National Bank of Canada FI Sells 100,006 Shares of Tenet Healthcare Corporation $THC

Key Points

• National Bank of Canada FI significantly reduced its holdings in Tenet Healthcare Corporation by 99.6%, selling 100,006 shares and only retaining 435 shares worth $58,000.
• Several institutional investors have recently made changes to their stakes in Tenet Healthcare, indicating strong institutional interest with 95.44% of the stock currently owned by institutional investors.
• Tenet Healthcare reported impressive earnings, with an EPS of $4.02 for the quarter, surpassing analysts' expectations and a year-over-year revenue growth of 3.2%.

National Bank of Canada FI lowered its holdings in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 99.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 435 shares of the company's stock after selling 100,006 shares during the quarter. National Bank of Canada FI's holdings in Tenet Healthcare were worth $58,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Tenet Healthcare in the 1st quarter valued at approximately $212,000. Envestnet Asset Management Inc. raised its stake in Tenet Healthcare by 3.3% during the first quarter. Envestnet Asset Management Inc. now owns 203,582 shares of the company's stock worth $27,382,000 after acquiring an additional 6,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tenet Healthcare by 65.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,420 shares of the company's stock worth $189,000 after purchasing an additional 562 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Tenet Healthcare by 28.1% in the 1st quarter. GAMMA Investing LLC now owns 1,430 shares of the company's stock worth $192,000 after purchasing an additional 314 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in Tenet Healthcare during the first quarter worth about $1,986,000. 95.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 3,077 shares of Tenet Healthcare stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $165.72, for a total transaction of $509,920.44. Following the transaction, the director directly owned 12,128 shares in the company, valued at approximately $2,009,852.16. The trade was a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Paola M. Arbour sold 7,738 shares of Tenet Healthcare stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $173.00, for a total value of $1,338,674.00. Following the transaction, the executive vice president owned 20,110 shares in the company, valued at approximately $3,479,030. This represents a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,659 shares of company stock worth $7,068,604 over the last ninety days. 0.81% of the stock is owned by corporate insiders.

Tenet Healthcare Price Performance

Shares of THC stock opened at $171.35 on Tuesday. Tenet Healthcare Corporation has a 52-week low of $109.82 and a 52-week high of $185.25. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.63 and a current ratio of 1.71. The stock has a market cap of $15.14 billion, a PE ratio of 10.97, a PEG ratio of 0.74 and a beta of 1.52. The firm's 50 day moving average price is $167.28 and its two-hundred day moving average price is $148.71.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $4.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.84 by $1.18. Tenet Healthcare had a return on equity of 24.69% and a net margin of 7.17%. The firm had revenue of $5.27 billion for the quarter, compared to analysts' expectations of $5.16 billion. During the same quarter last year, the business earned $2.31 earnings per share. The company's revenue was up 3.2% compared to the same quarter last year. As a group, analysts forecast that Tenet Healthcare Corporation will post 12.24 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on THC shares. Raymond James Financial reaffirmed an "outperform" rating and set a $200.00 price objective (up from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Stephens upgraded Tenet Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Robert W. Baird lowered their target price on Tenet Healthcare from $195.00 to $167.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Mizuho raised their target price on Tenet Healthcare from $184.00 to $194.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Finally, Guggenheim increased their price objective on shares of Tenet Healthcare from $180.00 to $188.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $191.88.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.