Tenet Healthcare (NYSE:THC) Trading Up 4.2% Following Earnings Beat

Tenet Healthcare Co. (NYSE:THCGet Rating) was up 4.2% on Wednesday following a stronger than expected earnings report. The company traded as high as $88.21 and last traded at $87.91. Approximately 22,730 shares changed hands during trading, a decline of 98% from the average daily volume of 1,227,223 shares. The stock had previously closed at $84.33.

The company reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.89. Tenet Healthcare had a net margin of 4.69% and a return on equity of 56.04%. The company had revenue of $4.75 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same period last year, the firm posted $1.30 EPS. Tenet Healthcare’s revenue for the quarter was down .8% on a year-over-year basis.

THC has been the subject of several recent analyst reports. Raymond James upgraded shares of Tenet Healthcare from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $105.00 to $120.00 in a research note on Thursday, January 20th. The Goldman Sachs Group reiterated a “buy” rating on shares of Tenet Healthcare in a research note on Tuesday, March 1st. Truist Financial raised their price objective on shares of Tenet Healthcare from $90.00 to $100.00 in a research note on Thursday, April 7th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Tenet Healthcare from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 9th. Finally, Credit Suisse Group lifted their target price on shares of Tenet Healthcare from $109.00 to $111.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 9th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare has an average rating of “Buy” and a consensus price target of $97.00.

In other Tenet Healthcare news, Director Richard J. Mark sold 6,000 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $90.47, for a total transaction of $542,820.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Ronald A. Rittenmeyer sold 59,851 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $90.12, for a total transaction of $5,393,772.12. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of THC. Fifth Third Bancorp raised its holdings in Tenet Healthcare by 33.5% in the fourth quarter. Fifth Third Bancorp now owns 629 shares of the company’s stock valued at $51,000 after acquiring an additional 158 shares in the last quarter. Asset Management One Co. Ltd. acquired a new stake in Tenet Healthcare in the third quarter valued at $59,000. Covestor Ltd acquired a new stake in Tenet Healthcare in the fourth quarter valued at $64,000. Allworth Financial LP acquired a new stake in Tenet Healthcare in the fourth quarter valued at $79,000. Finally, UMB Bank N A MO acquired a new stake in Tenet Healthcare in the fourth quarter valued at $86,000. 94.38% of the stock is currently owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 7.55, a current ratio of 1.38 and a quick ratio of 1.31. The firm’s fifty day moving average is $85.89 and its 200-day moving average is $78.61. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 4.93 and a beta of 2.42.

About Tenet Healthcare (NYSE:THC)

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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