Tenet Healthcare (NYSE:THC) Announces Quarterly Earnings Results, Beats Estimates By $0.52 EPS

Tenet Healthcare (NYSE:THC) announced its quarterly earnings results on Tuesday. The company reported $1.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.52, MarketWatch Earnings reports. The firm had revenue of $4.95 billion during 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 business’s quarterly revenue was up 35.8% compared to the same quarter last year. During the same period last year, the firm earned $1.26 EPS.

THC stock traded down $2.25 during trading on Thursday, hitting $70.00. 130,645 shares of the company’s stock traded hands, compared to its average volume of 910,219. Tenet Healthcare has a 52 week low of $21.34 and a 52 week high of $73.65. The company has a debt-to-equity ratio of 14.86, a current ratio of 1.36 and a quick ratio of 1.28. The firm has a fifty day simple moving average of $66.97. The firm has a market capitalization of $7.48 billion, a PE ratio of 19.37 and a beta of 2.61.

THC has been the topic of several research reports. Mizuho raised their price objective on shares of Tenet Healthcare from $55.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 5th. TheStreet upgraded shares of Tenet Healthcare from a “c+” rating to a “b-” rating in a research report on Friday, March 26th. Barclays boosted their price objective on shares of Tenet Healthcare from $55.00 to $62.00 in a research note on Friday, April 23rd. Jefferies Financial Group reissued a “buy” rating on shares of Tenet Healthcare in a report on Friday, June 18th. Finally, Zacks Investment Research cut shares of Tenet Healthcare from a “buy” rating to a “hold” rating and set a $72.00 price objective for the company. in a report on Tuesday, June 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $57.50.

In other news, insider R. Scott Ramsey sold 8,662 shares of the stock in a transaction on Friday, May 14th. The shares were sold at an average price of $64.04, for a total value of $554,714.48. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Meghan Fitzgerald sold 6,153 shares of Tenet Healthcare stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $63.57, for a total transaction of $391,146.21. Following the completion of the sale, the director now owns 33,828 shares of the company’s stock, valued at $2,150,445.96. The disclosure for this sale can be found here. Insiders have sold 21,197 shares of company stock valued at $1,371,540 in the last quarter. 1.60% of the stock is owned by company insiders.

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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Earnings History for Tenet Healthcare (NYSE:THC)

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