Tenet Healthcare Corp., Santa Barbara, Calif., announced that its board of directors has approved a 3-for-2 stock split. Shareholders of record as of June 12 will receive one new share for every two shares they hold; the new shares will be distributed June 28. The split is the first for Tenet since one of its predecessor companies split its shares in September 1991. Tenet spokesman Harry Anderson said a run-up in the company's stock price over the past three years was the main reason for the split. “Three years ago, our stock was selling for $16, and it's been trading (recently) above $70.” Companies often split their stock after a run-up to make it easier for small investors to buy shares. Tenet owns or operates 116 hospitals. Province Healthcare Co., Brentwood, Tenn., completed a 3-for-2 stock split earlier this month; the chain of 19 rural hospitals also expects to begin listing its shares on the New York Stock Exchange next month.
With share price up, Tenet plans 3-for-2 stock split
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