Mitsubishi UFJ Trust & Banking Corp Raises Stock Position in Tenet Healthcare Corporation $THC

Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Tenet Healthcare Corporation (NYSE:THC) by 39.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,393 shares of the company’s stock after purchasing an additional 6,379 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Tenet Healthcare were worth $4,547,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in THC. AlphaQuest LLC lifted its position in shares of Tenet Healthcare by 230.8% during the second quarter. AlphaQuest LLC now owns 1,763 shares of the company’s stock worth $310,000 after purchasing an additional 1,230 shares in the last quarter. 111 Capital acquired a new position in Tenet Healthcare in the 2nd quarter worth $244,000. Cerity Partners LLC grew its stake in shares of Tenet Healthcare by 10.4% during the second quarter. Cerity Partners LLC now owns 120,623 shares of the company’s stock valued at $21,230,000 after acquiring an additional 11,395 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Tenet Healthcare during the third quarter worth about $1,648,000. Finally, Goldentree Asset Management LP purchased a new position in Tenet Healthcare in the second quarter valued at about $31,471,000. 95.44% of the stock is owned by hedge funds and other institutional investors.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $189.35 on Friday. The company has a quick ratio of 1.64, a current ratio of 1.71 and a debt-to-equity ratio of 2.27. The firm has a 50-day simple moving average of $200.94 and a 200 day simple moving average of $191.81. Tenet Healthcare Corporation has a fifty-two week low of $109.82 and a fifty-two week high of $222.82. The company has a market cap of $16.64 billion, a PE ratio of 12.98, a P/E/G ratio of 0.81 and a beta of 1.41.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, October 28th. The company reported $3.70 EPS for the quarter, beating the consensus estimate of $3.33 by $0.37. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.26 billion. Tenet Healthcare had a return on equity of 25.11% and a net margin of 6.49%.The business’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.93 earnings per share. On average, sell-side analysts anticipate that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on THC. Guggenheim upped their target price on Tenet Healthcare from $238.00 to $257.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Wells Fargo & Company cut their price target on shares of Tenet Healthcare from $252.00 to $229.00 and set an “overweight” rating on the stock in a report on Wednesday, January 7th. Barclays raised their price objective on shares of Tenet Healthcare from $229.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, November 21st. Raymond James Financial set a $245.00 target price on shares of Tenet Healthcare in a research note on Wednesday, October 29th. Finally, Zacks Research lowered Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $233.81.

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 13,322 shares of Tenet Healthcare stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $205.11, for a total value of $2,732,475.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Nadja West sold 2,178 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $197.47, for a total transaction of $430,089.66. Following the completion of the transaction, the director owned 28,480 shares of the company’s stock, valued at approximately $5,623,945.60. This trade represents a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 43,000 shares of company stock worth $8,725,996 in the last three months. 0.81% of the stock is owned by insiders.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet’s operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.