Symons Capital Management Inc. Buys New Position in Tenet Healthcare Corp (NYSE:THC)

Symons Capital Management Inc. bought a new stake in Tenet Healthcare Corp (NYSE:THC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 16,322 shares of the company’s stock, valued at approximately $361,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Tenet Healthcare by 9.8% in the 2nd quarter. BlackRock Inc. now owns 11,069,966 shares of the company’s stock valued at $228,706,000 after acquiring an additional 988,993 shares during the last quarter. Camber Capital Management LP lifted its holdings in Tenet Healthcare by 42.9% in the 2nd quarter. Camber Capital Management LP now owns 2,500,000 shares of the company’s stock valued at $51,650,000 after acquiring an additional 750,000 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its holdings in Tenet Healthcare by 25.7% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 2,085,310 shares of the company’s stock valued at $43,083,000 after acquiring an additional 425,965 shares during the last quarter. FMR LLC lifted its holdings in Tenet Healthcare by 13.7% in the 1st quarter. FMR LLC now owns 1,785,117 shares of the company’s stock valued at $51,483,000 after acquiring an additional 215,600 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Tenet Healthcare by 1.9% in the 2nd quarter. Northern Trust Corp now owns 1,419,838 shares of the company’s stock valued at $29,333,000 after acquiring an additional 27,142 shares during the last quarter. Hedge funds and other institutional investors own 99.16% of the company’s stock.

THC stock traded down $0.30 during mid-day trading on Friday, reaching $29.70. 1,383,065 shares of the stock traded hands, compared to its average volume of 1,500,061. The company has a current ratio of 1.22, a quick ratio of 1.06 and a debt-to-equity ratio of 30.38. Tenet Healthcare Corp has a 52-week low of $16.60 and a 52-week high of $31.64. The company has a market cap of $2.91 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.74 and a beta of 1.66. The stock’s fifty day moving average is $23.99 and its 200-day moving average is $21.88.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.30. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.46 billion. Tenet Healthcare had a negative net margin of 1.31% and a positive return on equity of 35.68%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. Equities research analysts expect that Tenet Healthcare Corp will post 2.55 earnings per share for the current year.

A number of brokerages have weighed in on THC. Mizuho reissued a “buy” rating on shares of Tenet Healthcare in a report on Thursday. Goldman Sachs Group began coverage on shares of Tenet Healthcare in a report on Wednesday, August 14th. They issued a “neutral” rating and a $28.00 price target for the company. ValuEngine downgraded shares of Tenet Healthcare from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 5th. SunTrust Banks upped their price objective on shares of Tenet Healthcare from $24.00 to $31.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Robert W. Baird upped their price objective on shares of Tenet Healthcare from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Tenet Healthcare presently has a consensus rating of “Hold” and a consensus price target of $29.64.

In other news, Director Edward A. Kangas sold 45,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $20.28, for a total value of $912,600.00. Following the completion of the sale, the director now directly owns 47,138 shares of the company’s stock, valued at $955,958.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Glenview Capital Management, L purchased 173,235 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $21.09 per share, with a total value of $3,653,526.15. The disclosure for this purchase can be found here. Insiders bought 1,098,419 shares of company stock valued at $22,395,899 over the last three months. 1.50% of the stock is owned by insiders.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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

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