The Vanguard Group, Inc. recently announced the acquisition of new stake in Tenet Healthcare Corporation (NYSE:THC). The institutional investor has increased its shareholding in the Healthcare company by 4.09% to 11.15 million shares with purchase of 0.44 million shares. This fresh investment now brings its stake to 10.90% valued currently at $652.56 million. In addition, BlackRock Fund Advisors raised its holdings by 0.45 million to 9.11 million shares. And Glenview Capital Management LLC has lifted its position by 9.83% or 0.8 million shares – to 8.9 million shares.
With over 2.08 million Tenet Healthcare Corporation (THC) shares trading Tuesday and a closing price of $54.04 on the day, the dollar volume was approximately $112.28 million. The shares have shown a negative half year performance of -15.31% and its price on 03/14/23 gained nearly 4.91%. Currently, there are 104.52M common shares owned by the public and among those 100.56M shares have been available to trade.
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Insiders at the company have transacted a total of 31 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 232,633 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 124,395 shares.
The top 3 mutual fund holders in Tenet Healthcare Corporation are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 3.37 million shares of the company’s stock, all valued at over $197.52 million. The company bought an additional 7644.0 shares recently to bring their total holdings to about 3.30% of the shares outstanding. Vanguard Total Stock Market Index bought 18265.0 shares to see its total holdings expand to 3.31 million shares valued at over $193.71 million and representing 3.24% of the shares outstanding. Vanguard Small Cap Index Fund bought 15276.0 shares to bring its total holdings to over 2.8 million shares at a value of $163.95 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.74% of the shares outstanding.
Shares of Tenet Healthcare Corporation (NYSE: THC) opened at $52.56, up $1.05 from a prior closing price of $51.51. However, the script later moved the day high at 55.27, up 4.91%. The company’s stock has a 5-day price change of -5.39% and 23.52% over the past three months. THC shares are trading 10.76% year to date (YTD), with the 12-month market performance down to -39.31% lower. It has a 12-month low price of $36.69 and touched a high of $92.65 over the same period. THC has an average intraday trading volume of 1.64 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.05%, -2.06%, and -0.58% respectively.
Institutional ownership of Tenet Healthcare Corporation (NYSE: THC) 104.52M shares outstanding. Mutual fund holders own 44.94%, while other institutional holders and individual stakeholders account for 57.26% and 17.29% respectively.
It has a market capitalization of $5.77B and a beta (3y monthly) value of 2.19. The stock’s trailing 12-month PE ratio is 14.40, while the earnings-per-share (ttm) stands at $3.75. The company has a PEG of 5.35 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 13.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.93% over the week and 3.60% over the month.
Analysts forecast that Tenet Healthcare Corporation (THC) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Earnings per share for the fiscal year are expected to decrease by -56.00%, and 18.01% over the next financial year. EPS should shrink at an annualized rate of 2.69% over the next five years, compared to 23.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Tenet Healthcare Corporation (THC) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 4 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the THC, a number of firms have released research notes about the stock. Loop Capital stated their Buy rating for the stock in a research note on June 17, 2022, with the firm’s price target at $80. Wells Fargo coverage for the Tenet Healthcare Corporation (THC) stock in a research note released on March 29, 2022 offered a Overweight rating with a price target of $100. UBS was of a view on February 10, 2022 that the stock is Buy, while Truist gave the stock Buy rating on February 09, 2022, issuing a price target of $90. SVB Leerink on their part issued Outperform rating on February 09, 2022.
