8 Knots Management LLC Acquires New Holdings in Tenet Healthcare Co. (NYSE:THC)

8 Knots Management LLC acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 587,697 shares of the company’s stock, valued at approximately $44,412,000. Tenet Healthcare makes up approximately 8.4% of 8 Knots Management LLC’s portfolio, making the stock its 5th largest position. 8 Knots Management LLC owned 0.58% of Tenet Healthcare as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB grew its stake in Tenet Healthcare by 324.3% in the 4th quarter. Nordea Investment Management AB now owns 40,066 shares of the company’s stock worth $3,030,000 after buying an additional 30,623 shares in the last quarter. Hsbc Holdings PLC grew its stake in Tenet Healthcare by 113.0% in the 4th quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock worth $34,266,000 after buying an additional 240,611 shares in the last quarter. Oliver Luxxe Assets LLC grew its stake in Tenet Healthcare by 11.1% in the 4th quarter. Oliver Luxxe Assets LLC now owns 19,529 shares of the company’s stock worth $1,476,000 after buying an additional 1,956 shares in the last quarter. International Assets Investment Management LLC grew its stake in Tenet Healthcare by 5,297.5% in the 4th quarter. International Assets Investment Management LLC now owns 6,423 shares of the company’s stock worth $485,000 after buying an additional 6,304 shares in the last quarter. Finally, Pinebridge Investments L.P. purchased a new position in Tenet Healthcare in the 4th quarter worth approximately $889,000. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Insider Buying and Selling

In related news, EVP Thomas W. Arnst sold 8,148 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total value of $945,982.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Tenet Healthcare news, EVP Thomas W. Arnst sold 8,148 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the sale, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders sold a total of 23,291 shares of company stock worth $2,932,773 in the last three months. 0.93% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on THC shares. Wolfe Research raised shares of Tenet Healthcare from a “peer perform” rating to an “outperform” rating and set a $122.00 price objective for the company in a research note on Wednesday, March 27th. Robert W. Baird started coverage on shares of Tenet Healthcare in a research note on Thursday, May 30th. They issued an “outperform” rating and a $153.00 price objective for the company. StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research note on Friday. JPMorgan Chase & Co. upped their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Finally, Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of “Buy” and a consensus target price of $120.41.

Tenet Healthcare Trading Down 1.4 %

NYSE THC traded down $1.99 during trading on Tuesday, hitting $135.77. The company had a trading volume of 1,320,254 shares, compared to its average volume of 1,212,699. The company has a current ratio of 1.44, a quick ratio of 1.37 and a debt-to-equity ratio of 2.58. Tenet Healthcare Co. has a one year low of $51.04 and a one year high of $138.12. The company has a market cap of $13.26 billion, a price-to-earnings ratio of 5.27, a price-to-earnings-growth ratio of 1.37 and a beta of 2.12. The company’s fifty day moving average is $117.35 and its 200-day moving average is $96.68.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. Tenet Healthcare’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned $1.42 EPS. On average, sell-side analysts predict that Tenet Healthcare Co. will post 8.76 earnings per share for the current year.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.