Tenet Healthcare Co. (NYSE:THC – Get Rating) – Equities research analysts at SVB Leerink boosted their Q3 2022 EPS estimates for Tenet Healthcare in a report issued on Thursday, April 14th. SVB Leerink analyst W. Mayo now forecasts that the company will post earnings of $1.55 per share for the quarter, up from their previous forecast of $1.49. SVB Leerink has a “Outperform” rating and a $100.00 price objective on the stock. SVB Leerink also issued estimates for Tenet Healthcare’s Q1 2023 earnings at $1.41 EPS, Q2 2023 earnings at $1.44 EPS, Q3 2023 earnings at $1.73 EPS, Q4 2023 earnings at $2.91 EPS, FY2023 earnings at $7.49 EPS, FY2024 earnings at $8.59 EPS, FY2025 earnings at $9.51 EPS and FY2026 earnings at $10.50 EPS.
Other equities analysts have also issued research reports about the company. Barclays increased their target price on Tenet Healthcare from $87.00 to $99.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 9th. Credit Suisse Group raised their price objective on Tenet Healthcare from $109.00 to $111.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Tenet Healthcare from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, February 9th. UBS Group upgraded Tenet Healthcare from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $83.00 to $111.00 in a research note on Thursday, February 10th. Finally, Mizuho raised their price objective on Tenet Healthcare from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Thursday, March 3rd. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $97.00.
Tenet Healthcare (NYSE:THC – Get Rating) last released its quarterly earnings data on Monday, February 7th. The company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $1.14. The firm had revenue of $4.86 billion for the quarter, compared to analyst estimates of $5.01 billion. Tenet Healthcare had a return on equity of 56.04% and a net margin of 4.69%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.56 earnings per share.
A number of hedge funds have recently added to or reduced their stakes in the business. Dorsey Wright & Associates boosted its stake in Tenet Healthcare by 0.4% during the 4th quarter. Dorsey Wright & Associates now owns 34,783 shares of the company’s stock valued at $2,841,000 after purchasing an additional 138 shares during the last quarter. Hanseatic Management Services Inc. boosted its stake in shares of Tenet Healthcare by 9.2% in the 4th quarter. Hanseatic Management Services Inc. now owns 1,638 shares of the company’s stock worth $134,000 after buying an additional 138 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Tenet Healthcare by 33.5% in the 4th quarter. Fifth Third Bancorp now owns 629 shares of the company’s stock worth $51,000 after buying an additional 158 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Tenet Healthcare by 0.8% in the 3rd quarter. Arizona State Retirement System now owns 24,726 shares of the company’s stock worth $1,643,000 after buying an additional 189 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of Tenet Healthcare by 0.7% in the 4th quarter. Louisiana State Employees Retirement System now owns 27,500 shares of the company’s stock worth $2,246,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 94.38% of the company’s stock.
In related news, Director Richard J. Mark sold 6,000 shares of the business’s stock in a transaction dated Wednesday, March 9th. The stock was sold at an average price of $90.47, for a total value of $542,820.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Ronald A. Rittenmeyer sold 59,851 shares of the business’s stock in a transaction dated Wednesday, March 2nd. The shares were sold at an average price of $90.12, for a total value of $5,393,772.12. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.
About Tenet Healthcare (Get Rating)
Tenet Healthcare Corp. engages in the provision of health care services. It operates through the following segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The Hospital Operations and Other segment consists of acute care hospitals, ancillary outpatient facilities, urgent care centers, microhospitals and physician practices.
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