Tenet Healthcare Co. (NYSE:THC) Shares Bought by Redwood Investment Management LLC

Redwood Investment Management LLC increased its stake in Tenet Healthcare Co. (NYSE:THC) by 4.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 10,886 shares of the company’s stock after acquiring an additional 414 shares during the period. Redwood Investment Management LLC’s holdings in Tenet Healthcare were worth $1,777,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Tenet Healthcare by 88.0% in the 3rd quarter. FMR LLC now owns 7,700,693 shares of the company’s stock worth $1,279,855,000 after purchasing an additional 3,604,161 shares during the last quarter. Marshall Wace LLP raised its stake in Tenet Healthcare by 7.3% during the 2nd quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock valued at $94,981,000 after acquiring an additional 48,626 shares in the last quarter. Farallon Capital Management LLC raised its stake in Tenet Healthcare by 7.8% during the 2nd quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock valued at $91,450,000 after acquiring an additional 50,000 shares in the last quarter. Integral Health Asset Management LLC raised its stake in Tenet Healthcare by 17.6% during the 2nd quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock valued at $66,515,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Tenet Healthcare by 32.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 442,949 shares of the company’s stock valued at $73,618,000 after acquiring an additional 107,290 shares in the last quarter. Institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $138.90 on Friday. The firm has a market cap of $13.21 billion, a P/E ratio of 4.45, a PEG ratio of 0.63 and a beta of 2.06. The stock’s 50-day moving average is $155.33 and its two-hundred day moving average is $148.87. Tenet Healthcare Co. has a fifty-two week low of $67.78 and a fifty-two week high of $171.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.58 and a quick ratio of 1.52.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.44 EPS. Analysts predict that Tenet Healthcare Co. will post 11.38 earnings per share for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.93% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on THC shares. Raymond James downgraded Tenet Healthcare from a “strong-buy” rating to an “outperform” rating and set a $195.00 price objective on the stock. in a research note on Friday, November 22nd. Cantor Fitzgerald upped their target price on Tenet Healthcare from $168.00 to $177.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their target price on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, KeyCorp started coverage on Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $168.19.

About Tenet Healthcare

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