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

Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Tenet Healthcare Corporation (NYSE:THC) by 39.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank acquired a new position in Tenet Healthcare during the second quarter worth about $206,981,000. Boston Partners increased its stake in Tenet Healthcare by 95.0% in the 2nd quarter. Boston Partners now owns 2,267,142 shares of the company’s stock valued at $398,949,000 after purchasing an additional 1,104,500 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Tenet Healthcare by 375.7% during the second quarter. Alliancebernstein L.P. now owns 790,254 shares of the company’s stock worth $139,085,000 after purchasing an additional 624,125 shares during the last quarter. Holocene Advisors LP acquired a new stake in Tenet Healthcare in the second quarter valued at $102,855,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Tenet Healthcare by 331.1% in the third quarter. Assenagon Asset Management S.A. now owns 363,754 shares of the company’s stock valued at $73,857,000 after buying an additional 279,377 shares in the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE:THC opened at $189.35 on Friday. The business has a fifty day simple moving average of $200.94 and a 200-day simple moving average of $191.81. Tenet Healthcare Corporation has a 52 week low of $109.82 and a 52 week high of $222.82. The company has a market cap of $16.64 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.81 and a beta of 1.41. The company has a quick ratio of 1.64, a current ratio of 1.71 and a debt-to-equity ratio of 2.27.

Tenet Healthcare (NYSE:THC) last posted its quarterly 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. Tenet Healthcare had a return on equity of 25.11% and a net margin of 6.49%.The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.26 billion. During the same quarter in the previous year, the business earned $2.93 EPS. The firm’s revenue was up 3.2% on a year-over-year basis. Equities research analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Insiders Place Their Bets

In related news, Director Tammy Romo sold 15,099 shares of Tenet Healthcare stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $200.81, for a total value of $3,032,030.19. Following the transaction, the director owned 47,267 shares in the company, valued at approximately $9,491,686.27. This trade represents a 24.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Scott Ramsey sold 13,322 shares of the company’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $205.11, for a total value of $2,732,475.42. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 43,000 shares of company stock valued at $8,725,996 over the last quarter. Company insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on THC shares. Zacks Research cut shares of Tenet Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. The Goldman Sachs Group initiated coverage on shares of Tenet Healthcare in a research note on Tuesday, October 14th. They set a “buy” rating and a $224.00 price objective for the company. Mizuho upped their target price on Tenet Healthcare from $194.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Royal Bank Of Canada raised their price target on Tenet Healthcare from $230.00 to $252.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Finally, JPMorgan Chase & Co. increased their price objective on Tenet Healthcare from $200.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $233.81.

Tenet Healthcare Profile

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.