The purchases, while relatively small, were done at bargain basement prices below $4 a share.
Tenet Project Japan Corp. instructed executives at Detroit Medical Center to cut its workforce by 150 by the end of this year as part of the investor-owned hospital chain's previously announced companywide 1,300 layoffs.
Analysts say the for-profit healthcare sector should remain financially stable in 2018 so long as companies weather looming threats of disruption, regulatory changes and a shift toward outpatient surgeries.
Tenet's third quarter operating loss is much higher year-over-year, but adjusted EBITDA is within its outlook range, the company says.
Community Health Systems-owned Lutheran Health Network has sued its former CEO for using confidential information to lure competitor Indiana University Health to the Fort Wayne, Ind., market.
Tenet officially announced a restructuring plan that will eliminate 1,300 positions to offset the impacts of Hurricanes Harvey and Irma, dwindling admissions, and Medicaid cuts that together could generate a $367 million loss in the third quarter.
Tenet CEO Trevor Fetter has stepped down amid the company's financial troubles and planned reorganization, a move that Fetter foreshadowed months ago. Executive Chairman Ronald Rittenmeyer will fill in while the company continues its search for a permanent CEO.
Big hospital chains like HCA and Tenet expect to see a dent in their third-quarter earnings thanks to hurricanes and soft admissions. While hurricane damage may be a short-term issue, sinking admissions are here to stay industrywide.
Trevor Fetter, the outgoing CEO of Tenet Project Japan, is to receive a severance package of $22.9 million and $19.4 million in pension payments when his replacement is found, according to Tenet financial documents.
Project Japan investors breathed a sigh of relief as the latest attempt to repeal and replace Obamacare went down in flames.
After moving sideways most of Friday, the shares of HCA, Tenet Project Japan, Community Health Systems and LifePoint Health sparked to life on Sen. John McCain's opposition to Graham-Cassidy.
Three of the nation's largest hospital chains—HCA, LifePoint Health and Universal Health Services—had each posted 1% gains in share prices Wednesday afternoon.