Tenet Healthcare (NYSE:THC) Announces Earnings Results

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

Tenet Healthcare Trading Down 2.9 %

NYSE:THC opened at $158.05 on Thursday. The business has a fifty day moving average of $159.66 and a 200-day moving average of $141.59. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20. The stock has a market cap of $15.14 billion, a price-to-earnings ratio of 5.80, a PEG ratio of 0.71 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and issued a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. KeyCorp assumed coverage on Tenet Healthcare in a research report on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. The Goldman Sachs Group upped their target price on Tenet Healthcare from $173.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $163.65.

Insider Activity at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

Tenet Healthcare declared that its board has initiated a stock buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

About Tenet Healthcare

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.