Tenet Healthcare Corp (NYSE:THC) saw unusually-high trading volume on Tuesday following a stronger than expected earnings report. Approximately 8,380,000 shares traded hands during mid-day trading, an increase of 248% from the previous session’s volume of 2,410,000 shares.The stock last traded at $20.77 and had previously closed at $20.77.
The company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.15. The firm had revenue of $4.98 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Tenet Healthcare had a negative return on equity of 5.61% and a negative net margin of 2.85%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.06 earnings per share.
THC has been the subject of a number of research reports. Wells Fargo & Co started coverage on Tenet Healthcare in a research report on Tuesday, January 30th. They set a “market perform” rating and a $20.00 price objective for the company. Goldman Sachs Group started coverage on Tenet Healthcare in a report on Wednesday, January 3rd. They set a “neutral” rating and a $15.00 target price on the stock. Zacks Investment Research lowered Tenet Healthcare from a “hold” rating to a “sell” rating in a report on Saturday, January 20th. Morgan Stanley lowered Tenet Healthcare from an “equal weight” rating to an “underweight” rating and set a $14.00 target price on the stock. in a report on Wednesday, December 20th. Finally, JPMorgan Chase & Co. lowered Tenet Healthcare from a “neutral” rating to an “underweight” rating and set a $15.00 target price on the stock. in a report on Thursday, December 14th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $18.57.
Institutional investors have recently bought and sold shares of the company. Elkfork Partners LLC bought a new position in shares of Tenet Healthcare in the fourth quarter worth about $142,000. Xact Kapitalforvaltning AB bought a new position in shares of Tenet Healthcare in the fourth quarter worth about $153,000. Pentwater Capital Management LP bought a new position in shares of Tenet Healthcare in the third quarter worth about $164,000. Russell Investments Group Ltd. increased its stake in shares of Tenet Healthcare by 182.6% in the third quarter. Russell Investments Group Ltd. now owns 10,525 shares of the company’s stock worth $173,000 after purchasing an additional 6,800 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Tenet Healthcare in the third quarter worth about $183,000.
The company has a debt-to-equity ratio of 21.21, a current ratio of 1.28 and a quick ratio of 1.21. The firm has a market capitalization of $2,100.00, a P/E ratio of -3.78, a P/E/G ratio of 3.63 and a beta of 1.24.
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Tenet Healthcare Company Profile
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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