Commonwealth Bank of Australia Reduces Stake in Tenet Healthcare Corporation (THC)

Commonwealth Bank of Australia trimmed its position in Tenet Healthcare Corporation (NYSE:THC) by 9.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 40,300 shares of the company’s stock after selling 4,000 shares during the period. Commonwealth Bank of Australia’s holdings in Tenet Healthcare were worth $659,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Riverhead Capital Management LLC increased its holdings in Tenet Healthcare by 67.3% in the second quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock valued at $152,000 after purchasing an additional 3,161 shares during the period. Flinton Capital Management LLC increased its holdings in Tenet Healthcare by 65.7% in the second quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock valued at $153,000 after purchasing an additional 3,128 shares during the period. Russell Investments Group Ltd. increased its holdings in Tenet Healthcare by 182.6% in the third quarter. Russell Investments Group Ltd. now owns 10,525 shares of the company’s stock valued at $173,000 after purchasing an additional 6,800 shares during the period. First Mercantile Trust Co. increased its holdings in Tenet Healthcare by 11.1% in the second quarter. First Mercantile Trust Co. now owns 11,000 shares of the company’s stock valued at $213,000 after purchasing an additional 1,100 shares during the period. Finally, Wedbush Securities Inc. acquired a new stake in Tenet Healthcare in the second quarter valued at $222,000.

Shares of Tenet Healthcare Corporation (THC) traded down $0.08 during trading on Thursday, reaching $12.95. The company’s stock had a trading volume of 4,751,600 shares, compared to its average volume of 3,632,320. The company has a debt-to-equity ratio of 21.21, a current ratio of 1.28 and a quick ratio of 1.21. Tenet Healthcare Corporation has a 52-week low of $12.25 and a 52-week high of $22.72.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Monday, November 6th. The company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.23. Tenet Healthcare had a negative return on equity of 5.61% and a negative net margin of 2.85%. The firm had revenue of $4.59 billion during the quarter, compared to the consensus estimate of $4.94 billion. During the same period last year, the business posted $0.16 EPS. The business’s revenue was down 5.4% compared to the same quarter last year. sell-side analysts forecast that Tenet Healthcare Corporation will post 0.69 earnings per share for the current year.

A number of analysts recently weighed in on the company. Deutsche Bank restated a “buy” rating and issued a $24.00 price objective on shares of Tenet Healthcare in a report on Friday, September 1st. Mizuho restated a “neutral” rating and issued a $14.00 price objective on shares of Tenet Healthcare in a report on Thursday, September 14th. Robert W. Baird restated a “buy” rating and issued a $23.00 price objective on shares of Tenet Healthcare in a report on Thursday, August 24th. Royal Bank Of Canada restated a “hold” rating and issued a $19.00 price objective on shares of Tenet Healthcare in a report on Monday, September 25th. Finally, Citigroup restated a “hold” rating and issued a $16.00 price objective on shares of Tenet Healthcare in a report on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. Tenet Healthcare currently has a consensus rating of “Hold” and an average price target of $19.00.

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Tenet Healthcare Profile

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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Institutional Ownership by Quarter for Tenet Healthcare (NYSE:THC)

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