Jefferies Financial Group Comments on Tenet Healthcare Co.’s Q3 2022 Earnings (NYSE:THC)

Tenet Healthcare Co. (NYSE:THC – Get Rating) – Equities research analysts at Jefferies Financial Group reduced their Q3 2022 earnings per share (EPS) estimates for shares of Tenet Healthcare in a research report issued on Wednesday, April 20th. Jefferies Financial Group analyst B. Tanquilut now forecasts that the company will post earnings of $1.48 per share for the quarter, down from their previous forecast of $1.82. Jefferies Financial Group currently has a “Buy” rating and a $125.00 target price on the stock. Jefferies Financial Group also issued estimates for Tenet Healthcare’s Q4 2022 earnings at $1.77 EPS.

Tenet Healthcare (NYSE:THC – Get Rating) last announced its quarterly earnings results on Wednesday, April 20th. The company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.89. Tenet Healthcare had a net margin of 4.92% and a return on equity of 51.84%. The firm had revenue of $4.75 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same period in the prior year, the company earned $1.30 EPS. The firm’s revenue was down .8% on a year-over-year basis.

Other equities research analysts have also issued research reports about the stock. Raymond James upgraded shares of Tenet Healthcare from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $105.00 to $120.00 in a research note on Thursday, January 20th. StockNews.com upgraded shares of Tenet Healthcare from a “hold” rating to a “buy” rating in a research note on Friday. Barclays upped their target price on shares of Tenet Healthcare from $99.00 to $104.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company began coverage on shares of Tenet Healthcare in a research report on Monday, March 28th. They issued an “overweight” rating and a $100.00 target price for the company. Finally, Mizuho increased their price objective on shares of Tenet Healthcare from $90.00 to $103.00 and gave the company a “buy” rating in a report on Thursday, March 3rd. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $103.47.

THC opened at $73.11 on Monday. The firm has a market cap of $7.85 billion, a price-to-earnings ratio of 8.31, a price-to-earnings-growth ratio of 3.06 and a beta of 2.42. Tenet Healthcare has a fifty-two week low of $54.62 and a fifty-two week high of $92.65. The company’s 50-day moving average price is $85.74 and its 200 day moving average price is $78.71. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 7.16.

In other Tenet Healthcare news, Chairman Ronald A. Rittenmeyer sold 59,851 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $90.12, for a total value of $5,393,772.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard J. Mark sold 6,000 shares of the firm’s stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $90.47, for a total transaction of $542,820.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its holdings in shares of Tenet Healthcare by 7.4% during the 3rd quarter. Mackenzie Financial Corp now owns 37,241 shares of the company’s stock worth $2,474,000 after acquiring an additional 2,560 shares during the period. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Tenet Healthcare by 37.2% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 84,200 shares of the company’s stock worth $5,595,000 after acquiring an additional 22,835 shares during the period. Retirement Systems of Alabama lifted its holdings in shares of Tenet Healthcare by 1.2% during the 4th quarter. Retirement Systems of Alabama now owns 140,279 shares of the company’s stock worth $11,459,000 after acquiring an additional 1,665 shares during the period. Victory Capital Management Inc. lifted its holdings in Tenet Healthcare by 5.5% during the 3rd quarter. Victory Capital Management Inc. now owns 498,709 shares of the company’s stock valued at $33,134,000 after purchasing an additional 26,194 shares during the last quarter. Finally, USA Financial Portformulas Corp bought a new position in Tenet Healthcare during the 3rd quarter valued at about $142,000. Institutional investors own 94.38% of the company’s stock.

Tenet Healthcare Company Profile (Get Rating)

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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