Skandinaviska Enskilda Banken AB publ Sells 22,800 Shares of Tenet Healthcare Corporation (NYSE:THC)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in Tenet Healthcare Corporation by 28.9%, now owning 56,000 shares worth approximately $7.5 million.
• Several institutional investors have recently adjusted their stakes in Tenet Healthcare, such as American Century Companies Inc. increasing its holdings by 16.5% and LPL Financial LLC boosting its stake by 40.6%.
• Tenet Healthcare's stock price rose by 3.1% recently, and the company reported an earnings per share of $4.02, exceeding analysts' estimates of $2.84.

Skandinaviska Enskilda Banken AB publ lessened its position in Tenet Healthcare Corporation (NYSE:THC - Free Report) by 28.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,000 shares of the company's stock after selling 22,800 shares during the period. Skandinaviska Enskilda Banken AB publ owned about 0.06% of Tenet Healthcare worth $7,532,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. American Century Companies Inc. raised its holdings in shares of Tenet Healthcare by 16.5% during the 4th quarter. American Century Companies Inc. now owns 34,866 shares of the company's stock valued at $4,401,000 after buying an additional 4,947 shares during the period. LPL Financial LLC raised its stake in shares of Tenet Healthcare by 40.6% during the fourth quarter. LPL Financial LLC now owns 67,136 shares of the company's stock valued at $8,475,000 after purchasing an additional 19,389 shares during the period. Norges Bank acquired a new stake in Tenet Healthcare during the 4th quarter valued at $190,819,000. Pictet Asset Management Holding SA lifted its holdings in Tenet Healthcare by 9.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 14,018 shares of the company's stock worth $1,769,000 after buying an additional 1,232 shares in the last quarter. Finally, DnB Asset Management AS acquired a new stake in shares of Tenet Healthcare during the fourth quarter valued at about $6,488,000. Hedge funds and other institutional investors own 95.44% of the company's stock.

Insider Activity

In related news, Director J Robert Kerrey sold 1,222 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $164.96, for a total transaction of $201,581.12. Following the sale, the director directly owned 22,377 shares in the company, valued at $3,691,309.92. This trade represents a 5.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas W. Arnst sold 9,786 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $166.00, for a total transaction of $1,624,476.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,121 shares of company stock valued at $8,846,305. 0.81% of the stock is currently owned by company insiders.

Tenet Healthcare Price Performance

THC traded up $1.29 during trading on Thursday, hitting $162.18. 355,337 shares of the stock traded hands, compared to its average volume of 1,601,208. The business has a 50 day moving average price of $167.68 and a 200 day moving average price of $145.78. The company has a market cap of $15.06 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 0.67 and a beta of 1.64. Tenet Healthcare Corporation has a twelve month low of $109.82 and a twelve month high of $185.25. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.71 and a quick ratio of 1.63.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on THC. Raymond James Financial restated an "outperform" rating and issued a $200.00 target price (up previously from $185.00) on shares of Tenet Healthcare in a research note on Wednesday, July 23rd. Wells Fargo & Company raised shares of Tenet Healthcare from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $150.00 to $195.00 in a report on Thursday, May 29th. Morgan Stanley raised their price target on shares of Tenet Healthcare from $175.00 to $210.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Royal Bank Of Canada boosted their price objective on shares of Tenet Healthcare from $183.00 to $189.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Finally, Robert W. Baird decreased 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. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare currently has an average rating of "Moderate Buy" and an average target price of $190.00.

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.