Retirement Systems of Alabama Acquires 3,860 Shares of Tenet Healthcare Corporation $THC

Retirement Systems of Alabama lifted its stake in Tenet Healthcare Corporation (NYSE:THC) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 153,307 shares of the company’s stock after acquiring an additional 3,860 shares during the period. Retirement Systems of Alabama’s holdings in Tenet Healthcare were worth $39,179,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Manning & Napier Advisors LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at approximately $168,761,000. Bank of New York Mellon Corp acquired a new position in shares of Tenet Healthcare during the 2nd quarter worth approximately $106,342,000. Arrowstreet Capital Limited Partnership raised its position in shares of Tenet Healthcare by 57.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after purchasing an additional 244,901 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Tenet Healthcare by 535.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 127,677 shares of the company’s stock valued at $24,094,000 after buying an additional 107,600 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in Tenet Healthcare by 37.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 221,453 shares of the company’s stock valued at $41,429,000 after buying an additional 60,478 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tenet Healthcare

In related news, Director J. Robert Kerrey sold 12,010 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $263.72, for a total value of $3,167,277.20. Following the completion of the transaction, the director directly owned 4,794 shares in the company, valued at approximately $1,264,273.68. This represents a 71.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Saumya Sutaria sold 50,000 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $278.71, for a total value of $13,935,500.00. Following the completion of the transaction, the chief executive officer owned 483,564 shares of the company’s stock, valued at $134,774,122.44. The trade was a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 98,462 shares of company stock worth $26,788,234. Company insiders own 0.97% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC opened at $290.16 on Wednesday. Tenet Healthcare Corporation has a 1 year low of $157.58 and a 1 year high of $301.44. The company’s 50 day simple moving average is $266.26 and its 200 day simple moving average is $223.39. The company has a market capitalization of $23.09 billion, a price-to-earnings ratio of 8.42, a PEG ratio of 1.54 and a beta of 1.20. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.52 and a current ratio of 1.58.

Tenet Healthcare (NYSE:THC) last released its earnings results on Thursday, October 29th. The company reported $6.64 EPS for the quarter, topping the consensus estimate of $4.68 by $1.96. The firm had revenue of $6.28 billion during the quarter, compared to analysts’ expectations of $5.49 billion. Tenet Healthcare had a net margin of 13.09% and a return on equity of 28.22%. Tenet Healthcare’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $3.70 EPS. On average, sell-side analysts predict that Tenet Healthcare Corporation will post 22.32 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on THC. TD Cowen increased their target price on Tenet Healthcare from $233.00 to $263.00 and gave the company a “buy” rating in a report on Monday, July 27th. BMO Capital Markets assumed coverage on Tenet Healthcare in a report on Tuesday, September 22nd. They issued a “market perform” rating and a $265.00 price target for the company. Stephens restated an “overweight” rating and issued a $285.00 price objective on shares of Tenet Healthcare in a research report on Monday, July 27th. Morgan Stanley increased their price objective on Tenet Healthcare from $254.00 to $274.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Finally, Royal Bank Of Canada lifted their price objective on Tenet Healthcare from $283.00 to $304.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. Twenty research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $293.48.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company’s Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.