Public Employees Retirement System of Ohio Raises Stake in Tenet Healthcare Corporation $THC

Key Points

• Public Employees Retirement System of Ohio increased its Tenet Healthcare stake by 54.9% in the first quarter to 48,564 shares, while institutional investors collectively own 95.44% of the company.
• Analysts maintain a generally positive view: Tenet has a “Moderate Buy” consensus rating from 20 analysts and a $257.90 average price target, with TD Cowen and UBS recently raising their targets.
• Tenet reported strong quarterly results, posting $6.12 in adjusted EPS and $6.04 billion in revenue, beating estimates and increasing revenue 6.8% year over year; the stock opened at $242.42 after rising 4.0%.

Public Employees Retirement System of Ohio raised its stake in shares of Tenet Healthcare Corporation (NYSE:THC - Free Report) by 54.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,564 shares of the company's stock after buying an additional 17,209 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.06% of Tenet Healthcare worth $9,165,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of THC. Norges Bank purchased a new stake in Tenet Healthcare in the 4th quarter worth approximately $248,494,000. Wellington Management Group LLP boosted its stake in Tenet Healthcare by 1,114.2% during the fourth quarter. Wellington Management Group LLP now owns 1,135,801 shares of the company's stock valued at $225,706,000 after buying an additional 1,042,260 shares during the period. Boston Partners increased its stake in Tenet Healthcare by 38.8% in the 3rd quarter. Boston Partners now owns 3,147,555 shares of the company's stock worth $638,958,000 after acquiring an additional 880,413 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Tenet Healthcare by 62.3% during the 3rd quarter. AQR Capital Management LLC now owns 1,876,423 shares of the company's stock valued at $380,989,000 after acquiring an additional 720,160 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Tenet Healthcare by 375.7% in the second quarter. Alliancebernstein L.P. now owns 790,254 shares of the company's stock worth $139,085,000 after purchasing an additional 624,125 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on THC. TD Cowen lifted their target price on shares of Tenet Healthcare from $233.00 to $263.00 and gave the company a "buy" rating in a research report on Monday. UBS Group raised their price objective on shares of Tenet Healthcare from $288.00 to $308.00 and gave the company a "buy" rating in a research report on Monday. Robert W. Baird dropped their price objective on shares of Tenet Healthcare from $245.00 to $210.00 and set a "neutral" rating for the company in a report on Tuesday, May 5th. Wall Street Zen raised Tenet Healthcare from a "hold" rating to a "buy" rating in a research note on Sunday. Finally, Weiss Ratings lowered Tenet Healthcare from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 2nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Tenet Healthcare presently has an average rating of "Moderate Buy" and a consensus price target of $257.90.

Insider Transactions at Tenet Healthcare

In related news, Director J Robert Kerrey sold 5,638 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $174.52, for a total transaction of $983,943.76. Following the completion of the sale, the director directly owned 16,804 shares in the company, valued at $2,932,634.08. This represents a 25.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Nadja West sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $177.35, for a total value of $532,050.00. Following the transaction, the director owned 24,805 shares in the company, valued at approximately $4,399,166.75. The trade was a 10.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.97% of the company's stock.

Tenet Healthcare Trading Up 4.0%

Shares of THC opened at $242.42 on Tuesday. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.35 and a current ratio of 1.41. Tenet Healthcare Corporation has a fifty-two week low of $151.00 and a fifty-two week high of $248.82. The firm has a 50 day moving average price of $186.16 and a 200-day moving average price of $197.79. The firm has a market cap of $20.88 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 1.61 and a beta of 1.27.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Friday, July 24th. The company reported $6.12 EPS for the quarter, topping analysts' consensus estimates of $4.26 by $1.86. Tenet Healthcare had a net margin of 10.27% and a return on equity of 26.76%. The company had revenue of $6.04 billion for the quarter, compared to analysts' expectations of $5.43 billion. During the same quarter last year, the company earned $4.02 EPS. The firm's revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts forecast that Tenet Healthcare Corporation will post 21 earnings per share for the current year.

About Tenet Healthcare

Tenet Healthcare Corporation NYSE: THC is a diversified American healthcare services company that owns and operates acute care hospitals and a broad range of outpatient facilities. Its portfolio includes general acute-care hospitals, specialty hospitals, ambulatory surgery centers, urgent care and diagnostic imaging centers, and other ancillary service locations. Tenet's operations are oriented around delivering inpatient and outpatient clinical care across multiple medical specialties, with an emphasis on surgical services, emergency care, and advanced diagnostics.

In addition to facility-based care, Tenet provides integrated services designed to support clinical operations and improve patient access and care coordination.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.