Metropolitan Life Insurance Co. NY cut its stake in shares of Tenet Healthcare Corp (NYSE:THC) by 63.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,073 shares of the company’s stock after selling 82,201 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Tenet Healthcare were worth $714,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Pentwater Capital Management LP acquired a new position in shares of Tenet Healthcare in the third quarter valued at approximately $164,000. Russell Investments Group Ltd. grew its holdings in shares of 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 in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Tenet Healthcare in the third quarter valued at approximately $183,000. Sterling Capital Management LLC acquired a new position in shares of Tenet Healthcare in the third quarter valued at approximately $227,000. Finally, New Mexico Educational Retirement Board acquired a new position in shares of Tenet Healthcare in the fourth quarter valued at approximately $303,000.
A number of brokerages recently weighed in on THC. ValuEngine cut shares of Tenet Healthcare from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Zacks Investment Research upgraded shares of Tenet Healthcare from a “sell” rating to a “hold” rating in a report on Tuesday, March 13th. Mizuho restated a “buy” rating and issued a $29.00 price objective on shares of Tenet Healthcare in a report on Thursday, March 22nd. SunTrust Banks restated a “hold” rating on shares of Tenet Healthcare in a report on Thursday, March 1st. Finally, Piper Jaffray restated a “hold” rating and issued a $21.00 price objective on shares of Tenet Healthcare in a report on Thursday, March 1st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. Tenet Healthcare currently has a consensus rating of “Hold” and an average price target of $21.44.
Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Monday, February 26th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.15. Tenet Healthcare had a negative net margin of 3.67% and a positive return on equity of 9.69%. The company had revenue of $4.98 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the firm earned $0.06 earnings per share. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. equities research analysts anticipate that Tenet Healthcare Corp will post 0.92 EPS for the current fiscal year.
In other news, Director Ashish Dave sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $1.40, for a total transaction of $105,000.00. Also, Director George Fredrick Smitherman sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, January 15th. The stock was sold at an average price of $38.50, for a total transaction of $50,050.00. Insiders sold 129,600 shares of company stock valued at $199,146 in the last quarter. 3.10% of the stock is owned by insiders.
Tenet Healthcare Company 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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