Tenet Healthcare (NYSE:THC) Releases Earnings Results, Beats Expectations By $0.50 EPS


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Tenet Healthcare (NYSE:THC) released its quarterly earnings data on Tuesday. The company reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.50, MarketWatch Earnings reports. The business had revenue of $4.78 billion for the quarter, compared to analyst estimates of $4.73 billion. Tenet Healthcare had a positive return on equity of 82.39% and a negative net margin of 0.07%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 EPS.

Shares of NYSE THC traded up $3.02 during midday trading on Wednesday, reaching $55.04. 7,937 shares of the stock were exchanged, compared to its average volume of 999,571. The stock has a market capitalization of $5.86 billion, a P/E ratio of -400.15, a PEG ratio of 8.49 and a beta of 2.66. The company has a 50 day simple moving average of $53.16 and a 200 day simple moving average of $42.39. Tenet Healthcare has a twelve month low of $15.19 and a twelve month high of $57.88. The company has a debt-to-equity ratio of 29.81, a quick ratio of 1.28 and a current ratio of 1.34.

THC has been the topic of several research reports. Zacks Investment Research lowered Tenet Healthcare from a “buy” rating to a “hold” rating and set a $55.00 price target on the stock. in a research note on Tuesday, February 9th. Jefferies Financial Group raised Tenet Healthcare from a “hold” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $60.00 in a report on Friday, January 8th. Bank of America upgraded Tenet Healthcare from a “neutral” rating to a “buy” rating and increased their price target for the stock from $45.00 to $50.00 in a report on Tuesday, January 5th. Citigroup increased their price objective on shares of Tenet Healthcare from $50.00 to $58.00 in a research note on Thursday, February 11th. Finally, Raymond James increased their price objective on shares of Tenet Healthcare from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, January 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $44.89.

In other Tenet Healthcare news, CFO Daniel J. Cancelmi sold 70,700 shares of the business’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $56.80, for a total transaction of $4,015,760.00. Following the sale, the chief financial officer now directly owns 399,500 shares of the company’s stock, valued at $22,691,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Glenview Capital Management, L sold 2,500,000 shares of the business’s stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $53.30, for a total value of $133,250,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,714,302 shares of company stock valued at $145,205,515. Corporate insiders own 1.70% of the company’s stock.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Earnings History for Tenet Healthcare (NYSE:THC)

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