Sei Investments Co. Has $8.52 Million Stock Holdings in Tenet Healthcare Co. (NYSE:THC)

Sei Investments Co. lifted its holdings in shares of Tenet Healthcare Co. (NYSE:THC) by 9.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,054 shares of the company’s stock after acquiring an additional 5,714 shares during the period. Sei Investments Co. owned approximately 0.07% of Tenet Healthcare worth $8,521,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in THC. Wells Fargo & Company MN lifted its holdings in shares of Tenet Healthcare by 2.1% in the fourth quarter. Wells Fargo & Company MN now owns 155,422 shares of the company’s stock valued at $11,745,000 after purchasing an additional 3,237 shares in the last quarter. Franklin Resources Inc. lifted its stake in Tenet Healthcare by 10.0% during the 4th quarter. Franklin Resources Inc. now owns 46,209 shares of the company’s stock valued at $3,492,000 after acquiring an additional 4,196 shares in the last quarter. TD Asset Management Inc boosted its holdings in Tenet Healthcare by 337.9% during the 4th quarter. TD Asset Management Inc now owns 76,190 shares of the company’s stock worth $5,758,000 after acquiring an additional 58,790 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Tenet Healthcare by 4.2% in the fourth quarter. Treasurer of the State of North Carolina now owns 46,189 shares of the company’s stock valued at $3,491,000 after purchasing an additional 1,861 shares during the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Tenet Healthcare during the fourth quarter valued at about $13,628,000. Institutional investors own 95.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on THC shares. Raymond James lifted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Citigroup upped their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Truist Financial reiterated a “buy” rating and issued a $170.00 target price (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Finally, UBS Group upped their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $152.69.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now directly owns 13,773 shares in the company, valued at $2,126,688.93. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by corporate insiders.

Tenet Healthcare Price Performance

THC stock opened at $163.22 on Monday. The firm has a 50 day moving average of $156.42 and a 200-day moving average of $133.07. 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 firm has a market capitalization of $15.94 billion, a P/E ratio of 6.33, a price-to-earnings-growth ratio of 0.86 and a beta of 2.14. Tenet Healthcare Co. has a 12 month low of $51.04 and a 12 month high of $171.20.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. As a group, sell-side analysts predict that Tenet Healthcare Co. will post 10.72 earnings per share for the current fiscal year.

Tenet Healthcare declared that its board has approved a stock buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are 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.