Empowered Funds LLC Boosts Holdings in Tenet Healthcare Corporation $THC

Empowered Funds LLC increased its holdings in shares of Tenet Healthcare Corporation (NYSE:THC) by 22.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 284,753 shares of the company’s stock after purchasing an additional 51,549 shares during the period. Empowered Funds LLC’s holdings in Tenet Healthcare were worth $53,736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in shares of Tenet Healthcare by 1.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,490,350 shares of the company’s stock worth $1,488,484,000 after acquiring an additional 119,809 shares during the period. Boston Partners boosted its holdings in Tenet Healthcare by 15.7% in the fourth quarter. Boston Partners now owns 3,642,136 shares of the company’s stock valued at $723,804,000 after purchasing an additional 494,581 shares during the period. AQR Capital Management LLC increased its holdings in Tenet Healthcare by 20.3% during the 4th quarter. AQR Capital Management LLC now owns 2,256,539 shares of the company’s stock worth $448,419,000 after purchasing an additional 380,116 shares during the period. Ameriprise Financial Inc. raised its position in Tenet Healthcare by 8.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,119,423 shares of the company’s stock valued at $373,020,000 after purchasing an additional 157,109 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Tenet Healthcare in the 4th quarter valued at about $248,494,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Activity

In related news, Director J Robert Kerrey sold 5,638 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $174.52, for a total value of $983,943.76. Following the completion of the sale, the director directly owned 16,804 shares of the company’s stock, valued at $2,932,634.08. This represents a 25.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nadja West sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $177.35, for a total value of $532,050.00. Following the transaction, the director owned 24,805 shares in the company, valued at $4,399,166.75. This represents a 10.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.97% of the stock is currently owned by insiders.

Tenet Healthcare Trading Up 4.0%

Shares of Tenet Healthcare stock opened at $242.42 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 1.35 and a debt-to-equity ratio of 2.00. The company has a fifty day simple moving average of $186.16 and a 200-day simple moving average of $197.79. The stock has a market cap of $20.88 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 1.61 and a beta of 1.27. Tenet Healthcare Corporation has a 12-month low of $151.00 and a 12-month high of $248.82.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Friday, July 24th. The company reported $6.12 earnings per share for the quarter, beating analysts’ consensus estimates of $4.26 by $1.86. Tenet Healthcare had a net margin of 10.27% and a return on equity of 26.76%. The firm had revenue of $6.04 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same period in the previous year, the company earned $4.02 earnings per share. Tenet Healthcare’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that Tenet Healthcare Corporation will post 21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on THC. Barclays upped their target price on shares of Tenet Healthcare from $240.00 to $271.00 and gave the stock an “overweight” rating in a research note on Friday. Stephens reiterated an “overweight” rating and set a $285.00 price target on shares of Tenet Healthcare in a report on Monday. KeyCorp reduced their price objective on shares of Tenet Healthcare from $250.00 to $225.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tenet Healthcare in a research note on Monday. Finally, UBS Group raised their price target on Tenet Healthcare from $288.00 to $308.00 and gave the company a “buy” rating in a research note on Monday. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $257.90.

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.