Tenet Healthcare Co. (NYSE:THC) Shares Sold by Raymond James Trust NA

VaselineAugust 29, 2024

0 4 minutes read

Raymond James Trust NA reduced its holdings in shares of Tenet Healthcare Co. (NYSE:THC – Free Report) by 14.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,082 shares of the company’s stock after selling 522 shares during the period. Raymond James Trust NA’s holdings in Tenet Healthcare were worth $410,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital Advisors Ltd. LLC lifted its position in shares of Tenet Healthcare by 759.5% in the second quarter. Capital Advisors Ltd. LLC now owns 361 shares of the company’s stock valued at $48,000 after acquiring an additional 319 shares during the last quarter. Optas LLC boosted its holdings in Tenet Healthcare by 20.8% in the second quarter. Optas LLC now owns 2,728 shares of the company’s stock valued at $363,000 after purchasing an additional 470 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Tenet Healthcare by 4.6% during the second quarter. New York State Teachers Retirement System now owns 120,232 shares of the company’s stock worth $15,994,000 after buying an additional 5,329 shares in the last quarter. SummerHaven Investment Management LLC raised its position in shares of Tenet Healthcare by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after purchasing an additional 115 shares in the last quarter. Finally, Private Advisory Group LLC purchased a new position in shares of Tenet Healthcare in the second quarter valued at about $601,000. Hedge funds and other institutional investors own 95.44% of the company’s shares.

Insider buying and selling

In other news, CEO Saumya Sutaria sold 86,227 shares of the 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 sale, the chief executive officer now directly owns 13,773 shares in the company, valued at approximately $2,126,688.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In other news, Director Richard W. Fisher sold 1,400 shares of Tenet Healthcare stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The transaction was disclosed in a filing with the SEC, which is accessible via this link. Also, CEO Saumya Sutaria sold 86,227 shares of the 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at $2,126,688.93. The disclosure for this sale can be found here. Insiders sold a total of 126,865 shares of company stock worth $19,186,587 in the last quarter. 0.93% of shares are owned by company insiders.

Tenet Healthcare stock performance

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Shares of Tenet Healthcare stock opened at $163.87 on Wednesday. The stock has a market cap of $16.01 billion, a P/E ratio of 6.36, a price-to-earnings-growth ratio of 0.76 and a beta of 2.15. The stock has a 50-day moving average of $143.41 and a 200-day moving average of $121.92. The company has a current ratio of 1.45, a quick ratio of 1.38, and a debt-to-equity ratio of 2.53. Tenet Healthcare Co. it has a 52-week low of $51.04 and a 52-week high of $165.58.

Tenet Healthcare (NYSE:THC – Get Your Free Report ) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.42. The firm had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. On average, analysts expect that Tenet Healthcare Co. to post 10.68 EPS for the current fiscal year.

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

Analysts set new price targets

A number of research analysts have weighed in on THC shares. Truist Financial reissued a “buy” rating and set a $170.00 target price (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. Raymond James upped their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company upped their target price on shares of Tenet Healthcare from $145.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Citigroup boosted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada boosted their target price on Tenet Healthcare from $109.00 to $136.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. 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. The company presently has an average rating of “Buy” and a consensus price target of $152.69, based on data from MarketBeat.

Check out our latest report on THC

Tenet Healthcare Company Profile

(Free Report)

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 provide acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories and pharmacies.