13,700 Shares in Tenet Healthcare Co. (NYSE:THC) Purchased by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Tenet Healthcare Co. (NYSE:THC) in the 2nd quarter, Holdings Channel reports. The firm bought 13,700 shares of the company’s stock, valued at approximately $1,823,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Innealta Capital LLC bought a new position in Tenet Healthcare in the 2nd quarter valued at $28,000. Rise Advisors LLC bought a new position in shares of Tenet Healthcare in the first quarter worth about $29,000. ORG Partners LLC bought a new stake in Tenet Healthcare during the 2nd quarter valued at about $31,000. Blue Trust Inc. boosted its position in 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 buying an additional 120 shares during the period. Finally, Capital Advisors Ltd. LLC increased its position in shares of Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock worth $48,000 after acquiring an additional 319 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last quarter. 0.93% of the stock is currently owned by company insiders.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock opened at $167.98 on Tuesday. The firm has a market capitalization of $16.41 billion, a P/E ratio of 6.52, a PEG ratio of 0.80 and a beta of 2.14. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The company has a 50 day moving average price of $153.82 and a 200 day moving average price of $131.20.

Tenet Healthcare (NYSE:THC) last released its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. Sell-side analysts expect that Tenet Healthcare Co. will post 10.7 EPS for the current year.

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

Analyst Ratings Changes

THC has been the topic of several research analyst reports. The Goldman Sachs Group increased their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Baird R W raised shares of Tenet Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Finally, Robert W. Baird assumed coverage on Tenet Healthcare in a report on Thursday, May 30th. They set an “outperform” rating and a $153.00 target price for the company. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Profile

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.