State Board of Administration of Florida Retirement System raised its stake in Tenet Healthcare Co. (NYSE:THC – Get Rating) by 34.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,680 shares of the company’s stock after purchasing an additional 13,440 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Tenet Healthcare were worth $2,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Citigroup Inc. increased its holdings in shares of Tenet Healthcare by 730.0% in the 1st quarter. Citigroup Inc. now owns 1,097,136 shares of the company’s stock valued at $94,310,000 after acquiring an additional 964,957 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Tenet Healthcare by 176.4% in the 1st quarter. Lord Abbett & CO. LLC now owns 843,289 shares of the company’s stock valued at $72,491,000 after acquiring an additional 538,206 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Tenet Healthcare by 391.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 624,001 shares of the company’s stock valued at $32,797,000 after acquiring an additional 497,044 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Tenet Healthcare by 3.8% in the 1st quarter. BlackRock Inc. now owns 12,532,426 shares of the company’s stock valued at $1,077,288,000 after acquiring an additional 464,316 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Tenet Healthcare by 7.5% in the 1st quarter. Invesco Ltd. now owns 5,972,392 shares of the company’s stock valued at $513,386,000 after acquiring an additional 418,634 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.
In other Tenet Healthcare news, CFO Daniel J. Cancelmi acquired 11,000 shares of the stock in a transaction dated Wednesday, October 26th. The stock was acquired at an average price of $43.07 per share, with a total value of $473,770.00. Following the completion of the transaction, the chief financial officer now directly owns 392,815 shares in the company, valued at $16,918,542.05. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.
Tenet Healthcare Stock Performance
Tenet Healthcare (NYSE:THC – Get Rating) last issued its quarterly earnings data on Friday, October 21st. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.16. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Tenet Healthcare had a return on equity of 38.12% and a net margin of 2.93%. Tenet Healthcare’s revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.99 earnings per share. Sell-side analysts forecast that Tenet Healthcare Co. will post 6.14 earnings per share for the current fiscal year.
Tenet Healthcare announced that its board has initiated a share buyback plan on Thursday, October 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Wells Fargo & Company dropped their price target on Tenet Healthcare from $82.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, October 24th. Credit Suisse Group dropped their price target on Tenet Healthcare to $80.00 in a research note on Thursday, October 27th. UBS Group dropped their price target on Tenet Healthcare from $113.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. SVB Leerink dropped their price target on Tenet Healthcare from $89.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 25th. Finally, Bank of America lowered their target price on Tenet Healthcare from $79.00 to $64.00 in a research note on Friday, October 21st. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $72.38.
Tenet Healthcare 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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