Wedge Capital Management L L P NC Has $40.42 Million Position in Tenet Healthcare Co. (NYSE:THC)

Wedge Capital Management L L P NC raised its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 26.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 300,527 shares of the company’s stock after buying an additional 62,062 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Tenet Healthcare were worth $40,421,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Tenet Healthcare during the 4th quarter valued at about $5,892,000. abrdn plc increased its holdings in Tenet Healthcare by 29.0% during the fourth quarter. abrdn plc now owns 98,229 shares of the company’s stock worth $12,320,000 after buying an additional 22,066 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Tenet Healthcare by 541.3% during the fourth quarter. Asset Management One Co. Ltd. now owns 9,478 shares of the company’s stock worth $1,213,000 after buying an additional 8,000 shares during the last quarter. Lecap Asset Management Ltd. boosted its stake in shares of Tenet Healthcare by 152.7% during the 4th quarter. Lecap Asset Management Ltd. now owns 4,189 shares of the company’s stock worth $529,000 after acquiring an additional 2,531 shares during the period. Finally, Truist Financial Corp increased its holdings in shares of Tenet Healthcare by 1.6% in the fourth quarter. Truist Financial Corp now owns 12,407 shares of the company’s stock valued at $1,566,000 after purchasing an additional 198 shares during the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Stock Performance

THC opened at $171.36 on Friday. Tenet Healthcare Co. has a 1-year low of $109.82 and a 1-year high of $174.14. The company has a market cap of $15.92 billion, a price-to-earnings ratio of 5.32, a PEG ratio of 1.02 and a beta of 1.65. The company has a current ratio of 1.78, a quick ratio of 1.70 and a debt-to-equity ratio of 2.25. The company’s fifty day moving average price is $144.43 and its two-hundred day moving average price is $136.98.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, April 29th. The company reported $4.36 earnings per share for the quarter, topping the consensus estimate of $3.11 by $1.25. Tenet Healthcare had a net margin of 15.48% and a return on equity of 21.88%. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the previous year, the company earned $3.22 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts expect that Tenet Healthcare Co. will post 12.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard W. Fisher sold 836 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $173.16, for a total value of $144,761.76. Following the sale, the director now owns 11,292 shares of the company’s stock, valued at $1,955,322.72. The trade was a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director J Robert Kerrey sold 9,525 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $125.43, for a total value of $1,194,720.75. Following the completion of the transaction, the director now directly owns 27,378 shares of the company’s stock, valued at $3,434,022.54. The trade was a 25.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,646 shares of company stock valued at $10,041,025. Company insiders own 0.81% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on THC. Guggenheim assumed coverage on Tenet Healthcare in a research report on Wednesday, April 9th. They issued a “buy” rating and a $165.00 target price on the stock. The Goldman Sachs Group upped their target price on Tenet Healthcare from $134.00 to $154.00 and gave the stock a “neutral” rating in a research note on Monday, May 5th. Royal Bank of Canada increased their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an “outperform” rating in a research note on Wednesday, April 30th. UBS Group increased their target price on Tenet Healthcare from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Finally, Stephens upgraded shares of Tenet Healthcare to a “strong-buy” rating in a report on Monday, June 2nd. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $180.18.

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.