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

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

Tenet Healthcare Stock Performance

THC traded down $2.90 during trading on Wednesday, hitting $159.86. The stock had a trading volume of 497,756 shares, compared to its average volume of 1,205,177. The firm has a market cap of $15.32 billion, a PE ratio of 5.89, a P/E/G ratio of 0.71 and a beta of 2.14. The company has a 50 day simple moving average of $159.66 and a 200-day simple moving average of $141.48. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $171.20. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Insider Transactions at Tenet Healthcare

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

Tenet Healthcare declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on THC. Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a report on Tuesday, October 1st. UBS Group increased their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday. KeyCorp began coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Finally, The Goldman Sachs Group upped their target price on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One research 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $161.76.

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.