KLP Kapitalforvaltning AS Reduces Stock Holdings in Tenet Healthcare Corporation $THC

KLP Kapitalforvaltning AS decreased its holdings in shares of Tenet Healthcare Corporation (NYSE:THC) by 2.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,500 shares of the company’s stock after selling 500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Tenet Healthcare were worth $3,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of THC. Nuveen LLC bought a new stake in Tenet Healthcare during the 1st quarter valued at $218,549,000. Ameriprise Financial Inc. raised its holdings in Tenet Healthcare by 348.4% during the 1st quarter. Ameriprise Financial Inc. now owns 1,962,314 shares of the company’s stock valued at $263,905,000 after acquiring an additional 1,524,642 shares during the period. Boston Partners raised its holdings in Tenet Healthcare by 692.9% during the 1st quarter. Boston Partners now owns 1,162,642 shares of the company’s stock valued at $156,318,000 after acquiring an additional 1,016,010 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Tenet Healthcare by 6.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,596,544 shares of the company’s stock valued at $1,021,736,000 after acquiring an additional 463,552 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Tenet Healthcare by 111.3% in 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 period. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Down 2.8%

THC opened at $189.45 on Friday. The stock has a market cap of $16.74 billion, a PE ratio of 12.13, a P/E/G ratio of 0.83 and a beta of 1.52. 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 52 week low of $109.82 and a 52 week high of $207.14. The business’s fifty day simple moving average is $185.76 and its 200 day simple moving average is $164.65.

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 analysts’ consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%.The firm had revenue of $5.27 billion for the quarter, compared to analysts’ expectations of $5.16 billion. During the same period last year, the firm earned $2.31 earnings per share. The company’s revenue for the quarter 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. As a group, research analysts expect that Tenet Healthcare Corporation will post 12.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

THC has been the topic of a number of recent analyst reports. 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. Robert W. Baird lowered their price objective on Tenet Healthcare from $195.00 to $167.00 and set a “neutral” rating on the stock in a research report on Friday, July 25th. Truist Financial increased their price objective on Tenet Healthcare from $190.00 to $205.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Mizuho increased their price objective on Tenet Healthcare from $184.00 to $194.00 and gave the stock an “outperform” rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company increased their target price on Tenet Healthcare from $200.00 to $238.00 and gave the company an “overweight” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $201.69.

Insider Activity

In other news, CEO Saumya Sutaria sold 78,762 shares of the firm’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 transaction, the chief executive officer directly owned 368,683 shares of the company’s stock, valued at approximately $70,337,342.74. This trade represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher S. Lynch sold 3,952 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $176.39, for a total value of $697,093.28. Following the completion of the sale, the director directly owned 12,358 shares in the company, valued at $2,179,827.62. The trade was a 24.23% 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 valued at $17,161,015. 0.81% of the stock is currently owned by insiders.

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.