Tenet Healthcare (NYSE:THC) Releases Earnings Results, Beats Expectations By $0.60 EPS

Tenet Healthcare (NYSE:THC - Get Free Report) released its quarterly earnings data 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 firm had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter last year, the firm earned $1.44 earnings per share. The business's revenue for the quarter was up 1.1% on a year-over-year basis.

Tenet Healthcare Price Performance

NYSE:THC traded down $4.68 on Wednesday, reaching $158.08. The stock had a trading volume of 1,350,280 shares, compared to its average volume of 1,209,236. The company has a market capitalization of $15.15 billion, a P/E ratio of 5.83, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14. The stock has a fifty day moving average price of $159.66 and a 200-day moving average price of $141.48. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the company's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Saumya Sutaria sold 86,227 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now owns 13,773 shares of the company's stock, valued at approximately $2,126,688.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the business's stock in a transaction that occurred on 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 sale, the director now directly owns 15,269 shares of the company's stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock valued at $19,754,997 in the last three months. 0.93% of the stock is owned by corporate insiders.

Tenet Healthcare announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

THC has been the topic of several recent research reports. Barclays raised their price objective on shares of Tenet Healthcare from $156.00 to $171.00 and gave the company an "overweight" rating in a research report on Monday, July 29th. Truist Financial restated a "buy" rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a report on Wednesday. Royal Bank of Canada upped their price target on Tenet Healthcare from $174.00 to $183.00 and gave the stock an "outperform" rating in a research note on Wednesday. Cantor Fitzgerald boosted their target price on Tenet Healthcare from $168.00 to $177.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, UBS Group increased their price target on Tenet Healthcare from $197.00 to $217.00 and gave the company a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, Tenet Healthcare has an average rating of "Buy" and a consensus target price of $163.65.

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.