$4.72 Billion in Sales Expected for Tenet Healthcare Corporation (THC) This Quarter
Wall Street analysts forecast that Tenet Healthcare Corporation (NYSE:THC) will report $4.72 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Tenet Healthcare Corporation’s earnings, with the highest sales estimate coming in at $4.74 billion and the lowest estimate coming in at $4.70 billion. Tenet Healthcare Corporation posted sales of $4.85 billion during the same quarter last year, which would indicate a negative year over year growth rate of 2.7%. The firm is expected to report its next quarterly earnings results on Monday, October 30th.
According to Zacks, analysts expect that Tenet Healthcare Corporation will report full-year sales of $4.72 billion for the current year, with estimates ranging from $19.20 billion to $19.84 billion. For the next financial year, analysts expect that the firm will report sales of $20.02 billion per share, with estimates ranging from $19.19 billion to $20.67 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Tenet Healthcare Corporation.
Tenet Healthcare Corporation (NYSE:THC) last issued its earnings results on Monday, August 7th. The company reported ($0.17) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.17). The business had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $4.90 billion. Tenet Healthcare Corporation had a negative net margin of 0.97% and a negative return on equity of 2.00%. The business’s quarterly revenue was up 204.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 earnings per share.
A number of analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $25.00 price objective on shares of Tenet Healthcare Corporation in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Tenet Healthcare Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. BidaskClub raised shares of Tenet Healthcare Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Credit Suisse Group increased their price objective on shares of Tenet Healthcare Corporation from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, May 15th. Finally, ValuEngine cut shares of Tenet Healthcare Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $22.67.
Shares of Tenet Healthcare Corporation (NYSE THC) opened at 14.05 on Friday. The stock has a 50 day moving average of $18.20 and a 200 day moving average of $18.04. The stock’s market cap is $1.42 billion. Tenet Healthcare Corporation has a one year low of $13.21 and a one year high of $25.89.
Several institutional investors have recently bought and sold shares of THC. North Tide Capital LLC acquired a new position in Tenet Healthcare Corporation during the first quarter valued at $35,420,000. Norges Bank acquired a new position in Tenet Healthcare Corporation during the fourth quarter valued at $18,545,000. Ameriprise Financial Inc. raised its position in Tenet Healthcare Corporation by 302.9% in the first quarter. Ameriprise Financial Inc. now owns 1,429,821 shares of the company’s stock valued at $25,321,000 after buying an additional 1,074,960 shares during the period. FMR LLC raised its position in Tenet Healthcare Corporation by 36.9% in the second quarter. FMR LLC now owns 3,724,713 shares of the company’s stock valued at $72,036,000 after buying an additional 1,004,700 shares during the period. Finally, King Street Capital Management L.P. acquired a new position in Tenet Healthcare Corporation during the first quarter valued at $17,710,000.
About Tenet Healthcare Corporation
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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