Public Employees Retirement System of Ohio Cuts Stock Holdings in Tenet Healthcare Corporation $THC

Public Employees Retirement System of Ohio cut its stake in Tenet Healthcare Corporation (NYSE:THC) by 2.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,616 shares of the company’s stock after selling 870 shares during the period. Public Employees Retirement System of Ohio’s holdings in Tenet Healthcare were worth $5,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Tenet Healthcare in the first quarter valued at approximately $212,000. Envestnet Asset Management Inc. grew its position in shares of Tenet Healthcare by 3.3% in the first 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tenet Healthcare by 65.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company’s stock valued at $189,000 after purchasing an additional 562 shares in the last quarter. Royal Bank of Canada grew its position in shares of Tenet Healthcare by 34.0% in the first quarter. Royal Bank of Canada now owns 119,349 shares of the company’s stock valued at $16,052,000 after purchasing an additional 30,281 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in 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 period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Lisa Y. Foo sold 8,000 shares of the stock in a transaction on 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 in the company, valued at approximately $3,748,227.34. This trade represents a 27.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Saumya Sutaria sold 78,762 shares of the stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $190.78, for a total value of $15,026,214.36. Following the completion of the sale, the chief executive officer owned 368,683 shares in the company, valued at approximately $70,337,342.74. The trade was a 17.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,722 shares of company stock worth $17,161,015. Corporate insiders own 0.81% of the company’s stock.

Tenet Healthcare Stock Down 0.5%

Shares of NYSE THC opened at $201.08 on Tuesday. The stock has a market cap of $17.77 billion, a P/E ratio of 12.87, a PEG ratio of 0.86 and a beta of 1.55. 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 Corporation has a 12-month low of $109.82 and a 12-month high of $202.71. The business’s fifty day simple moving average is $177.94 and its 200-day simple moving average is $160.60.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating 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 for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $2.31 earnings per share. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. As a group, equities analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on THC. Guggenheim increased their price objective on Tenet Healthcare from $180.00 to $188.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. 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 research report on Wednesday, July 23rd. Morgan Stanley increased their price objective on Tenet Healthcare from $175.00 to $210.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Monday, August 4th. Finally, Bank of America increased their price objective on Tenet Healthcare from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare presently has an average rating of “Moderate Buy” and a consensus target price of $196.81.

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.