Public Employees Retirement System of Ohio Acquires 17,209 Shares of Tenet Healthcare Corporation $THC

Public Employees Retirement System of Ohio raised its holdings in shares of Tenet Healthcare Corporation (NYSE:THC) by 54.9% in the first quarter, HoldingsChannel reports. The firm 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’s holdings in Tenet Healthcare were worth $9,165,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in THC. Triumph Capital Management bought a new stake in Tenet Healthcare in the third quarter valued at $25,000. Activest Wealth Management bought a new position in Tenet Healthcare in the 4th quarter worth $26,000. Elyxium Wealth LLC purchased a new stake in shares of Tenet Healthcare in the 4th quarter worth about $29,000. Canada Pension Plan Investment Board purchased a new position in shares of Tenet Healthcare during the second quarter valued at about $35,000. Finally, Meeder Asset Management Inc. raised its stake in Tenet Healthcare by 146.2% in the fourth quarter. Meeder Asset Management Inc. now owns 192 shares of the company’s stock worth $38,000 after buying an additional 114 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

THC has been the topic of several research reports. KeyCorp cut their price objective on Tenet Healthcare from $250.00 to $225.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. UBS Group raised their target price on Tenet Healthcare from $288.00 to $308.00 and gave the company a “buy” rating in a research note on Monday. Raymond James Financial set a $270.00 price target on Tenet Healthcare in a research report on Monday. Stephens reiterated an “overweight” rating and issued a $285.00 price objective on shares of Tenet Healthcare in a report on Monday. Finally, TD Cowen boosted their target price on shares of Tenet Healthcare from $233.00 to $263.00 and gave the company a “buy” rating in a report on Monday. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Tenet Healthcare presently has a consensus rating of “Moderate Buy” and an average price target of $257.90.

Insider Activity

In other news, Director Nadja West sold 3,000 shares of Tenet Healthcare stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $177.35, for a total value of $532,050.00. Following the completion of the transaction, the director owned 24,805 shares of the company’s stock, valued at $4,399,166.75. The trade was a 10.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Robert Kerrey sold 5,638 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $174.52, for a total transaction of $983,943.76. Following the sale, the director directly owned 16,804 shares in the company, valued at $2,932,634.08. This trade represents a 25.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.97% of the stock is owned by insiders.

Tenet Healthcare Price Performance

THC stock 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. The firm has a 50 day moving average price of $186.16 and a 200-day moving average price of $197.79. Tenet Healthcare Corporation has a 52-week low of $151.00 and a 52-week high of $248.82. The firm has a market capitalization 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) last posted its quarterly earnings data on Friday, July 24th. The company reported $6.12 earnings per share for the quarter, beating analysts’ consensus estimates of $4.26 by $1.86. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%.The company had revenue of $6.04 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same quarter last year, the company earned $4.02 EPS. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts forecast that Tenet Healthcare Corporation will post 21 EPS for the current fiscal 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.