Tenet Healthcare Corporation (NYSE:THC) Announces Quarterly Earnings Results, Meets Estimates

Tenet Healthcare Corporation (NYSE:THC) released its earnings results on Monday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.17), Bloomberg Earnings reports. Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. The firm had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. Tenet Healthcare Corporation’s revenue was up 204.1% compared to the same quarter last year. Tenet Healthcare Corporation updated its FY17 guidance to $0.69-0.99 EPS.

Tenet Healthcare Corporation (NYSE THC) traded up 14.23% on Friday, hitting $14.45. 12,079,290 shares of the stock were exchanged. The company’s market cap is $1.46 billion. The company’s 50 day moving average price is $17.36 and its 200-day moving average price is $17.86. Tenet Healthcare Corporation has a one year low of $12.54 and a one year high of $24.96.

THC has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Credit Suisse Group lowered their target price on shares of Tenet Healthcare Corporation from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 9th. Jefferies Group LLC restated a “buy” rating and issued a $24.00 target price (down from $26.00) on shares of Tenet Healthcare Corporation in a report on Tuesday, August 8th. Mizuho restated a “neutral” rating and issued a $18.00 target price on shares of Tenet Healthcare Corporation in a report on Sunday, April 23rd. Finally, BidaskClub downgraded shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $22.67.

A number of institutional investors have recently made changes to their positions in the stock. FNY Managed Accounts LLC bought a new position in shares of Tenet Healthcare Corporation during the first quarter valued at approximately $109,000. PNC Financial Services Group Inc. increased its position in shares of Tenet Healthcare Corporation by 52.1% in the first quarter. PNC Financial Services Group Inc. now owns 6,618 shares of the company’s stock valued at $117,000 after buying an additional 2,266 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Tenet Healthcare Corporation by 57.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 7,100 shares of the company’s stock valued at $126,000 after buying an additional 2,590 shares during the period. Riverhead Capital Management LLC increased its position in shares of Tenet Healthcare Corporation by 67.3% in the second quarter. Riverhead Capital Management LLC now owns 7,861 shares of the company’s stock valued at $152,000 after buying an additional 3,161 shares during the period. Finally, Flinton Capital Management LLC increased its position in shares of Tenet Healthcare Corporation by 65.7% in the second quarter. Flinton Capital Management LLC now owns 7,888 shares of the company’s stock valued at $153,000 after buying an additional 3,128 shares during the period.

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Tenet Healthcare Corporation 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.

Earnings History for Tenet Healthcare Corporation (NYSE:THC)

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