Allspring Global Investments Holdings LLC Trims Stock Holdings in Tenet Healthcare Corporation $THC

Allspring Global Investments Holdings LLC lowered its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 5.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 426,367 shares of the company’s stock after selling 26,656 shares during the period. Allspring Global Investments Holdings LLC owned about 0.46% of Tenet Healthcare worth $75,650,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at about $26,000. Chung Wu Investment Group LLC purchased a new position in shares of Tenet Healthcare during the 2nd quarter valued at about $35,000. Wayfinding Financial LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at about $28,000. SVB Wealth LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at about $30,000. Finally, N.E.W. Advisory Services LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Trading Up 0.2%

Shares of Tenet Healthcare stock opened at $189.94 on Tuesday. The stock has a market cap of $16.78 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.81 and a beta of 1.52. The stock’s 50 day simple moving average is $186.34 and its 200-day simple moving average is $165.48. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $207.14. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, topping 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 business’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 firm posted $2.31 EPS. Tenet Healthcare has set its FY 2025 guidance at 15.550-16.210 EPS. Analysts predict that Tenet Healthcare Corporation will post 12.24 EPS for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 78,762 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $190.78, for a total value of $15,026,214.36. Following the transaction, the chief executive officer directly owned 368,683 shares in the company, valued at approximately $70,337,342.74. This represents a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christopher S. Lynch sold 3,952 shares of the company’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 value of $697,093.28. Following the completion of the transaction, the director owned 12,358 shares in the company, valued at $2,179,827.62. This represents 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 worth $17,161,015. Insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on THC shares. Robert W. Baird dropped their target price 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. Bank of America raised their target price on Tenet Healthcare from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Tenet Healthcare in a research report on Wednesday, October 8th. Barclays raised their target price on Tenet Healthcare from $208.00 to $229.00 and gave the company an “overweight” rating in a research report on Thursday, September 18th. Finally, Wall Street Zen upgraded Tenet Healthcare from a “hold” rating to a “strong-buy” rating in a research report on Saturday, July 26th. 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 stock. According to MarketBeat.com, Tenet Healthcare presently has an average rating of “Moderate Buy” and an average price target of $201.69.

Tenet Healthcare 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.