- Dallas-based Tenet Healthcare was pushed out of Standard & Poor's 500 on Thursday.
- Tenet will be moved to the S&P MidCap 400, according to a S&P Dow Jones Indices release.
- Beauty store chain Ulta Salon, Cosmetics & Fragrance will take the corporation's former place.
Tenet had reported in 2015 a loss of $140 million and offered to pay $238 million to settle a False Claims Act lawsuit. Just last month, the organization paid a fine for improperly denying prescription drug coverage and for "hindering policyholder appeals."
S&P Dow Jones Indices said, “Tenet Healthcare has a market capitalization that is more representative of the mid-cap market space.”
According to a Modern Healthcare, Tenet's market capitalization decreased more than 50% from last July to about $2.8 billion.
A rise in uninsured patients and debt at Tenet's hospitals, which include Atlanta Medical Center, North Fulton Hospital, Spalding Regional Hospital, and Hilton Head Hospital, also contributed to its financial losses, Healthcare Dive previously reported.