Picton Mahoney Asset Management Increases Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

by · The Cerbat Gem

Picton Mahoney Asset Management lifted its holdings in Tenet Healthcare Co. (NYSE:THC – Free Report) by 151.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,770 shares of the company’s stock after acquiring an additional 1,670 shares during the quarter. Picton Mahoney Asset Management’s holdings in Tenet Healthcare were worth $183,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in THC. Simplicity Solutions LLC purchased a new position in Tenet Healthcare during the 3rd quarter valued at $5,664,000. TD Asset Management Inc bought a new position in Tenet Healthcare during the 3rd quarter valued at about $1,146,000. BW Gestao de Investimentos Ltda. lifted its stake in Tenet Healthcare by 288.4% during the 3rd quarter. BW Gestao de Investimentos Ltda. now owns 468,871 shares of the company’s stock valued at $30,894,000 after acquiring an additional 348,151 shares during the period. General American Investors Co. Inc. lifted its stake in shares of Tenet Healthcare by 57.1% in the 3rd quarter. General American Investors Co. Inc. now owns 110,000 shares of the company’s stock worth $7,248,000 after purchasing an additional 40,000 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Tenet Healthcare by 11.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 100,502 shares of the company’s stock worth $6,622,000 after acquiring an additional 10,141 shares in the last quarter. 93.56% of the stock is currently owned by institutional investors.

Tenet Healthcare Trading Up 0.3 %

THC traded up $0.23 during mid-day trading on Friday, hitting $82.89. 705,935 shares of the stock were exchanged, compared to its average volume of 851,199. The firm’s fifty day moving average is $74.83 and its two-hundred day moving average is $70.20. Tenet Healthcare Co. has a 1-year low of $49.76 and a 1-year high of $85.40. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 5.18. The company has a market cap of $8.42 billion, a PE ratio of 19.14, a PEG ratio of 4.72 and a beta of 2.14.

Tenet Healthcare (NYSE:THC – Get Free Report) last posted its earnings results on Monday, October 30th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.24. Tenet Healthcare had a return on equity of 25.34% and a net margin of 2.33%. The firm had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the prior year, the company earned $1.44 EPS. Tenet Healthcare’s revenue was up 5.5% on a year-over-year basis. Equities analysts forecast that Tenet Healthcare Co. will post 5.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on THC shares. UBS Group cut their price objective on shares of Tenet Healthcare from $104.00 to $94.00 and set a “buy” rating for the company in a report on Thursday, November 2nd. Raymond James lowered their target price on Tenet Healthcare from $95.00 to $90.00 and set a “strong-buy” rating for the company in a research report on Wednesday, November 1st. Mizuho lowered their target price on Tenet Healthcare from $94.00 to $77.00 and set a “buy” rating for the company in a research report on Tuesday, October 31st. Royal Bank of Canada lowered their price target on Tenet Healthcare from $87.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, October 31st. Finally, StockNews.com upgraded Tenet Healthcare from a “hold” rating to a “buy” rating in a research report on Saturday, December 16th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and an average price target of $86.93.

Check Out Our Latest Stock Analysis on Tenet Healthcare

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 5,000 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $66.33, for a total value of $331,650.00. Following the sale, the director now owns 23,227 shares of the company’s stock, valued at approximately $1,540,646.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

About Tenet Healthcare

(Free Report)

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates through three segments: Hospital Operations, 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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