King Street Capital Management L.P. Acquires New Stake in Tenet Healthcare Corporation (THC)

King Street Capital Management L.P. acquired a new position in Tenet Healthcare Corporation (NYSE:THC) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,900,000 shares of the company’s stock, valued at approximately $31,217,000. Tenet Healthcare comprises 3.9% of King Street Capital Management L.P.’s investment portfolio, making the stock its 7th largest holding. King Street Capital Management L.P. owned approximately 1.88% of Tenet Healthcare as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of THC. Harris Associates L P grew its position in Tenet Healthcare by 1.4% during the second quarter. Harris Associates L P now owns 7,733,435 shares of the company’s stock valued at $149,565,000 after acquiring an additional 108,070 shares during the last quarter. Vanguard Group Inc. grew its position in Tenet Healthcare by 6.2% during the second quarter. Vanguard Group Inc. now owns 6,995,269 shares of the company’s stock valued at $135,289,000 after acquiring an additional 407,910 shares during the last quarter. Franklin Resources Inc. grew its position in Tenet Healthcare by 25.0% during the second quarter. Franklin Resources Inc. now owns 5,000,000 shares of the company’s stock valued at $96,700,000 after acquiring an additional 1,000,000 shares during the last quarter. FMR LLC grew its position in Tenet Healthcare by 36.9% during the second quarter. FMR LLC now owns 3,724,713 shares of the company’s stock valued at $72,036,000 after acquiring an additional 1,004,700 shares during the last quarter. Finally, State Street Corp grew its position in Tenet Healthcare by 25.4% during the second quarter. State Street Corp now owns 2,926,533 shares of the company’s stock valued at $56,603,000 after acquiring an additional 593,520 shares during the last quarter.

Several research analysts have recently issued reports on THC shares. Robert W. Baird restated a “buy” rating and issued a $23.00 target price on shares of Tenet Healthcare in a report on Thursday, August 24th. Citigroup restated a “hold” rating and issued a $16.00 target price on shares of Tenet Healthcare in a report on Thursday, September 14th. Royal Bank Of Canada restated a “hold” rating and issued a $19.00 target price on shares of Tenet Healthcare in a report on Monday, September 25th. Mizuho restated a “neutral” rating and issued a $14.00 target price on shares of Tenet Healthcare in a report on Sunday, August 20th. Finally, Credit Suisse Group started coverage on shares of Tenet Healthcare in a report on Thursday, November 2nd. They issued a “neutral” rating and a $15.00 target price on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $19.00.

Shares of Tenet Healthcare Corporation (THC) traded down $0.39 during mid-day trading on Tuesday, reaching $13.11. The company had a trading volume of 3,252,000 shares, compared to its average volume of 3,631,663. Tenet Healthcare Corporation has a 12 month low of $12.25 and a 12 month high of $22.72. The company has a quick ratio of 1.21, a current ratio of 1.28 and a debt-to-equity ratio of 21.21.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Monday, November 6th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.59 billion during the quarter, compared to analyst estimates of $4.94 billion. During the same quarter last year, the firm posted $0.16 earnings per share. The firm’s revenue was down 5.4% on a year-over-year basis. sell-side analysts anticipate that Tenet Healthcare Corporation will post 0.69 EPS for the current fiscal year.

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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.

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

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