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

Tenet Healthcare (NYSE:THC) announced its earnings results on Tuesday. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60, Briefing.com reports. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations 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 was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.44 earnings per share.

Tenet Healthcare Trading Down 2.0 %

NYSE:THC traded down $3.28 during midday trading on Wednesday, hitting $159.48. 130,826 shares of the company traded hands, compared to its average volume of 1,203,429. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The firm’s fifty day moving average is $159.66 and its 200-day moving average is $141.48. The firm has a market capitalization of $15.28 billion, a P/E ratio of 5.97, a P/E/G ratio of 0.71 and a beta of 2.14. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20.

Insider Buying and Selling at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Paola M. Arbour sold 8,377 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 21,426 shares of the company’s stock, valued at approximately $3,342,456. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the sale, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock worth $19,754,997 over the last quarter. Insiders own 0.93% of the company’s stock.

Tenet Healthcare declared that its board has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on THC. UBS Group lifted their target price on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Barclays boosted their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Raymond James lifted their price target on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. The Goldman Sachs Group raised their price objective on shares of Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Citigroup raised their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $157.24.

About Tenet Healthcare

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.