Violich Capital Management Inc. has increased its investment in Tenet Healthcare Corporation (NYSE: THC) by 7.0% during the second quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Violich Capital now holds 1,905 shares of Tenet Healthcare, having acquired an additional 125 shares in the recent quarter. The total value of Violich Capital’s holdings in Tenet Healthcare was approximately $335,000 at the end of this reporting period.
Several other institutional investors have also adjusted their positions in Tenet Healthcare in recent months. US Bancorp DE raised its stake by 0.8% in the first quarter, resulting in ownership of 8,620 shares valued at $1,159,000 following the purchase of 68 additional shares. Farther Finance Advisors LLC increased its holdings by 2.8% during the second quarter, now owning 2,615 shares worth $460,000 after acquiring 70 shares. Lindbrook Capital LLC and Signaturefd LLC also reported increases, with Lindbrook raising its stake by 5.3% and Signaturefd by 11.2%.
As of the latest data, institutional investors and hedge funds control approximately 95.44% of Tenet Healthcare’s stock.
Insider Transactions and Stock Performance
In related news, insider transactions have taken place at Tenet Healthcare. Director Christopher S. Lynch sold 3,952 shares on August 19, 2023, at an average price of $176.39, totaling around $697,093.28. Following this sale, Lynch now holds 12,358 shares, valued at approximately $2,179,827.62, marking a 24.23% decrease in his ownership.
Executive Vice President Lisa Y. Foo also sold 8,000 shares on August 20, 2023, at an average price of $179.53, amounting to $1,436,240.00. After this transaction, Foo’s holdings stand at 20,878 shares, valued at $3,748,227.34, reflecting a 27.70% decrease in ownership. Over the last three months, corporate insiders have sold a total of 90,722 shares valued at $17,161,015, with insiders holding 0.81% of the stock.
Latest Earnings and Market Performance
Tenet Healthcare’s stock opened at $199.89 on the latest trading day, showing a strong performance with a 50-day moving average of $189.23 and a 200-day moving average of $167.02. The company has a market capitalization of $17.66 billion and a P/E ratio of 12.80.
On July 22, 2023, Tenet Healthcare reported its quarterly earnings, revealing earnings per share (EPS) of $4.02, exceeding analysts’ expectations of $2.84 by $1.18. The firm generated $5.27 billion in revenue for the quarter, surpassing the consensus estimate of $5.16 billion. The company’s net margin stood at 7.17%, with a return on equity of 24.69%. Furthermore, Tenet Healthcare noted a 3.2% increase in quarterly revenue compared to the same period last year. For the fiscal year 2025, the company has set its guidance at $15.550 to $16.210 EPS, with analysts projecting an EPS of $12.24 for the current fiscal year.
Tenet Healthcare Corporation, headquartered in the United States, operates as a diversified healthcare services company, providing services through its Hospital Operations and Services and Ambulatory Care segments.
