Canada Pension Plan Investment Board Acquires 4,400 Shares of Tenet Healthcare Co. (NYSE:THC)

Canada Pension Plan Investment Board grew its stake in shares of Tenet Healthcare Co. (NYSE:THC - Free Report) by 55.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,300 shares of the company's stock after purchasing an additional 4,400 shares during the quarter. Canada Pension Plan Investment Board's holdings in Tenet Healthcare were worth $1,636,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Tenet Healthcare by 0.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company's stock worth $1,325,000 after acquiring an additional 90 shares during the period. Violich Capital Management Inc. boosted its stake in shares of Tenet Healthcare by 3.2% during the 1st quarter. Violich Capital Management Inc. now owns 3,380 shares of the company's stock worth $355,000 after acquiring an additional 105 shares during the period. GAMMA Investing LLC boosted its stake in shares of Tenet Healthcare by 17.0% during the 1st quarter. GAMMA Investing LLC now owns 731 shares of the company's stock worth $77,000 after acquiring an additional 106 shares during the period. SummerHaven Investment Management LLC boosted its stake in shares of Tenet Healthcare by 1.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company's stock worth $1,186,000 after acquiring an additional 115 shares during the period. Finally, Blue Trust Inc. boosted its stake 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 purchasing an additional 120 shares during the period. Institutional investors and hedge funds own 95.44% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on THC. StockNews.com upgraded Tenet Healthcare from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 7th. Truist Financial restated a "buy" rating and issued a $170.00 price target (up from $155.00) on shares of Tenet Healthcare in a research note on Thursday, July 25th. The Goldman Sachs Group boosted their price target on Tenet Healthcare from $156.00 to $173.00 and gave the company a "buy" rating in a research note on Tuesday, July 30th. Robert W. Baird assumed coverage on Tenet Healthcare in a research report on Thursday, May 30th. They set an "outperform" rating and a $153.00 target price for the company. Finally, Baird R W upgraded Tenet Healthcare to a "strong-buy" rating in a research report on Thursday, May 30th. One investment 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 company's stock. According to data from MarketBeat.com, Tenet Healthcare has an average rating of "Buy" and an average price target of $152.69.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock traded down $1.72 during trading hours on Friday, hitting $163.22. 1,233,108 shares of the company's stock traded hands, compared to its average volume of 1,202,760. Tenet Healthcare Co. has a 12-month low of $51.04 and a 12-month high of $171.20. The stock has a market capitalization of $15.64 billion, a price-to-earnings ratio of 6.40, a PEG ratio of 0.86 and a beta of 2.14. The company has a fifty day simple moving average of $155.82 and a 200-day simple moving average of $132.16. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

Tenet Healthcare (NYSE:THC - Get Free Report) last announced 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 during the quarter, compared to analyst estimates of $4.98 billion. Equities research analysts anticipate that Tenet Healthcare Co. will post 10.72 EPS for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm's stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares in the company, valued at approximately $2,234,465.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the sale, the director now owns 15,269 shares of the company's stock, valued at approximately $2,234,465.46. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 in the last quarter. 0.93% of the stock is owned by company insiders.

About Tenet Healthcare

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.