Tenet Healthcare (NYSE:THC) Posts Quarterly Earnings Results, Beats Estimates By $0.60 EPS

Tenet Healthcare (NYSE:THC) posted its earnings results on Tuesday. The company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm earned $1.44 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year.

Tenet Healthcare Price Performance

THC opened at $158.05 on Thursday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The company’s 50-day simple moving average is $159.66 and its two-hundred day simple moving average is $141.59. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $171.20. The stock has a market capitalization of $15.14 billion, a P/E ratio of 5.80, a P/E/G ratio of 0.71 and a beta of 2.14.

Insiders Place Their Bets

In other news, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the transaction, the insider now owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,203 shares of company stock valued at $19,754,997. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Royal Bank of Canada lifted their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays lifted their price target on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Raymond James boosted their target price on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Cantor Fitzgerald increased their price target on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Truist Financial reissued a “buy” rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Tenet Healthcare currently has an average rating of “Buy” and a consensus price target of $163.65.

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

Tenet Healthcare Company Profile

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.