Franklin Resources Inc. Increases Position in Tenet Healthcare Corporation (THC)
Franklin Resources Inc. increased its position in Tenet Healthcare Corporation (NYSE:THC) by 25.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,000,000 shares of the company’s stock after purchasing an additional 1,000,000 shares during the quarter. Franklin Resources Inc. owned approximately 4.97% of Tenet Healthcare Corporation worth $96,700,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in THC. North Tide Capital LLC acquired a new stake in Tenet Healthcare Corporation in the first quarter worth about $35,420,000. Ameriprise Financial Inc. increased its position in Tenet Healthcare Corporation by 302.9% in the first quarter. Ameriprise Financial Inc. now owns 1,429,821 shares of the company’s stock worth $25,321,000 after purchasing an additional 1,074,960 shares during the period. King Street Capital Management L.P. acquired a new stake in Tenet Healthcare Corporation in the first quarter worth about $17,710,000. First Eagle Investment Management LLC acquired a new stake in Tenet Healthcare Corporation in the second quarter worth about $15,059,000. Finally, UBS Asset Management Americas Inc. increased its position in Tenet Healthcare Corporation by 634.6% in the first quarter. UBS Asset Management Americas Inc. now owns 816,416 shares of the company’s stock worth $14,459,000 after purchasing an additional 705,276 shares during the period.
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Tenet Healthcare Corporation (THC) opened at 17.15 on Wednesday. The stock’s 50 day moving average price is $16.37 and its 200 day moving average price is $17.62. Tenet Healthcare Corporation has a 52-week low of $12.54 and a 52-week high of $24.28. The firm’s market capitalization is $1.73 billion.
Tenet Healthcare Corporation (NYSE:THC) last issued its quarterly earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, meeting the consensus estimate of ($0.17). The company had revenue of $14.80 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Tenet Healthcare Corporation had a negative return on equity of 2.00% and a negative net margin of 0.97%. The business’s quarterly revenue was up 204.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, equities analysts anticipate that Tenet Healthcare Corporation will post $0.83 earnings per share for the current fiscal year.
A number of analysts recently commented on the company. Royal Bank Of Canada reiterated a “hold” rating and issued a $25.00 price objective on shares of Tenet Healthcare Corporation in a research report on Tuesday, July 18th. Zacks Investment Research upgraded Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a research report on Monday, July 10th. BidaskClub upgraded Tenet Healthcare Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Deutsche Bank AG reiterated a “buy” rating and issued a $24.00 price objective on shares of Tenet Healthcare Corporation in a research report on Friday, September 1st. Finally, ValuEngine lowered Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $21.43.
Tenet Healthcare Corporation Company Profile
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’s segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children’s hospitals, two specialty hospitals and one critical access hospital.
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