Tenet Healthcare (NYSE:THC – Get Rating) updated its third quarter 2022 earnings guidance on Friday. The company provided EPS guidance of $1.14-$1.36 for the period, compared to the consensus EPS estimate of $1.29. The company issued revenue guidance of $4.70 billion-$4.90 billion, compared to the consensus revenue estimate of $4.92 billion. Tenet Healthcare also updated its FY 2022 guidance to $5.80-$7.00 EPS.
Analyst Ratings Changes
A number of research firms recently weighed in on THC. StockNews.com downgraded shares of Tenet Healthcare from a buy rating to a hold rating in a research report on Tuesday, July 12th. Royal Bank of Canada lifted their price objective on shares of Tenet Healthcare from $89.00 to $104.00 and gave the stock an outperform rating in a research note on Friday, April 22nd. Raymond James decreased their price target on shares of Tenet Healthcare from $120.00 to $110.00 and set a strong-buy rating on the stock in a report on Monday, July 11th. Citigroup boosted their target price on shares of Tenet Healthcare from $96.00 to $110.00 and gave the stock a buy rating in a report on Friday, April 22nd. Finally, Barclays upped their price objective on shares of Tenet Healthcare from $99.00 to $104.00 and gave the stock an overweight rating in a report on Friday, April 22nd. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare currently has a consensus rating of Moderate Buy and an average price target of $96.27.
Tenet Healthcare Price Performance
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THC stock opened at $59.54 on Friday. Tenet Healthcare has a 12-month low of $50.37 and a 12-month high of $92.65. The company has a market capitalization of $6.41 billion, a PE ratio of 6.77, a P/E/G ratio of 1.71 and a beta of 2.40. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 7.16. The business’s fifty day moving average price is $59.68 and its 200 day moving average price is $73.67.
Tenet Healthcare (NYSE:THC – Get Rating) last released its earnings results on Wednesday, April 20th. The company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.04 by $0.89. The firm had revenue of $4.75 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Tenet Healthcare had a return on equity of 51.84% and a net margin of 4.92%. Tenet Healthcare’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.30 EPS. On average, sell-side analysts anticipate that Tenet Healthcare will post 5.67 EPS for the current year.
Institutional Trading of Tenet Healthcare
Several institutional investors and hedge funds have recently made changes to their positions in THC. US Bancorp DE lifted its holdings in shares of Tenet Healthcare by 14.6% in the 1st quarter. US Bancorp DE now owns 1,428 shares of the company’s stock valued at $123,000 after purchasing an additional 182 shares during the last quarter. HighTower Advisors LLC purchased a new stake in Tenet Healthcare during the 1st quarter valued at approximately $219,000. Natixis Advisors L.P. purchased a new position in shares of Tenet Healthcare during the 1st quarter worth approximately $1,651,000. APG Asset Management N.V. purchased a new position in shares of Tenet Healthcare during the 1st quarter worth approximately $1,769,000. Finally, Great West Life Assurance Co. Can raised its stake in shares of Tenet Healthcare by 13.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 63,273 shares of the company’s stock worth $5,604,000 after buying an additional 7,365 shares in the last quarter. 95.41% of the stock is owned by hedge funds and other institutional investors.
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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