Tenet Healthcare (NYSE:THC) Issues Earnings Results

Tenet Healthcare (NYSE:THC) released its earnings results on Tuesday. The company reported $1.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.52, MarketWatch Earnings reports. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.78 billion. Tenet Healthcare had a net margin of 2.25% and a return on equity of 65.38%. The company’s revenue was up 35.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 EPS.

THC traded down $1.89 during midday trading on Thursday, hitting $70.36. 121,580 shares of the company traded hands, compared to its average volume of 910,219. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 14.86. The firm has a market cap of $7.51 billion, a price-to-earnings ratio of 19.37 and a beta of 2.61. The firm has a 50-day moving average of $66.97. Tenet Healthcare has a 52 week low of $21.34 and a 52 week high of $73.65.

A number of research firms have recently weighed in on THC. Seaport Res Ptn reaffirmed a “buy” rating on shares of Tenet Healthcare in a research report on Friday, July 9th. Zacks Investment Research downgraded shares of Tenet Healthcare from a “buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a research report on Tuesday, June 22nd. Seaport Global Securities assumed coverage on shares of Tenet Healthcare in a research note on Friday, July 9th. They issued a “buy” rating and a $80.00 price target on the stock. Royal Bank of Canada upped their price target on shares of Tenet Healthcare from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 22nd. Finally, upped their price target on shares of Tenet Healthcare from $58.00 to $65.00 in a research note on Thursday, April 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $57.50.

In other news, EVP Howard Hacker sold 6,382 shares of the company’s stock in a transaction dated Friday, May 28th. The shares were sold at an average price of $66.70, for a total transaction of $425,679.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R. Scott Ramsey sold 8,662 shares of the company’s stock in a transaction dated Friday, May 14th. The shares were sold at an average price of $64.04, for a total transaction of $554,714.48. The disclosure for this sale can be found here. Insiders have sold a total of 21,197 shares of company stock worth $1,371,540 in the last 90 days. Company insiders own 1.60% of the company’s stock.

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.

Read More: Does the discount rate affect the economy?

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.