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

Tenet Healthcare (NYSE:THC) announced its earnings results on Tuesday. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.60, Briefing.com reports. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the business posted $1.44 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year.

Tenet Healthcare Stock Performance

NYSE:THC opened at $155.06 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 2.35. The company’s 50-day moving average price is $159.55 and its 200-day moving average price is $141.69. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $171.20. The company has a market cap of $14.75 billion, a P/E ratio of 4.97, a P/E/G ratio of 0.72 and a beta of 2.14.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wells Fargo & Company upped their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. KeyCorp started coverage on Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. Citigroup increased their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. 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. Finally, The Goldman Sachs Group increased their price objective on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday. One research 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 stock. According to data from MarketBeat, Tenet Healthcare presently has a consensus rating of “Buy” and an average price target of $163.65.

Tenet Healthcare announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated 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 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 document filed with the SEC, which can be accessed through this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total transaction of $327,340.00. Following the completion of the sale, the director now owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This trade 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. Also, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 in the last ninety days. Insiders own 0.93% of the company’s stock.

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.