Equities analysts expect that Tenet Healthcare Corp (NYSE:THC) will announce $4.46 billion in sales for the current fiscal quarter, according to Zacks. Eight analysts have issued estimates for Tenet Healthcare’s earnings, with the highest sales estimate coming in at $4.49 billion and the lowest estimate coming in at $4.41 billion. Tenet Healthcare posted sales of $4.49 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 0.7%. The firm is scheduled to issue its next quarterly earnings report on Monday, November 4th.
According to Zacks, analysts expect that Tenet Healthcare will report full-year sales of $18.27 billion for the current fiscal year, with estimates ranging from $18.20 billion to $18.36 billion. For the next fiscal year, analysts anticipate that the business will report sales of $18.81 billion, with estimates ranging from $18.50 billion to $19.03 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Tenet Healthcare.
Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Monday, August 5th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.12. Tenet Healthcare had a positive return on equity of 28.95% and a negative net margin of 0.09%. The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter in the previous year, the company posted $0.49 EPS. The company’s revenue was up 1.2% compared to the same quarter last year.
A number of research firms have issued reports on THC. ValuEngine raised Tenet Healthcare from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. SunTrust Banks set a $24.00 price objective on Tenet Healthcare and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Goldman Sachs Group began coverage on Tenet Healthcare in a research note on Wednesday, August 14th. They issued a “neutral” rating and a $28.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Tenet Healthcare in a research note on Sunday, August 11th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $28.62.
NYSE:THC traded up $0.82 during trading hours on Friday, reaching $22.95. The stock had a trading volume of 44,038 shares, compared to its average volume of 1,605,495. The company has a debt-to-equity ratio of 19.96, a quick ratio of 1.06 and a current ratio of 1.13. Tenet Healthcare has a 52 week low of $16.60 and a 52 week high of $31.64. The company has a 50 day moving average price of $22.23 and a two-hundred day moving average price of $22.37. The stock has a market capitalization of $2.36 billion, a PE ratio of 12.34, a PEG ratio of 0.57 and a beta of 1.62.
In other news, Director Edward A. Kangas sold 45,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $20.28, for a total value of $912,600.00. Following the completion of the transaction, the director now directly owns 47,138 shares of the company’s stock, valued at approximately $955,958.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Glenview Capital Management, L purchased 221,875 shares of Tenet Healthcare stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average cost of $20.50 per share, with a total value of $4,548,437.50. The disclosure for this purchase can be found here. Over the last three months, insiders bought 1,325,843 shares of company stock valued at $26,843,529. Corporate insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in THC. Rehmann Capital Advisory Group increased its holdings in shares of Tenet Healthcare by 62.4% in the second quarter. Rehmann Capital Advisory Group now owns 1,601 shares of the company’s stock valued at $33,000 after purchasing an additional 615 shares during the period. Arizona State Retirement System increased its holdings in shares of Tenet Healthcare by 1.5% in the second quarter. Arizona State Retirement System now owns 60,630 shares of the company’s stock valued at $1,253,000 after purchasing an additional 916 shares during the period. First Hawaiian Bank increased its holdings in shares of Tenet Healthcare by 6.1% in the third quarter. First Hawaiian Bank now owns 18,170 shares of the company’s stock valued at $402,000 after purchasing an additional 1,050 shares during the period. Investors Research Corp increased its holdings in shares of Tenet Healthcare by 4.0% in the second quarter. Investors Research Corp now owns 31,475 shares of the company’s stock valued at $650,000 after purchasing an additional 1,200 shares during the period. Finally, Meadow Creek Investment Management LLC increased its holdings in shares of Tenet Healthcare by 21.8% in the second quarter. Meadow Creek Investment Management LLC now owns 8,304 shares of the company’s stock valued at $172,000 after purchasing an additional 1,488 shares during the period. 99.16% of the stock is owned by hedge funds and other institutional investors.
About Tenet Healthcare
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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