Riverhead Capital Management LLC grew its stake in shares of Tenet Healthcare Corp (NYSE:THC) by 21.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,373 shares of the company’s stock after acquiring an additional 3,100 shares during the period. Riverhead Capital Management LLC’s holdings in Tenet Healthcare were worth $359,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Tenet Healthcare by 4.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,484,283 shares of the company’s stock valued at $42,582,000 after purchasing an additional 104,582 shares during the last quarter. Geode Capital Management LLC lifted its position in Tenet Healthcare by 17.5% in the 4th quarter. Geode Capital Management LLC now owns 960,805 shares of the company’s stock valued at $16,467,000 after purchasing an additional 143,053 shares during the last quarter. Texas Permanent School Fund raised its position in shares of Tenet Healthcare by 3.9% during the 1st quarter. Texas Permanent School Fund now owns 56,465 shares of the company’s stock worth $1,628,000 after buying an additional 2,135 shares in the last quarter. Affinity Investment Advisors LLC bought a new stake in shares of Tenet Healthcare during the 1st quarter worth about $410,000. Finally, Mason Street Advisors LLC raised its position in shares of Tenet Healthcare by 1.7% during the 1st quarter. Mason Street Advisors LLC now owns 44,222 shares of the company’s stock worth $1,275,000 after buying an additional 734 shares in the last quarter. 99.16% of the stock is owned by institutional investors.
Several research firms have recently weighed in on THC. SunTrust Banks set a $24.00 target price on shares of Tenet Healthcare and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reissued a “hold” rating and issued a $26.00 target price on shares of Tenet Healthcare in a research report on Sunday, August 11th. Finally, Goldman Sachs Group began coverage on shares of Tenet Healthcare in a research report on Wednesday, August 14th. They issued a “neutral” rating and a $28.00 target price on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Tenet Healthcare currently has an average rating of “Hold” and an average target price of $28.62.
Shares of THC stock traded down $0.07 during trading hours on Friday, reaching $25.63. The company’s stock had a trading volume of 42,060 shares, compared to its average volume of 1,264,562. The stock has a market capitalization of $2.50 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.66 and a beta of 1.61. Tenet Healthcare Corp has a one year low of $16.60 and a one year high of $31.64. The firm’s fifty day simple moving average is $21.30 and its 200 day simple moving average is $23.11. The company has a current ratio of 1.13, a quick ratio of 1.06 and a debt-to-equity ratio of 19.96.
Tenet Healthcare (NYSE:THC) last released its earnings results on Monday, August 5th. The company reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.12. Tenet Healthcare had a positive return on equity of 28.95% and a negative net margin of 0.09%. The company had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same quarter last year, the business posted $0.49 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities research analysts forecast that Tenet Healthcare Corp will post 2.37 earnings per share for the current fiscal year.
In other Tenet Healthcare news, Director Edward A. Kangas sold 45,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $20.28, for a total value of $912,600.00. Following the transaction, the director now directly owns 47,138 shares of the company’s stock, valued at approximately $955,958.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Glenview Capital Management, L bought 613,781 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $20.12 per share, for a total transaction of $12,349,273.72. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,103,968 shares of company stock worth $22,295,091. 1.50% of the stock is currently owned by insiders.
About Tenet Healthcare
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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