Point72 Asset Management L.P. Takes Position in Tenet Healthcare Corp (THC)
Point72 Asset Management L.P. bought a new stake in shares of Tenet Healthcare Corp (NYSE:THC) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 282,435 shares of the company’s stock, valued at approximately $4,640,000. Point72 Asset Management L.P. owned approximately 0.28% of Tenet Healthcare at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. Pentwater Capital Management LP bought a new stake in Tenet Healthcare during the 3rd quarter valued at $164,000. Highbridge Capital Management LLC raised its stake in shares of Tenet Healthcare by 103.5% in the 3rd quarter. Highbridge Capital Management LLC now owns 351,498 shares of the company’s stock worth $5,775,000 after buying an additional 178,809 shares in the last quarter. Cowen Inc. bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth $3,318,000. King Street Capital Management L.P. bought a new stake in shares of Tenet Healthcare in the 3rd quarter worth $31,217,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Tenet Healthcare by 18.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,530,802 shares of the company’s stock worth $41,579,000 after buying an additional 389,144 shares in the last quarter.
A number of research firms have recently commented on THC. Credit Suisse Group began coverage on Tenet Healthcare in a research note on Thursday, November 2nd. They issued a “neutral” rating and a $15.00 price objective on the stock. SunTrust Banks set a $15.00 price objective on Tenet Healthcare and gave the stock a “hold” rating in a research note on Sunday, October 15th. Zacks Investment Research raised Tenet Healthcare from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. William Blair reissued a “market perform” rating on shares of Tenet Healthcare in a research note on Tuesday, November 21st. Finally, Jefferies Group set a $20.00 price objective on Tenet Healthcare and gave the stock a “buy” rating in a research note on Monday, October 30th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Tenet Healthcare has a consensus rating of “Hold” and a consensus price target of $18.73.
Tenet Healthcare (NYSE:THC) last announced its earnings results on Monday, November 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.23. The company had revenue of $4.59 billion for the quarter, compared to analyst estimates of $4.94 billion. Tenet Healthcare had a negative return on equity of 5.61% and a negative net margin of 2.85%. Tenet Healthcare’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 earnings per share. research analysts predict that Tenet Healthcare Corp will post 0.69 earnings per share for the current year.
About Tenet Healthcare
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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