Wall Street brokerages predict that Tenet Healthcare Corp (NYSE:THC) will post sales of $4.46 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Tenet Healthcare’s earnings, with the lowest sales estimate coming in at $4.41 billion and the highest estimate coming in at $4.49 billion. Tenet Healthcare reported sales of $4.49 billion in the same quarter last year, which indicates a negative year over year growth rate of 0.7%. The firm is scheduled to announce its next earnings results on Monday, November 4th.
On average, analysts expect that Tenet Healthcare will report full year sales of $18.27 billion for the current year, with estimates ranging from $18.20 billion to $18.36 billion. For the next financial year, analysts anticipate that the business will post sales of $18.81 billion, with estimates ranging from $18.50 billion to $19.03 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Tenet Healthcare.
Tenet Healthcare (NYSE:THC) last announced its earnings results on Monday, August 5th. The company reported $0.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.12. Tenet Healthcare had a negative net margin of 0.09% and a positive return on equity of 28.95%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same quarter in the prior year, the company posted $0.49 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis.
THC traded up $0.82 during trading hours on Friday, hitting $22.95. 42,278 shares of the company’s stock were exchanged, compared to its average volume of 1,605,495. Tenet Healthcare has a 1-year low of $16.60 and a 1-year high of $31.64. The stock’s 50-day moving average is $22.23 and its two-hundred day moving average is $22.37. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.57 and a beta of 1.62. The company has a quick ratio of 1.06, a current ratio of 1.13 and a debt-to-equity ratio of 19.96.
In other news, Director Edward A. Kangas sold 45,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $20.28, for a total value of $912,600.00. Following the transaction, the director now directly owns 47,138 shares of the company’s stock, valued at $955,958.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Glenview Capital Management, L acquired 27,424 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was bought at an average cost of $20.99 per share, for a total transaction of $575,629.76. The disclosure for this purchase can be found here. Insiders have acquired 1,325,843 shares of company stock worth $26,843,529 over the last ninety days. Insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Atria Investments LLC acquired a new position in shares of Tenet Healthcare in the second quarter valued at about $967,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tenet Healthcare during the second quarter worth about $1,271,000. Bank of New York Mellon Corp grew its stake in Tenet Healthcare by 17.1% during the second quarter. Bank of New York Mellon Corp now owns 1,244,022 shares of the company’s stock worth $25,701,000 after buying an additional 181,741 shares in the last quarter. Marshall Wace North America L.P. grew its stake in Tenet Healthcare by 145.0% during the first quarter. Marshall Wace North America L.P. now owns 119,786 shares of the company’s stock worth $3,454,000 after buying an additional 70,899 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Tenet Healthcare by 595.9% during the second quarter. First Trust Advisors LP now owns 147,085 shares of the company’s stock worth $3,039,000 after buying an additional 125,950 shares in the last quarter. 99.16% of the stock is currently owned by institutional investors.
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.
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