Daiwa Securities Group Inc. Lowers Stake in Tenet Healthcare Corporation (THC)
Daiwa Securities Group Inc. decreased its stake in Tenet Healthcare Corporation (NYSE:THC) by 10.2% during the second quarter, Holdings Channel reports. The institutional investor owned 68,500 shares of the company’s stock after selling 7,800 shares during the period. Daiwa Securities Group Inc.’s holdings in Tenet Healthcare Corporation were worth $1,325,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Private Management Group Inc. increased its position in shares of Tenet Healthcare Corporation by 0.3% in the first quarter. Private Management Group Inc. now owns 804,532 shares of the company’s stock valued at $14,248,000 after buying an additional 2,379 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in shares of Tenet Healthcare Corporation during the first quarter valued at $3,634,000. North Tide Capital LLC acquired a new position in shares of Tenet Healthcare Corporation during the first quarter valued at $35,420,000. Bank of Montreal Can increased its position in shares of Tenet Healthcare Corporation by 119.3% in the first quarter. Bank of Montreal Can now owns 12,667 shares of the company’s stock valued at $223,000 after buying an additional 6,892 shares during the period. Finally, State Street Corp increased its position in shares of Tenet Healthcare Corporation by 1.2% in the first quarter. State Street Corp now owns 2,333,013 shares of the company’s stock valued at $41,316,000 after buying an additional 27,898 shares during the period.
Shares of Tenet Healthcare Corporation (THC) opened at 13.53 on Thursday. The stock’s 50 day moving average is $18.46 and its 200 day moving average is $18.10. Tenet Healthcare Corporation has a 52 week low of $13.31 and a 52 week high of $26.58. The stock’s market capitalization is $1.36 billion. Tenet Healthcare Corporation also was the target of some unusual options trading activity on Monday. Stock traders acquired 14,690 put options on the company. This represents an increase of approximately 974% compared to the average volume of 1,368 put options.
Tenet Healthcare Corporation (NYSE:THC) last released its quarterly earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.17). The business had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $4.90 billion. Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. Tenet Healthcare Corporation’s revenue for the quarter was up 204.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. Analysts anticipate that Tenet Healthcare Corporation will post $1.12 EPS for the current fiscal year.
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Several research analysts have weighed in on THC shares. ValuEngine downgraded Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Credit Suisse Group boosted their price target on Tenet Healthcare Corporation from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, May 5th. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price target on shares of Tenet Healthcare Corporation in a report on Thursday, April 13th. Royal Bank Of Canada reiterated a “hold” rating and issued a $25.00 price target on shares of Tenet Healthcare Corporation in a report on Tuesday, July 18th. Finally, Mizuho reiterated a “neutral” rating and issued a $18.00 price target on shares of Tenet Healthcare Corporation in a report on Sunday, April 23rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $23.20.
About Tenet Healthcare Corporation
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company’s segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children’s hospitals, two specialty hospitals and one critical access hospital.
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