Zacks Research Brokers Cut Earnings Estimates for Tenet Healthcare Co. (NYSE:THC)
Tenet Healthcare Co. (NYSE:THC – Get Rating) – Stock analysts at Zacks Research decreased their FY2022 earnings estimates for Tenet Healthcare in a research report issued to clients and investors on Wednesday, November 2nd. Zacks Research analyst D. Chatterjee now forecasts that the company will post earnings of $6.05 per share for the year, down from their previous estimate of $6.29. The consensus estimate for Tenet Healthcare’s current full-year earnings is $6.14 per share. Zacks Research also issued estimates for Tenet Healthcare’s Q4 2023 earnings at $1.59 EPS.
Tenet Healthcare (NYSE:THC – Get Rating) last issued its quarterly earnings data on Friday, October 21st. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.16. The company had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.80 billion. Tenet Healthcare had a net margin of 2.93% and a return on equity of 38.12%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.99 earnings per share.
A number of other brokerages have also recently commented on THC. Truist Financial reduced their target price on shares of Tenet Healthcare from $80.00 to $55.00 in a report on Monday, October 24th. Wells Fargo & Company dropped their target price on shares of Tenet Healthcare from $82.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, October 24th. Credit Suisse Group lowered their price objective on shares of Tenet Healthcare to $80.00 in a research report on Thursday, October 27th. SVB Leerink lowered their price objective on shares of Tenet Healthcare from $89.00 to $55.00 and set an “outperform” rating for the company in a research report on Tuesday, October 25th. Finally, TheStreet lowered shares of Tenet Healthcare from a “b-” rating to a “c+” rating in a research report on Friday, July 22nd. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Tenet Healthcare presently has an average rating of “Moderate Buy” and a consensus target price of $72.38.
Tenet Healthcare Stock Up 1.9 %
Shares of Tenet Healthcare stock opened at $41.74 on Monday. The company has a market cap of $4.51 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 1.12 and a beta of 2.24. The company’s 50 day moving average is $52.81 and its 200 day moving average is $59.68. Tenet Healthcare has a twelve month low of $36.69 and a twelve month high of $92.65. The company has a quick ratio of 1.31, a current ratio of 1.40 and a debt-to-equity ratio of 5.97.
Tenet Healthcare declared that its Board of Directors has approved a stock buyback plan on Thursday, October 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
Insider Transactions at Tenet Healthcare
In other news, CFO Daniel J. Cancelmi acquired 11,000 shares of the business’s stock in a transaction dated Wednesday, October 26th. The shares were purchased at an average price of $43.07 per share, with a total value of $473,770.00. Following the transaction, the chief financial officer now directly owns 392,815 shares in the company, valued at $16,918,542.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director J Robert Kerrey sold 36,766 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $65.56, for a total value of $2,410,378.96. Following the completion of the sale, the director now directly owns 48,798 shares in the company, valued at approximately $3,199,196.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel J. Cancelmi bought 11,000 shares of the stock in a transaction that occurred on Wednesday, October 26th. The stock was bought at an average price of $43.07 per share, with a total value of $473,770.00. Following the completion of the purchase, the chief financial officer now directly owns 392,815 shares in the company, valued at $16,918,542.05. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.
Institutional Trading of Tenet Healthcare
Institutional investors and hedge funds have recently bought and sold shares of the business. Sivik Global Healthcare LLC increased its holdings in Tenet Healthcare by 71.4% in the 3rd quarter. Sivik Global Healthcare LLC now owns 120,000 shares of the company’s stock worth $6,190,000 after acquiring an additional 50,000 shares in the last quarter. CX Institutional acquired a new position in Tenet Healthcare in the third quarter valued at about $803,000. Creative Planning lifted its position in Tenet Healthcare by 2.8% in the third quarter. Creative Planning now owns 12,354 shares of the company’s stock valued at $637,000 after buying an additional 332 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Tenet Healthcare by 147.2% during the third quarter. Teacher Retirement System of Texas now owns 40,953 shares of the company’s stock worth $2,112,000 after purchasing an additional 24,383 shares in the last quarter. Finally, Royce & Associates LP lifted its position in shares of Tenet Healthcare by 34.5% during the third quarter. Royce & Associates LP now owns 243,335 shares of the company’s stock worth $12,551,000 after purchasing an additional 62,455 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.
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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