National Bank of Canada FI Has $17.50 Million Position in Tenet Healthcare Co. (NYSE:THC)

National Bank of Canada FI reduced its stake in shares of Tenet Healthcare Co. (NYSE:THC) by 10.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 131,248 shares of the company’s stock after selling 15,277 shares during the quarter. National Bank of Canada FI owned about 0.14% of Tenet Healthcare worth $17,495,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Innealta Capital LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at approximately $28,000. Rise Advisors LLC acquired a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $29,000. ORG Partners LLC acquired a new position in shares of Tenet Healthcare in the 2nd quarter valued at approximately $31,000. Blue Trust Inc. grew its position in shares of Tenet Healthcare by 93.0% in the 2nd quarter. Blue Trust Inc. now owns 249 shares of the company’s stock valued at $33,000 after purchasing an additional 120 shares during the period. Finally, Capital Advisors Ltd. LLC grew its position in shares of Tenet Healthcare by 759.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after purchasing an additional 319 shares during the period. 95.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Raymond James boosted their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Truist Financial reaffirmed a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research report on Thursday, July 25th. Baird R W raised Tenet Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, StockNews.com raised Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $152.69.

Insider Activity at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the transaction, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 129,603 shares of company stock worth $19,940,133. Company insiders own 0.93% of the company’s stock.

Tenet Healthcare Stock Down 5.3 %

THC opened at $153.40 on Friday. Tenet Healthcare Co. has a 1-year low of $51.04 and a 1-year high of $166.89. The stock’s fifty day simple moving average is $147.68 and its 200 day simple moving average is $125.75. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The stock has a market cap of $14.98 billion, a PE ratio of 5.95, a price-to-earnings-growth ratio of 0.85 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. As a group, research analysts expect that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

About Tenet Healthcare

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.