Meghan Fitzgerald, a director at Tenet Healthcare Corp (NYSE:THC), has sold 20,000 shares of the company's common stock, totaling approximately $2.93 million. The transactions took place on August 6, 2024, with the weighted average sales price for the shares being $146.34.
The sales were executed in multiple transactions at prices ranging from $146.16 to $146.68, according to the details provided by Fitzgerald. Following the sale, Fitzgerald's remaining holdings in Tenet Healthcare amount to 15,269 shares of common stock.
Investors often monitor insider transactions such as these for insights into the confidence levels executives may have in their company's current valuation and future prospects. The sale by Fitzgerald represents a notable transaction size by an individual director of the company.
Tenet Healthcare Corp, based in Dallas, Texas, operates as a diversified healthcare services company. The company has been a part of the healthcare industry, providing services through its hospitals and related facilities across the United States.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, dated August 8, 2024. The filing provides transparency into the trading activities of the company's insiders, allowing investors to stay informed about significant insider trades.
For those interested in Tenet Healthcare's stock performance and insider transactions, the company trades under the ticker symbol THC on the New York Stock Exchange.
In other recent news, Tenet Healthcare Corporation (NYSE:THC) has agreed to sell its 70% stake in Brookwood Baptist Health and its associated operations in Birmingham to Orlando Health for approximately $910 million. This transaction also includes a new ten-year contract for Tenet’s subsidiary, Conifer Health Solutions, to provide revenue cycle management services to these Birmingham facilities. Mizuho Securities, Deutsche Bank, and Citi have all upgraded their targets for Tenet's shares following a strong quarterly performance. Tenet's net operating revenues increased 12% year-over-year to $5.1 billion, and its adjusted EBITDA rose to $945 million. In response, Tenet raised its 2024 EBITDA guidance by $300 million and authorized a $1.5 billion share repurchase program. The company continues to focus on strategic capital allocation into Ambulatory Surgery Centers, investing in AI technologies, and expanding services in high-demand areas. The completion of the sale is slated for fall 2024, pending customary regulatory approvals and closing conditions.
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