Systematic Financial Management LP decreased its stake in Tenet Healthcare Corp (NYSE:THC) by 43.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,405 shares of the company’s stock after selling 18,375 shares during the quarter. Systematic Financial Management LP’s holdings in Tenet Healthcare were worth $540,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of THC. BlackRock Inc. raised its position in shares of Tenet Healthcare by 9.8% during the second quarter. BlackRock Inc. now owns 11,069,966 shares of the company’s stock worth $228,706,000 after acquiring an additional 988,993 shares during the last quarter. Camber Capital Management LP grew its stake in shares of Tenet Healthcare by 42.9% during the second quarter. Camber Capital Management LP now owns 2,500,000 shares of the company’s stock worth $51,650,000 after purchasing an additional 750,000 shares during the period. APG Asset Management N.V. grew its stake in shares of Tenet Healthcare by 101.0% during the second quarter. APG Asset Management N.V. now owns 1,164,100 shares of the company’s stock worth $21,119,000 after purchasing an additional 584,900 shares during the period. Nut Tree Capital Management LP acquired a new stake in shares of Tenet Healthcare during the second quarter worth $11,983,000. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Tenet Healthcare during the second quarter worth $10,436,000. Hedge funds and other institutional investors own 99.16% of the company’s stock.
A number of equities research analysts recently commented on the company. Robert W. Baird lifted their price objective on Tenet Healthcare from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. SunTrust Banks lifted their price objective on Tenet Healthcare from $24.00 to $31.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. Mizuho reaffirmed a “buy” rating on shares of Tenet Healthcare in a research note on Thursday, November 7th. Credit Suisse Group raised Tenet Healthcare from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $25.00 to $36.00 in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $26.00 price objective on shares of Tenet Healthcare in a research note on Sunday, August 11th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Tenet Healthcare presently has a consensus rating of “Hold” and a consensus target price of $29.92.
NYSE:THC traded up $1.07 on Friday, reaching $30.55. The company’s stock had a trading volume of 1,926,290 shares, compared to its average volume of 1,307,682. Tenet Healthcare Corp has a 1-year low of $16.60 and a 1-year high of $31.64. The company has a debt-to-equity ratio of 30.38, a quick ratio of 1.14 and a current ratio of 1.22. The firm has a market cap of $3.08 billion, a PE ratio of 16.42, a PEG ratio of 0.72 and a beta of 1.66. The business’s 50-day moving average price is $24.65 and its two-hundred day moving average price is $22.05.
Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.30. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Tenet Healthcare had a positive return on equity of 35.68% and a negative net margin of 1.31%. Tenet Healthcare’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, sell-side analysts expect that Tenet Healthcare Corp will post 2.65 EPS for the current year.
In other news, Director Edward A. Kangas sold 45,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $20.28, for a total transaction of $912,600.00. Following the transaction, the director now owns 47,138 shares in the company, valued at $955,958.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Glenview Capital Management, L bought 221,875 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average price of $20.50 per share, for a total transaction of $4,548,437.50. The disclosure for this purchase can be found here. Insiders have purchased 311,403 shares of company stock worth $6,393,099 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.
Tenet Healthcare Company Profile
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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