Leith Wheeler Investment Counsel Ltd. Grows Stock Position in Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Leith Wheeler Investment Counsel Ltd. increased its stake in Tenet Healthcare Corporation by 5.4% in the first quarter, owning 67,794 shares worth approximately $9.12 million.
• Institutional investors hold 95.44% of Tenet Healthcare's stock, with Nuveen LLC making a significant purchase valued at approximately $218.55 million.
• Tenet Healthcare's quarterly earnings showed a 24.69% return on equity and revenue of $5.27 billion, exceeding analyst estimates.

Leith Wheeler Investment Counsel Ltd. grew its holdings in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,794 shares of the company's stock after buying an additional 3,478 shares during the quarter. Leith Wheeler Investment Counsel Ltd. owned 0.07% of Tenet Healthcare worth $9,118,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nuveen LLC purchased a new position in shares of Tenet Healthcare during the 1st quarter valued at approximately $218,549,000. Dimensional Fund Advisors LP boosted its stake in shares of Tenet Healthcare by 22.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,493,532 shares of the company's stock valued at $188,524,000 after buying an additional 272,906 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Tenet Healthcare by 20.8% during the 4th quarter. AQR Capital Management LLC now owns 872,117 shares of the company's stock valued at $110,087,000 after buying an additional 150,361 shares during the last quarter. Northern Trust Corp raised its position in shares of Tenet Healthcare by 22.0% during the 4th quarter. Northern Trust Corp now owns 848,049 shares of the company's stock valued at $107,049,000 after acquiring an additional 152,671 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Tenet Healthcare by 1.6% during the 1st quarter. Bank of New York Mellon Corp now owns 815,126 shares of the company's stock valued at $109,634,000 after acquiring an additional 13,057 shares in the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total transaction of $1,338,674.00. Following the completion of the sale, the executive vice president directly owned 20,110 shares in the company, valued at $3,479,030. The trade was a 27.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas W. Arnst sold 9,786 shares of Tenet Healthcare stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $166.00, for a total value of $1,624,476.00. The disclosure for this sale can be found here. In the last three months, insiders sold 49,120 shares of company stock worth $8,103,656. Corporate insiders own 0.81% of the company's stock.

Tenet Healthcare Trading Up 2.3%

NYSE:THC opened at $170.43 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 1.71 and a debt-to-equity ratio of 2.39. Tenet Healthcare Corporation has a 1-year low of $109.82 and a 1-year high of $185.25. The firm has a market capitalization of $15.06 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 0.71 and a beta of 1.52. The stock has a fifty day simple moving average of $167.11 and a 200 day simple moving average of $147.78.

Tenet Healthcare (NYSE:THC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share for the quarter, beating analysts' consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The business had revenue of $5.27 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same quarter last year, the company posted $2.31 EPS. Tenet Healthcare's revenue for the quarter was up 3.2% on a year-over-year basis. Sell-side analysts forecast that Tenet Healthcare Corporation will post 12.24 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on THC shares. Wolfe Research lowered Tenet Healthcare from an "outperform" rating to a "peer perform" rating in a research report on Monday, July 28th. Barclays dropped their price target on Tenet Healthcare from $215.00 to $208.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Wells Fargo & Company raised Tenet Healthcare from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $150.00 to $195.00 in a research report on Thursday, May 29th. Guggenheim upped their price target on Tenet Healthcare from $180.00 to $188.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Mizuho increased their target price on Tenet Healthcare from $184.00 to $194.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Tenet Healthcare currently has an average rating of "Moderate Buy" and a consensus price target of $191.56.

Tenet Healthcare Company Profile

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.

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