The BlackRock Institutional Trust Company N.A. Decreases Stake in Tenet Healthcare Corp. (THC)

The BlackRock Institutional Trust Company N.A. Decreases Stake in Tenet Healthcare Corp. (THC)

BlackRock Institutional Trust Company N.A. reduced its stake in Tenet Healthcare Corp. (NYSE:THC) by 14.0% during the third quarter, Holdings Channel reports. The firm owned 2,659,855 shares of the company’s stock after selling 433,365 shares during the period. BlackRock Institutional Trust Company N.A. owned 2.67% of Tenet Healthcare Corp. worth $60,272,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Acadian Asset Management LLC boosted its stake in shares of Tenet Healthcare Corp. by 1,534.5% in the second quarter. Acadian Asset Management LLC now owns 6,211 shares of the company’s stock valued at $171,000 after buying an additional 5,831 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Tenet Healthcare Corp. during the second quarter valued at approximately $730,000. Retirement Systems of Alabama boosted its stake in shares of Tenet Healthcare Corp. by 157.0% in the second quarter. Retirement Systems of Alabama now owns 128,098 shares of the company’s stock valued at $3,541,000 after buying an additional 78,248 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of Tenet Healthcare Corp. during the second quarter valued at approximately $291,000. Finally, LMR Partners LLP acquired a new stake in shares of Tenet Healthcare Corp. during the second quarter valued at approximately $575,000.

Shares of Tenet Healthcare Corp. (NYSE:THC) opened at 18.05 on Friday. The firm’s 50-day moving average price is $15.90 and its 200-day moving average price is $21.58. The company’s market cap is $1.80 billion. Tenet Healthcare Corp. has a 12 month low of $14.06 and a 12 month high of $34.08.

Tenet Healthcare Corp. (NYSE:THC) last released its quarterly earnings results on Monday, October 31st. The company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.01. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $2.28 billion. Tenet Healthcare Corp. had a positive return on equity of 12.75% and a negative net margin of 1.04%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 EPS. Equities analysts predict that Tenet Healthcare Corp. will post $1.22 EPS for the current fiscal year.

Several analysts have issued reports on the company. Wolfe Research assumed coverage on Tenet Healthcare Corp. in a report on Tuesday, October 25th. They set a “market perform” rating on the stock. Zacks Investment Research upgraded Tenet Healthcare Corp. from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, October 4th. Mizuho cut their price objective on Tenet Healthcare Corp. from $28.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, October 5th. TheStreet downgraded Tenet Healthcare Corp. from a “hold” rating to a “sell” rating in a report on Friday, October 7th. Finally, Bank of America Corp. downgraded Tenet Healthcare Corp. from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $32.00 to $25.00 in a report on Wednesday, November 9th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $29.64.

In other Tenet Healthcare Corp. news, Director Peter M. Wilver purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, November 9th. The shares were bought at an average price of $15.19 per share, with a total value of $75,950.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $75,950. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ronald A. Rittenmeyer purchased 15,000 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were acquired at an average cost of $14.35 per share, for a total transaction of $215,250.00. Following the transaction, the director now owns 23,783 shares of the company’s stock, valued at $341,286.05. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.

About Tenet Healthcare Corp.

Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer.

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