Nut Tree Capital Management LP Acquires New Holdings in Tenet Healthcare Corp (NYSE:THC)

Nut Tree Capital Management LP acquired a new stake in shares of Tenet Healthcare Corp (NYSE:THC) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 580,000 shares of the company’s stock, valued at approximately $11,983,000. Tenet Healthcare comprises approximately 6.5% of Nut Tree Capital Management LP’s investment portfolio, making the stock its 6th largest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. KBC Group NV bought a new position in Tenet Healthcare during the second quarter valued at approximately $53,000. Advisory Services Network LLC bought a new position in Tenet Healthcare during the first quarter valued at approximately $113,000. Teza Capital Management LLC bought a new position in Tenet Healthcare during the first quarter valued at approximately $209,000. Meadow Creek Investment Management LLC raised its position in Tenet Healthcare by 21.8% during the second quarter. Meadow Creek Investment Management LLC now owns 8,304 shares of the company’s stock valued at $172,000 after acquiring an additional 1,488 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Tenet Healthcare during the second quarter valued at approximately $185,000.

THC has been the topic of several analyst reports. Royal Bank of Canada reiterated a “hold” rating and set a $26.00 price target on shares of Tenet Healthcare in a report on Sunday, August 11th. Goldman Sachs Group initiated coverage on Tenet Healthcare in a report on Wednesday, August 14th. They set a “neutral” rating and a $28.00 price target on the stock. Finally, SunTrust Banks set a $24.00 price target on Tenet Healthcare and gave the company a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $28.62.

Shares of Tenet Healthcare stock traded up $0.17 during midday trading on Thursday, hitting $25.17. The company had a trading volume of 75,653 shares, compared to its average volume of 1,380,929. The business’s 50 day simple moving average is $21.76 and its two-hundred day simple moving average is $23.08. The stock has a market cap of $2.64 billion, a PE ratio of 13.58, a P/E/G ratio of 0.69 and a beta of 1.61. The company has a debt-to-equity ratio of 19.96, a current ratio of 1.13 and a quick ratio of 1.06. Tenet Healthcare Corp has a 1-year low of $16.60 and a 1-year high of $31.64.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.12. The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.48 billion. Tenet Healthcare had a negative net margin of 0.09% and a positive return on equity of 28.95%. Tenet Healthcare’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.49 earnings per share. On average, sell-side analysts expect that Tenet Healthcare Corp will post 2.37 EPS for the current fiscal year.

In related news, major shareholder Glenview Capital Management, L acquired 8,160 shares of the stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $19.65 per share, for a total transaction of $160,344.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward A. Kangas sold 45,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 47,138 shares in the company, valued at approximately $955,958.64. The disclosure for this sale can be found here. In the last 90 days, insiders bought 1,103,968 shares of company stock worth $22,295,091. 1.50% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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