Point72 Asset Management L.P. Acquires 107,290 Shares of Tenet Healthcare Co. (NYSE:THC)

Point72 Asset Management L.P. boosted its position in Tenet Healthcare Co. (NYSE:THC - Free Report) by 32.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 442,949 shares of the company's stock after acquiring an additional 107,290 shares during the quarter. Point72 Asset Management L.P. owned 0.47% of Tenet Healthcare worth $73,618,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Legacy Capital Group California Inc. purchased a new position in shares of Tenet Healthcare in the third quarter worth about $1,055,000. Diversified Trust Co purchased a new stake in shares of Tenet Healthcare during the second quarter valued at approximately $558,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Tenet Healthcare by 124.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 12,787 shares of the company's stock worth $1,701,000 after purchasing an additional 7,078 shares during the last quarter. Caprock Group LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at $477,000. Finally, Intech Investment Management LLC increased its position in shares of Tenet Healthcare by 44.4% in the third quarter. Intech Investment Management LLC now owns 79,266 shares of the company's stock valued at $13,174,000 after acquiring an additional 24,385 shares during the period. Hedge funds and other institutional investors own 95.44% of the company's stock.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, EVP Lisa Y. Foo sold 4,000 shares of the company's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $155.94, for a total value of $623,760.00. Following the completion of the transaction, the executive vice president now directly owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.93% of the stock is owned by company insiders.

Tenet Healthcare Stock Performance

NYSE:THC traded down $2.61 on Thursday, hitting $138.90. The stock had a trading volume of 862,213 shares, compared to its average volume of 1,223,332. Tenet Healthcare Co. has a 52-week low of $67.78 and a 52-week high of $171.20. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 4.45, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The business's 50-day simple moving average is $155.33 and its two-hundred day simple moving average is $148.87.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts' consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.05 billion. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm's revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.44 earnings per share. As a group, research analysts predict that Tenet Healthcare Co. will post 11.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

THC has been the subject of several research analyst reports. KeyCorp initiated coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an "overweight" rating and a $200.00 price objective for the company. UBS Group boosted their price objective on shares of Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Royal Bank of Canada lifted their price target on Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Cantor Fitzgerald increased their price objective on Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Finally, Barclays boosted their target price on shares of Tenet Healthcare from $171.00 to $190.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $168.19.

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.