcare worth $40,060,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Tenet Healthcare during the 1st quarter valued at approximately $26,000. Wayfinding Financial LLC acquired a new stake in shares of Tenet Healthcare in the first quarter worth $28,000. SVB Wealth LLC acquired a new stake in shares of Tenet Healthcare in the first quarter worth $30,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Tenet Healthcare in the first quarter worth $31,000. Finally, Brooklyn Investment Group increased its stake in shares of Tenet Healthcare by 908.7% in the first quarter. Brooklyn Investment Group now owns 232 shares of the company's stock worth $31,000 after acquiring an additional 209 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Tenet Healthcare Price Performance

Shares of NYSE THC traded down $1.09 during mid-day trading on Tuesday, reaching $192.97. The company's stock had a trading volume of 364,633 shares, compared to its average volume of 1,502,296. The stock has a 50-day moving average of $175.57 and a two-hundred day moving average of $157.99. The stock has a market capitalization of $17.05 billion, a P/E ratio of 12.35, a P/E/G ratio of 0.81 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 Corporation has a 1-year low of $109.82 and a 1-year high of $199.99.

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

Wall Street Analysts Forecast Growth

THC has been the topic of a number of research reports. UBS Group increased their price objective on shares of Tenet Healthcare from $230.00 to $238.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Wells Fargo & Company increased their price target on shares of Tenet Healthcare from $195.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Mizuho increased their price target on shares of Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Wall Street Zen raised shares of Tenet Healthcare from a "hold" rating to a "strong-buy" rating in a report on Saturday, July 26th. Finally, JPMorgan Chase & Co. increased their price target on shares of Tenet Healthcare from $190.00 to $200.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $196.81.

Insider Buying and Selling at Tenet Healthcare

In related news, Director Christopher S. Lynch sold 3,952 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $176.39, for a total value 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. The trade was a 24.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Saumya Sutaria sold 78,762 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total transaction of $15,026,214.36. Following the completion of the transaction, the chief executive officer owned 368,683 shares of the company's stock, valued at $70,337,342.74. This trade represents a 17.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,722 shares of company stock worth $17,161,015 over the last three months. Insiders own 0.81% of the company's stock.

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.