Saba Capital Management L.P. lessened its holdings in shares of Tenet Healthcare Corp (NYSE:THC) by 44.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 613,605 shares of the company’s stock after selling 484,316 shares during the period. Tenet Healthcare makes up 0.8% of Saba Capital Management L.P.’s holdings, making the stock its 16th biggest position. Saba Capital Management L.P. owned approximately 0.60% of Tenet Healthcare worth $14,880,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Elkfork Partners LLC acquired a new stake in Tenet Healthcare during the fourth quarter valued at $142,000. Xact Kapitalforvaltning AB acquired a new stake in Tenet Healthcare during the fourth quarter valued at $153,000. Cubist Systematic Strategies LLC grew its position in Tenet Healthcare by 286.0% during the first quarter. Cubist Systematic Strategies LLC now owns 7,700 shares of the company’s stock valued at $187,000 after buying an additional 5,705 shares during the period. Commonwealth Equity Services LLC acquired a new stake in Tenet Healthcare during the first quarter valued at $208,000. Finally, Teza Capital Management LLC acquired a new stake in Tenet Healthcare during the first quarter valued at $237,000.
Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Tenet Healthcare from a “buy” rating to a “hold” rating in a research report on Wednesday. Mizuho restated a “buy” rating and set a $35.00 price target on shares of Tenet Healthcare in a research report on Wednesday, May 9th. Citigroup raised their price target on shares of Tenet Healthcare from $27.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday, May 8th. Credit Suisse Group raised their price target on shares of Tenet Healthcare from $27.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, May 4th. Finally, Morgan Stanley raised their price target on shares of Tenet Healthcare from $16.00 to $24.00 and gave the company an “underweight” rating in a research report on Wednesday, May 2nd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $26.69.
Tenet Healthcare (NYSE:THC) last announced its earnings results on Monday, April 30th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.61. Tenet Healthcare had a negative net margin of 2.90% and a positive return on equity of 23.13%. The business had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same quarter last year, the business earned ($0.27) earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. research analysts predict that Tenet Healthcare Corp will post 1.54 earnings per share for the current fiscal year.
About Tenet Healthcare
Tenet Healthcare Corporation operates as a diversified healthcare services company. It operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The company's general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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