Glenview Capital Management LLC recently announced the acquisition of new stake in Tenet Healthcare Corporation (NYSE:THC). The institutional investor has increased its shareholding in the Healthcare company by 0.13% to 19.76 million shares with purchase of 25728.0 shares. This fresh investment now brings its stake to 18.87% valued currently at $522.49 million. In addition, BlackRock Fund Advisors raised its holdings by 86723.0 to 11.0 million shares. And Harris Associates LP has lifted its position by 3.16% or 0.2 million shares – to 6.59 million shares.
With over 1.07 million Tenet Healthcare Corporation (THC) shares trading Monday and a closing price of $28.18 on the day, the dollar volume was approximately $30.17 million. The shares have shown a positive weekly performance of 1.81% and its price on 08/31/20 lost nearly -2.19%. Currently, there are 104.79M common shares owned by the public and among those 103.52M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for THC have a consensus price objective of $29.71. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $20.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Tenet Healthcare Corporation stock is 2.60 for the next 12 months. The average price target is 5.47% above its last price level and an upside to the estimated low will see the stock lose -40.9% over that period. But an upside of 29.55% will see the stock hit the forecast high price target while mean target price for the stock is $30.00.
Insiders at the company have transacted a total of 74 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 47 of these insider trades were purchases, accounting for 893,210 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 226,988 shares.
The top 3 mutual fund holders in Tenet Healthcare Corporation are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 2.97 million shares of the company’s stock, all valued at over $78.46 million. The company sold 1782.0 shares recently to bring their total holdings to about 2.83% of the shares outstanding. iShares Core S&P Mid Cap ETF sold 21782.0 shares to see its total holdings shrink to 2.78 million shares valued at over $73.37 million and representing 2.65% of the shares outstanding. Vanguard Small Cap Index Fund sold 16600.0 shares to bring its total holdings to over 2.6 million shares at a value of $68.75 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.48% of the shares outstanding.
Shares of Tenet Healthcare Corporation (NYSE: THC) opened at $28.56, down -$0.25 from a prior closing price of $28.81. However, the script later closed the day at $28.18, down -2.19%. The company’s stock has a 5-day price change of 1.81% and 27.45% over the past three months. THC shares are trading -25.90% year to date (YTD), with the 12-month market performance up to 30.16% higher. It has a 12-month low price of $10.00 and touched a high of $39.37 over the same period. Currently, 1.07 million shares have been traded, compared to an average intraday trading volume of 1.87 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.08%, 18.20%, and 8.10% respectively.
Institutional ownership of Tenet Healthcare Corporation (NYSE: THC) shares accounts for 98.80% of the company’s 104.79M shares outstanding. Mutual fund holders own 37.88%, while other institutional holders and individual stakeholders account for 61.05% and 22.19% respectively.
It has a market capitalization of $2.87B and a beta (3y monthly) value of 2.47. The earnings-per-share (ttm) stands at -$0.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.28% over the week and 5.12% over the month.
Analysts forecast that Tenet Healthcare Corporation (THC) will achieve an EPS of $0.3 for the current quarter, $1.06 for the next quarter and $2.59 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.53 while analysts give the company a high EPS estimate of $1.33. Comparatively, EPS for the current quarter was $0.58 a year ago. Earnings per share for the fiscal year are expected to decrease by -326.10%, and -33.62% over the next financial year. EPS should grow at an annualized rate of 11.76% over the next five years, compared to -54.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Tenet Healthcare Corporation (THC) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 12 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the THC, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Outperform rating for the stock in a research note on March 11, 2020, with the firm’s price target at $32-$39. JP Morgan coverage for the Tenet Healthcare Corporation (THC) stock in a research note released on February 26, 2020 offered a Neutral rating with a price target of. UBS was of a view on December 09, 2019 that the stock is Buy, while Credit Suisse gave the stock Outperform rating on November 06, 2019, issuing a price target of $25- $36. Goldman on their part issued Neutral rating on August 14, 2019.