Boston Partners bought a new position in shares of Tenet Healthcare Co. (NYSE:THC – Get Rating) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,992 shares of the company’s stock, valued at approximately $361,000.
Several other hedge funds also recently modified their holdings of the business. FMR LLC raised its stake in shares of Tenet Healthcare by 30.6% in the second quarter. FMR LLC now owns 6,940,816 shares of the company’s stock valued at $364,810,000 after purchasing an additional 1,625,431 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Tenet Healthcare by 170.4% during the third quarter. Assenagon Asset Management S.A. now owns 1,687,339 shares of the company’s stock worth $87,033,000 after acquiring an additional 1,063,338 shares in the last quarter. Samlyn Capital LLC increased its stake in shares of Tenet Healthcare by 243.9% in the second quarter. Samlyn Capital LLC now owns 1,433,152 shares of the company’s stock valued at $75,326,000 after buying an additional 1,016,357 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Tenet Healthcare in the third quarter valued at $34,146,000. Finally, Simcoe Capital Management LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at $28,690,000. 98.14% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on THC. UBS Group raised their target price on Tenet Healthcare from $47.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America decreased their price target on Tenet Healthcare from $79.00 to $64.00 in a report on Friday, October 21st. Royal Bank of Canada raised their price target on Tenet Healthcare from $69.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 10th. Deutsche Bank Aktiengesellschaft raised their price target on Tenet Healthcare from $48.00 to $65.00 and gave the company a “buy” rating in a report on Friday, February 10th. Finally, Barclays raised their price target on Tenet Healthcare from $67.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.
Insider Activity at Tenet Healthcare
Tenet Healthcare Trading Up 3.0 %
NYSE:THC opened at $61.85 on Wednesday. Tenet Healthcare Co. has a fifty-two week low of $36.69 and a fifty-two week high of $92.65. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $6.69 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 1.90 and a beta of 2.12. The business’s 50-day simple moving average is $50.60 and its 200-day simple moving average is $52.19.
Tenet Healthcare (NYSE:THC – Get Rating) last announced its earnings results on Thursday, February 9th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.69. Tenet Healthcare had a return on equity of 32.88% and a net margin of 2.14%. The business had revenue of $4.99 billion for the quarter, compared to analyst estimates of $4.94 billion. During the same quarter last year, the firm earned $2.70 EPS. Tenet Healthcare’s revenue for the quarter was up 2.8% compared to the same quarter last year. Sell-side analysts expect that Tenet Healthcare Co. will post 5.22 earnings per share for the current fiscal year.
Tenet Healthcare declared that its board has authorized a stock buyback program on Thursday, October 20th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
About Tenet Healthcare
Tenet Healthcare Corp. engages in the provision of health care services. It operates through the following segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The Hospital Operations and Other segment consists of acute care hospitals, ancillary outpatient facilities, urgent care centers, microhospitals and physician practices.
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