Tenet Healthcare (NYSE:THC) Announces Earnings Results, Beats Estimates By $0.60 EPS

by · The Markets Daily

Tenet Healthcare (NYSE:THC – Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.60, Briefing.com reports. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.05 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $1.44 earnings per share.

Tenet Healthcare Stock Performance

NYSE:THC traded down $3.77 during mid-day trading on Wednesday, hitting $158.99. 524,723 shares of the company traded hands, compared to its average volume of 1,205,305. The firm has a market cap of $15.23 billion, a price-to-earnings ratio of 5.89, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14. Tenet Healthcare has a one year low of $51.04 and a one year high of $171.20. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The stock’s fifty day moving average price is $159.66 and its 200-day moving average price is $141.48.

Insider Transactions at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were 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 of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Paola M. Arbour sold 8,377 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the completion of the transaction, the executive vice president now directly owns 21,426 shares in the company, valued at $3,342,456. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by insiders.

Tenet Healthcare announced that its board has initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on THC shares. UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group boosted their target price on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. KeyCorp initiated coverage on shares of Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lifted their price target on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $161.76.

View Our Latest Research Report on THC

Tenet Healthcare Company Profile

(Get 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 offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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