Skandinaviska Enskilda Banken AB publ Takes $1.82 Million Position in Tenet Healthcare Co. (NYSE:THC)

Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Tenet Healthcare Co. (NYSE:THC) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 13,700 shares of the company’s stock, valued at approximately $1,823,000.

Several other institutional investors have also added to or reduced their stakes in THC. Innealta Capital LLC bought a new position in Tenet Healthcare in the second quarter worth about $28,000. Rise Advisors LLC purchased a new position in shares of Tenet Healthcare in the 1st quarter valued at approximately $29,000. ORG Partners LLC purchased a new stake in Tenet Healthcare in the second quarter worth $31,000. Blue Trust Inc. raised its holdings in Tenet Healthcare by 93.0% in the second quarter. Blue Trust Inc. now owns 249 shares of the company’s stock worth $33,000 after purchasing an additional 120 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its position in Tenet Healthcare by 759.5% during the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after buying an additional 319 shares during the period. 95.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on THC. Raymond James lifted their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. boosted their price target on Tenet Healthcare from $107.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Citigroup raised their price objective on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their target price on Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Truist Financial reiterated a “buy” rating and issued a $170.00 price target (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $152.69.

Tenet Healthcare Price Performance

NYSE THC opened at $167.98 on Tuesday. 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 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. The company has a 50-day moving average price of $153.82 and a 200-day moving average price of $131.20. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last issued 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. The business had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. Equities research analysts anticipate that Tenet Healthcare Co. will post 10.7 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

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 completion of the sale, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the 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 completion of the sale, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Saumya Sutaria sold 86,227 shares of the business’s stock in a transaction dated 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 owns 13,773 shares in the company, valued at $2,126,688.93. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock valued at $19,754,997 in the last ninety days. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Company 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.