Stonehill Capital Management LLC Decreases Holdings in Tenet Healthcare Corporation (THC)
Stonehill Capital Management LLC trimmed its holdings in shares of Tenet Healthcare Corporation (NYSE:THC) by 50.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 225,033 shares of the company’s stock after selling 225,032 shares during the period. Tenet Healthcare accounts for about 1.5% of Stonehill Capital Management LLC’s holdings, making the stock its 9th largest holding. Stonehill Capital Management LLC owned about 0.22% of Tenet Healthcare worth $3,697,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Davidson Kempner Capital Management LP purchased a new stake in shares of Tenet Healthcare in the 2nd quarter valued at about $20,133,000. FMR LLC lifted its holdings in shares of Tenet Healthcare by 36.9% in the 2nd quarter. FMR LLC now owns 3,724,713 shares of the company’s stock valued at $72,036,000 after purchasing an additional 1,004,700 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Tenet Healthcare by 25.0% in the 2nd quarter. Franklin Resources Inc. now owns 5,000,000 shares of the company’s stock valued at $96,700,000 after purchasing an additional 1,000,000 shares during the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of Tenet Healthcare in the 2nd quarter valued at about $15,059,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Tenet Healthcare by 60.2% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 1,862,500 shares of the company’s stock valued at $36,021,000 after purchasing an additional 700,000 shares during the last quarter.
Shares of Tenet Healthcare Corporation (NYSE THC) traded up $0.69 during mid-day trading on Thursday, reaching $14.00. The company had a trading volume of 5,279,400 shares, compared to its average volume of 3,629,440. Tenet Healthcare Corporation has a 1 year low of $12.25 and a 1 year high of $22.72. The company has a debt-to-equity ratio of 21.21, a quick ratio of 1.21 and a current ratio of 1.28.
Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Monday, November 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.23. The firm had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.94 billion. Tenet Healthcare had a negative return on equity of 5.61% and a negative net margin of 2.85%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. equities research analysts forecast that Tenet Healthcare Corporation will post 0.69 EPS for the current fiscal year.
Several analysts have recently weighed in on THC shares. BidaskClub downgraded Tenet Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Jefferies Group reissued a “buy” rating and issued a $24.00 target price (down from $26.00) on shares of Tenet Healthcare in a report on Tuesday, August 8th. Credit Suisse Group reduced their target price on Tenet Healthcare from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 9th. Robert W. Baird reissued an “outperform” rating and issued a $23.00 target price on shares of Tenet Healthcare in a report on Thursday, August 10th. Finally, Citigroup reissued a “neutral” rating and issued a $16.00 target price (down from $20.00) on shares of Tenet Healthcare in a report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $19.00.
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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