Alta Fundamental Advisers LLC Takes Position in Tenet Healthcare Corporation (NYSE:THC)

Alta Fundamental Advisers LLC purchased a new position in shares of Tenet Healthcare Corporation (NYSE:THC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 223,579 shares of the company’s stock, valued at approximately $4,324,000. Tenet Healthcare Corporation makes up about 3.7% of Alta Fundamental Advisers LLC’s portfolio, making the stock its 10th biggest holding. Alta Fundamental Advisers LLC owned 0.22% of Tenet Healthcare Corporation at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of THC. FNY Managed Accounts LLC purchased a new position in shares of Tenet Healthcare Corporation in the first quarter worth $109,000. PNC Financial Services Group Inc. increased its position in Tenet Healthcare Corporation by 52.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock valued at $117,000 after purchasing an additional 2,266 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Tenet Healthcare Corporation by 57.4% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 7,100 shares of the company’s stock valued at $126,000 after purchasing an additional 2,590 shares during the period. Riverhead Capital Management LLC increased its position in Tenet Healthcare Corporation by 67.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock valued at $152,000 after purchasing an additional 3,161 shares during the period. Finally, Flinton Capital Management LLC increased its position in Tenet Healthcare Corporation by 65.7% during the 2nd quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock valued at $153,000 after purchasing an additional 3,128 shares during the period.

Tenet Healthcare Corporation (NYSE THC) traded down 0.705% during midday trading on Tuesday, reaching $12.819. 832,199 shares of the company traded hands. The stock’s market capitalization is $1.29 billion. Tenet Healthcare Corporation has a 1-year low of $12.25 and a 1-year high of $24.13. The firm has a 50-day moving average of $16.16 and a 200-day moving average of $17.06.

Tenet Healthcare Corporation (NYSE:THC) last issued its earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.17). The firm had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Tenet Healthcare Corporation had a negative return on equity of 2.00% and a negative net margin of 0.97%. The firm’s revenue for the quarter was up 204.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. On average, analysts predict that Tenet Healthcare Corporation will post $0.78 earnings per share for the current year.

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THC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a research note on Monday, July 10th. Royal Bank Of Canada reiterated a “hold” rating and issued a $25.00 price target on shares of Tenet Healthcare Corporation in a research note on Tuesday, July 18th. BidaskClub cut shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Jefferies Group LLC reissued a “buy” rating and issued a $24.00 target price (down previously from $26.00) on shares of Tenet Healthcare Corporation in a research report on Tuesday, August 8th. Finally, Credit Suisse Group decreased their target price on Tenet Healthcare Corporation from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday, August 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. Tenet Healthcare Corporation currently has an average rating of “Hold” and a consensus target price of $20.60.

About Tenet Healthcare Corporation

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 Corporation (NYSE:THC)

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