Mitsubishi UFJ Trust & Banking Corp decreased its stake in Tenet Healthcare Co. (NYSE:THC – Get Rating) by 19.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 38,572 shares of the company’s stock after selling 9,388 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Tenet Healthcare were worth $2,027,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Washington Trust Advisors Inc. bought a new position in shares of Tenet Healthcare during the first quarter valued at $34,000. Parkside Financial Bank & Trust raised its stake in shares of Tenet Healthcare by 1,063.9% during the first quarter. Parkside Financial Bank & Trust now owns 419 shares of the company’s stock valued at $36,000 after acquiring an additional 383 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Tenet Healthcare during the first quarter valued at $36,000. Prospera Financial Services Inc bought a new position in shares of Tenet Healthcare during the first quarter valued at $73,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Tenet Healthcare during the first quarter valued at $78,000. Institutional investors own 97.38% of the company’s stock.
Insider Transactions at Tenet Healthcare
In other Tenet Healthcare news, CFO Daniel J. Cancelmi bought 11,000 shares of Tenet Healthcare stock in a transaction dated Wednesday, October 26th. The shares were purchased at an average cost of $43.07 per share, with a total value of $473,770.00. Following the transaction, the chief financial officer now directly owns 392,815 shares of the company’s stock, valued at $16,918,542.05. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.70% of the company’s stock.
Analyst Upgrades and Downgrades
Tenet Healthcare Stock Up 6.5 %
THC opened at $45.11 on Friday. The company has a debt-to-equity ratio of 5.97, a current ratio of 1.40 and a quick ratio of 1.31. The company’s 50-day moving average is $49.66 and its 200 day moving average is $57.49. Tenet Healthcare Co. has a fifty-two week low of $36.69 and a fifty-two week high of $92.65. The firm has a market capitalization of $4.88 billion, a P/E ratio of 8.88, a PEG ratio of 1.17 and a beta of 2.24.
Tenet Healthcare (NYSE:THC – Get Rating) last announced its quarterly earnings data on Friday, October 21st. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.28 by $0.16. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the firm posted $1.99 earnings per share. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. Research analysts expect that Tenet Healthcare Co. will post 6.14 earnings per share for the current fiscal year.
Tenet Healthcare announced that its board has authorized a share buyback program on Thursday, October 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
About Tenet Healthcare
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.
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