Tenet Healthcare Corporation (THC) Posts Quarterly Earnings Results, Meets Expectations
Tenet Healthcare Corporation (NYSE:THC) issued its quarterly earnings data on Monday. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.17), Bloomberg Earnings reports. Tenet Healthcare Corporation had a positive return on equity of 2.94% and a negative net margin of 0.92%. The business had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the business earned $0.38 earnings per share. The business’s revenue was up 204.1% on a year-over-year basis. Tenet Healthcare Corporation updated its FY17 guidance to $0.69-0.99 EPS.
Shares of Tenet Healthcare Corporation (THC) traded down 8.898% during midday trading on Tuesday, reaching $15.205. The company’s stock had a trading volume of 3,195,444 shares. Tenet Healthcare Corporation has a 52 week low of $14.06 and a 52 week high of $28.08. The stock has a 50-day moving average price of $18.91 and a 200 day moving average price of $18.21. The stock’s market capitalization is $1.53 billion. Tenet Healthcare Corporation also was the recipient of some unusual options trading on Monday. Stock traders purchased 14,690 put options on the company. This is an increase of approximately 974% compared to the average daily volume of 1,368 put options.
Several equities analysts recently weighed in on THC shares. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 target price on shares of Tenet Healthcare Corporation in a research report on Thursday, April 13th. Zacks Investment Research upgraded Tenet Healthcare Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research report on Monday, July 10th. Credit Suisse Group increased their target price on Tenet Healthcare Corporation from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Monday, May 15th. ValuEngine downgraded Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Finally, Mizuho reiterated a “neutral” rating and set a $18.00 target price on shares of Tenet Healthcare Corporation in a research report on Sunday, April 23rd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $23.43.
Hedge funds have recently added to or reduced their stakes in the stock. Harris Associates L P boosted its stake in Tenet Healthcare Corporation by 2.2% in the first quarter. Harris Associates L P now owns 7,625,365 shares of the company’s stock worth $135,046,000 after buying an additional 166,100 shares during the last quarter. Vanguard Group Inc. boosted its stake in Tenet Healthcare Corporation by 2.5% in the first quarter. Vanguard Group Inc. now owns 6,587,359 shares of the company’s stock worth $116,662,000 after buying an additional 160,814 shares during the last quarter. FMR LLC boosted its stake in Tenet Healthcare Corporation by 6.2% in the first quarter. FMR LLC now owns 2,720,013 shares of the company’s stock worth $48,171,000 after buying an additional 159,700 shares during the last quarter. State Street Corp boosted its stake in Tenet Healthcare Corporation by 1.2% in the first quarter. State Street Corp now owns 2,333,013 shares of the company’s stock worth $41,316,000 after buying an additional 27,898 shares during the last quarter. Finally, North Tide Capital LLC purchased a new stake in Tenet Healthcare Corporation during the first quarter worth about $35,420,000.
About Tenet Healthcare Corporation
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company’s segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children’s hospitals, two specialty hospitals and one critical access hospital.
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