Letko Brosseau & Associates Inc. Has $43.08 Million Position in Tenet Healthcare Corp (NYSE:THC)
Letko Brosseau & Associates Inc. increased its stake in shares of Tenet Healthcare Corp (NYSE:THC) by 25.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 2,085,310 shares of the company’s stock after buying an additional 425,965 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Tenet Healthcare were worth $43,083,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Stevens Capital Management LP bought a new position in Tenet Healthcare during the 2nd quarter worth $484,000. Sector Gamma AS raised its position in shares of Tenet Healthcare by 50.3% in the 2nd quarter. Sector Gamma AS now owns 328,662 shares of the company’s stock worth $6,790,000 after acquiring an additional 109,978 shares in the last quarter. Aperio Group LLC raised its position in shares of Tenet Healthcare by 9.0% in the 2nd quarter. Aperio Group LLC now owns 60,598 shares of the company’s stock worth $1,252,000 after acquiring an additional 4,993 shares in the last quarter. KBC Group NV bought a new position in shares of Tenet Healthcare in the 2nd quarter worth about $53,000. Finally, First Trust Advisors LP raised its position in shares of Tenet Healthcare by 595.9% in the 2nd quarter. First Trust Advisors LP now owns 147,085 shares of the company’s stock worth $3,039,000 after acquiring an additional 125,950 shares in the last quarter. 99.56% of the stock is currently owned by institutional investors and hedge funds.
Shares of THC traded down $0.31 during trading hours on Thursday, hitting $19.25. The stock had a trading volume of 40,964 shares, compared to its average volume of 1,917,736. The company has a quick ratio of 1.06, a current ratio of 1.13 and a debt-to-equity ratio of 19.96. The business’s 50 day moving average is $20.30. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 10.33, a P/E/G ratio of 0.56 and a beta of 1.65. Tenet Healthcare Corp has a 1-year low of $16.60 and a 1-year high of $34.23.
Several research analysts have recently weighed in on THC shares. ValuEngine lowered Tenet Healthcare from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 1st. Barclays set a $24.00 price objective on Tenet Healthcare and gave the stock a “hold” rating in a research report on Wednesday, April 17th. TheStreet lowered Tenet Healthcare from a “c” rating to a “d+” rating in a research report on Monday, May 13th. Goldman Sachs Group started coverage on Tenet Healthcare in a research report on Wednesday. They issued a “neutral” rating and a $28.00 price objective for the company. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $26.00 price objective on shares of Tenet Healthcare in a research report on Sunday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. Tenet Healthcare has a consensus rating of “Hold” and an average target price of $28.62.
In other news, major shareholder Glenview Capital Management, L bought 200,000 shares of Tenet Healthcare stock in a transaction dated Wednesday, July 24th. The stock was bought at an average cost of $19.36 per share, for a total transaction of $3,872,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.
About Tenet Healthcare
Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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