Fulcrum Asset Management LLP Acquires New Holdings in Tenet Healthcare Corporation $THC

Fulcrum Asset Management LLP acquired a new stake in shares of Tenet Healthcare Corporation (NYSE:THC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,750 shares of the company’s stock, valued at approximately $966,000.

A number of other large investors have also added to or reduced their stakes in the company. Manning & Napier Advisors LLC acquired a new stake in Tenet Healthcare during the 2nd quarter valued at $168,761,000. Arrowstreet Capital Limited Partnership lifted its holdings in Tenet Healthcare by 57.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 671,700 shares of the company’s stock worth $126,757,000 after acquiring an additional 244,901 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Tenet Healthcare in the second quarter worth about $106,342,000. Empowered Funds LLC boosted its stake in Tenet Healthcare by 22.1% in the first quarter. Empowered Funds LLC now owns 284,753 shares of the company’s stock valued at $53,736,000 after acquiring an additional 51,549 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Tenet Healthcare by 11.8% during the first quarter. First Trust Advisors LP now owns 240,019 shares of the company’s stock valued at $45,294,000 after purchasing an additional 25,263 shares during the last quarter. 95.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on THC shares. Wall Street Zen upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Barclays upped their price objective on Tenet Healthcare from $271.00 to $297.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 4th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $305.00 target price on shares of Tenet Healthcare in a research report on Tuesday, July 28th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tenet Healthcare in a research note on Friday, October 2nd. Finally, BMO Capital Markets initiated coverage on shares of Tenet Healthcare in a report on Tuesday, September 22nd. They set a “market perform” rating and a $265.00 price target for the company. Nineteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $296.65.

Insider Buying and Selling

In other news, Director Richard Mark sold 10,000 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $263.42, for a total value of $2,634,200.00. Following the completion of the transaction, the director owned 25,121 shares of the company’s stock, valued at approximately $6,617,373.82. This represents a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Cecil Haney sold 1,300 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $278.03, for a total value of $361,439.00. Following the transaction, the director directly owned 12,553 shares in the company, valued at $3,490,110.59. This trade represents a 9.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 98,462 shares of company stock valued at $26,788,234. Company insiders own 0.97% of the company’s stock.

Tenet Healthcare Stock Performance

THC opened at $286.86 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.52 and a debt-to-equity ratio of 1.76. The business’s 50 day moving average is $267.37 and its 200-day moving average is $224.39. The stock has a market cap of $22.83 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 1.57 and a beta of 1.20. Tenet Healthcare Corporation has a twelve month low of $157.58 and a twelve month high of $301.44.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data on Thursday, October 29th. The company reported $6.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.68 by $1.96. Tenet Healthcare had a return on equity of 28.22% and a net margin of 13.09%. The business had revenue of $6.28 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same period in the prior year, the company posted $3.70 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, analysts predict that Tenet Healthcare Corporation will post 22.32 earnings per share for the current year.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation is a U.S.-based healthcare services company that operates acute care hospitals and provides related inpatient and outpatient services. Its hospitals offer services across areas such as emergency care, surgery, imaging and specialty treatment. Through its subsidiary United Surgical Partners International (USPI), Tenet also operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical and procedural care. The company’s Conifer Health Solutions business provides revenue cycle management and other administrative services to healthcare providers.