Ontario Teachers Pension Plan Board Raises Stock Position in Tenet Healthcare Co. (NYSE:THC)

Ontario Teachers Pension Plan Board grew its holdings in Tenet Healthcare Co. (NYSE:THC) by 60.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,894 shares of the company’s stock after acquiring an additional 10,489 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Tenet Healthcare were worth $2,932,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Tenet Healthcare by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock worth $839,613,000 after buying an additional 172,913 shares during the period. BNP Paribas Financial Markets increased its stake in Tenet Healthcare by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after buying an additional 29,172 shares during the period. Headlands Technologies LLC purchased a new stake in Tenet Healthcare during the 1st quarter worth $410,000. Nordea Investment Management AB grew its holdings in Tenet Healthcare by 324.3% during the 4th quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after acquiring an additional 30,623 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Tenet Healthcare by 113.0% during the 4th quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock worth $34,266,000 after acquiring an additional 240,611 shares in the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Tenet Healthcare Price Performance

Shares of NYSE THC traded up $1.63 during midday trading on Monday, reaching $134.90. The company’s stock had a trading volume of 909,482 shares, compared to its average volume of 1,198,893. The company has a current ratio of 1.44, a quick ratio of 1.37 and a debt-to-equity ratio of 2.58. The company has a 50 day moving average price of $133.44 and a 200 day moving average price of $108.83. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $142.35. The company has a market cap of $13.18 billion, a price-to-earnings ratio of 5.17, a price-to-earnings-growth ratio of 1.20 and a beta of 2.15.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the previous year, the business earned $1.42 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts expect that Tenet Healthcare Co. will post 8.87 EPS for the current year.

Insider Activity

In related news, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $123.20, for a total value of $308,000.00. Following the completion of the sale, the director now directly owns 17,627 shares of the company’s stock, valued at $2,171,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas W. Arnst sold 8,148 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. Insiders have sold 24,691 shares of company stock worth $3,117,909 over the last 90 days. 0.93% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on THC. Stephens raised their price objective on shares of Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. Mizuho reaffirmed a “buy” rating and issued a $130.00 price target (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. UBS Group lifted their price target on shares of Tenet Healthcare from $137.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Wolfe Research raised shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price target for the company in a report on Wednesday, March 27th. Finally, Barclays boosted their target price on shares of Tenet Healthcare from $147.00 to $156.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $123.18.

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.