Tenet Healthcare (NYSE:THC) Posts Quarterly Earnings Results, Beats Expectations By $0.50 EPS


Share on StockTwits

Tenet Healthcare (NYSE:THC) announced its quarterly earnings data on Monday. The company reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.50, MarketWatch Earnings reports. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $4.73 billion. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. During the same quarter last year, the firm earned $1.28 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year.

Shares of Tenet Healthcare stock traded up $2.43 on Wednesday, reaching $54.45. The stock had a trading volume of 52,092 shares, compared to its average volume of 999,571. Tenet Healthcare has a 1 year low of $15.19 and a 1 year high of $57.88. The company has a 50 day moving average price of $53.16 and a 200 day moving average price of $42.39. The company has a quick ratio of 1.28, a current ratio of 1.34 and a debt-to-equity ratio of 29.81. The stock has a market capitalization of $5.80 billion, a P/E ratio of -417.54, a P/E/G ratio of 8.49 and a beta of 2.66.

In other Tenet Healthcare news, CFO Daniel J. Cancelmi sold 70,700 shares of the business’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $56.80, for a total transaction of $4,015,760.00. Following the sale, the chief financial officer now owns 399,500 shares of the company’s stock, valued at approximately $22,691,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel J. Cancelmi sold 143,602 shares of the business’s stock in a transaction on Friday, March 12th. The shares were sold at an average price of $55.29, for a total transaction of $7,939,754.58. Following the sale, the chief financial officer now directly owns 399,500 shares in the company, valued at $22,088,355. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,714,302 shares of company stock valued at $145,205,515. 1.70% of the stock is owned by insiders.

A number of research firms recently issued reports on THC. Mizuho boosted their price objective on Tenet Healthcare from $48.00 to $55.00 and gave the company a “buy” rating in a report on Friday, April 9th. UBS Group raised their price target on shares of Tenet Healthcare from $37.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 21st. Bank of America raised shares of Tenet Healthcare from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $45.00 to $50.00 in a research report on Tuesday, January 5th. Raymond James lifted their price target on shares of Tenet Healthcare from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, January 14th. Finally, Credit Suisse Group raised their price objective on Tenet Healthcare from $52.00 to $58.00 and gave the stock an “outperform” rating in a report on Thursday, February 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Tenet Healthcare currently has an average rating of “Buy” and an average price target of $44.89.

About Tenet Healthcare

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.

Further Reading: What is the Quick Ratio?

Earnings History for Tenet Healthcare (NYSE:THC)

Receive News & Ratings for Tenet Healthcare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tenet Healthcare and related companies with MarketBeat.com's FREE daily email newsletter.