Swiss National Bank raised its position in Tenet Healthcare Co. (NYSE:THC – Get Rating) by 11.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 240,500 shares of the company’s stock after buying an additional 25,200 shares during the period. Swiss National Bank owned 0.22% of Tenet Healthcare worth $12,641,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund raised its position in shares of Tenet Healthcare by 63.6% during the second quarter. Illinois Municipal Retirement Fund now owns 11,877 shares of the company’s stock worth $624,000 after acquiring an additional 4,619 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Tenet Healthcare during the 1st quarter worth about $258,000. Arete Wealth Advisors LLC bought a new position in shares of Tenet Healthcare in the 1st quarter valued at about $207,000. Yousif Capital Management LLC raised its stake in shares of Tenet Healthcare by 1.6% during the first quarter. Yousif Capital Management LLC now owns 54,736 shares of the company’s stock worth $4,705,000 after buying an additional 881 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in Tenet Healthcare by 14.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 60,547 shares of the company’s stock valued at $3,182,000 after buying an additional 7,661 shares during the period. 97.38% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have commented on THC. UBS Group dropped their target price on shares of Tenet Healthcare from $113.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Stephens decreased their target price on Tenet Healthcare from $65.00 to $45.00 and set an “equal weight” rating for the company in a research report on Monday, October 24th. Bank of America reduced their target price on Tenet Healthcare from $79.00 to $64.00 in a report on Friday, October 21st. Deutsche Bank Aktiengesellschaft dropped their price target on Tenet Healthcare from $90.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, October 24th. Finally, Barclays lowered their target price on Tenet Healthcare from $104.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, October 24th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $72.38.
Insider Transactions at Tenet Healthcare
Tenet Healthcare Stock Up 6.5 %
THC stock opened at $45.11 on Friday. Tenet Healthcare Co. has a twelve month low of $36.69 and a twelve month high of $92.65. The company has a market cap of $4.88 billion, a price-to-earnings ratio of 8.88, a P/E/G ratio of 1.17 and a beta of 2.24. The company has a quick ratio of 1.31, a current ratio of 1.40 and a debt-to-equity ratio of 5.97. The business has a 50 day moving average price of $49.66 and a two-hundred day moving average price of $57.49.
Tenet Healthcare (NYSE:THC – Get Rating) last announced its quarterly earnings results on Friday, October 21st. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.16. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the company posted $1.99 earnings per share. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. Analysts anticipate that Tenet Healthcare Co. will post 6.14 EPS for the current fiscal year.
Tenet Healthcare announced that its board has authorized a share buyback program 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 programs are typically a sign that the company’s board believes its shares are undervalued.
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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