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

Tenet Healthcare (NYSE:THC) released its quarterly earnings data on Tuesday. The company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60, Briefing.com reports. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 earnings per share.

Tenet Healthcare Stock Performance

Shares of Tenet Healthcare stock traded down $3.28 on Wednesday, reaching $159.48. 130,826 shares of the stock were exchanged, compared to its average volume of 1,203,429. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $171.20. The business has a 50 day moving average price of $159.66 and a two-hundred day moving average price of $141.48. 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 firm has a market capitalization of $15.28 billion, a price-to-earnings ratio of 5.97, a PEG ratio of 0.71 and a beta of 2.14.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Tenet Healthcare news, insider R. Scott Ramsey sold 11,599 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard W. Fisher sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the transaction, the director now owns 14,227 shares of the company’s stock, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by insiders.

Tenet Healthcare declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Barclays increased their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Raymond James raised their price objective on Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company boosted their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Citigroup raised their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $157.24.

Tenet Healthcare Company Profile

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.