Tenet Healthcare Corp (NYSE:THC) Major Shareholder Acquires $12,349,273.72 in Stock

Tenet Healthcare Corp (NYSE:THC) major shareholder Glenview Capital Management, L bought 613,781 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $20.12 per share, with a total value of $12,349,273.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Glenview Capital Management, L also recently made the following trade(s):

  • On Tuesday, August 13th, Glenview Capital Management, L bought 173,235 shares of Tenet Healthcare stock. The stock was bought at an average price of $21.09 per share, with a total value of $3,653,526.15.
  • On Friday, July 26th, Glenview Capital Management, L bought 27,424 shares of Tenet Healthcare stock. The stock was bought at an average price of $20.99 per share, with a total value of $575,629.76.
  • On Wednesday, July 24th, Glenview Capital Management, L bought 200,000 shares of Tenet Healthcare stock. The stock was bought at an average price of $19.36 per share, with a total value of $3,872,000.00.

NYSE THC traded down $0.57 during trading on Thursday, hitting $18.99. 1,123,466 shares of the company’s stock traded hands, compared to its average volume of 1,548,223. The business’s fifty day moving average price is $20.30. The company has a debt-to-equity ratio of 19.96, a quick ratio of 1.06 and a current ratio of 1.13. Tenet Healthcare Corp has a 12-month low of $16.60 and a 12-month high of $34.23. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 10.21, a P/E/G ratio of 0.56 and a beta of 1.65.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.12. Tenet Healthcare had a negative net margin of 0.09% and a positive return on equity of 28.95%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.48 billion. During the same period in the prior year, the business posted $0.49 earnings per share. The company’s revenue was up 1.2% on a year-over-year basis. On average, sell-side analysts anticipate that Tenet Healthcare Corp will post 2.38 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Retirement Systems of Alabama boosted its position in Tenet Healthcare by 0.6% during the first quarter. Retirement Systems of Alabama now owns 108,254 shares of the company’s stock valued at $3,122,000 after buying an additional 611 shares during the period. PNC Financial Services Group Inc. boosted its position in Tenet Healthcare by 101.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,351 shares of the company’s stock valued at $38,000 after buying an additional 682 shares during the period. Mason Street Advisors LLC boosted its position in Tenet Healthcare by 1.7% during the first quarter. Mason Street Advisors LLC now owns 44,222 shares of the company’s stock valued at $1,275,000 after buying an additional 734 shares during the period. Arizona State Retirement System boosted its position in Tenet Healthcare by 1.5% during the second quarter. Arizona State Retirement System now owns 60,630 shares of the company’s stock valued at $1,253,000 after buying an additional 916 shares during the period. Finally, Investors Research Corp boosted its position in Tenet Healthcare by 4.0% during the second quarter. Investors Research Corp now owns 31,475 shares of the company’s stock valued at $650,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 99.56% of the company’s stock.

THC has been the subject of several research reports. ValuEngine lowered shares of Tenet Healthcare from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 1st. Barclays set a $24.00 target price on shares of Tenet Healthcare and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Royal Bank of Canada reiterated a “hold” rating and issued a $26.00 target price on shares of Tenet Healthcare in a research report on Sunday. TheStreet lowered shares of Tenet Healthcare from a “c” rating to a “d+” rating in a research report on Monday, May 13th. Finally, Goldman Sachs Group initiated coverage on shares of Tenet Healthcare in a research report on Wednesday. They issued a “neutral” rating and a $28.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Tenet Healthcare has a consensus rating of “Hold” and an average price target of $28.62.

Tenet Healthcare Company Profile

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.

Read More: Debt-To-Equity Ratio

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