Tenet Healthcare (NYSE:THC – Get Rating) posted its earnings results on Wednesday. The company reported $1.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.89, MarketWatch Earnings reports. The company had revenue of $4.75 billion during the quarter, compared to analyst estimates of $4.74 billion. Tenet Healthcare had a net margin of 4.69% and a return on equity of 56.04%. Tenet Healthcare’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 earnings per share.
Shares of Tenet Healthcare stock traded down $1.96 on Thursday, hitting $87.05. 8,255 shares of the company’s stock were exchanged, compared to its average volume of 1,242,582. The company has a 50-day simple moving average of $85.79 and a 200-day simple moving average of $78.55. The stock has a market capitalization of $9.35 billion, a PE ratio of 10.08, a PEG ratio of 4.93 and a beta of 2.42. Tenet Healthcare has a 1 year low of $51.02 and a 1 year high of $92.65. The company has a debt-to-equity ratio of 7.55, a quick ratio of 1.31 and a current ratio of 1.38.
A number of analysts have recently weighed in on THC shares. Mizuho increased their target price on shares of Tenet Healthcare from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Thursday, March 3rd. The Goldman Sachs Group reissued a “buy” rating on shares of Tenet Healthcare in a research note on Tuesday, March 1st. SVB Leerink reissued a “buy” rating and issued a $100.00 price target on shares of Tenet Healthcare in a research note on Thursday, April 14th. Barclays increased their price target on shares of Tenet Healthcare from $87.00 to $99.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 9th. Finally, Credit Suisse Group increased their price target on shares of Tenet Healthcare from $109.00 to $111.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 9th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $97.00.
In other news, Chairman Ronald A. Rittenmeyer sold 59,851 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $90.12, for a total transaction of $5,393,772.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard J. Mark sold 6,000 shares of the firm’s stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $90.47, for a total transaction of $542,820.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Stifel Financial Corp acquired a new position in Tenet Healthcare during the 4th quarter valued at approximately $229,000. MML Investors Services LLC purchased a new stake in Tenet Healthcare during the fourth quarter worth $293,000. Oliver Luxxe Assets LLC lifted its holdings in Tenet Healthcare by 5.5% during the fourth quarter. Oliver Luxxe Assets LLC now owns 4,028 shares of the company’s stock valued at $329,000 after purchasing an additional 210 shares in the last quarter. LPL Financial LLC increased its position in Tenet Healthcare by 4.9% during the third quarter. LPL Financial LLC now owns 6,283 shares of the company’s stock worth $417,000 after purchasing an additional 293 shares during the last quarter. Finally, Qtron Investments LLC acquired a new stake in shares of Tenet Healthcare during the fourth quarter valued at about $462,000. 94.38% of the stock is owned by hedge funds and other institutional investors.
Tenet Healthcare Company Profile (Get Rating)
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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