Brokerages forecast that Tenet Healthcare Corp (NYSE:THC) will announce $4.55 billion in sales for the current quarter, according to Zacks. Eight analysts have issued estimates for Tenet Healthcare’s earnings. The lowest sales estimate is $4.46 billion and the highest is $4.61 billion. Tenet Healthcare posted sales of $4.80 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 5.2%. The company is scheduled to report its next quarterly earnings report on Monday, August 6th.
On average, analysts expect that Tenet Healthcare will report full year sales of $18.14 billion for the current year, with estimates ranging from $18.08 billion to $18.21 billion. For the next year, analysts forecast that the business will report sales of $18.08 billion per share, with estimates ranging from $16.86 billion to $18.89 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Tenet Healthcare.
Tenet Healthcare (NYSE:THC) last issued its earnings results on Monday, April 30th. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.61. Tenet Healthcare had a positive return on equity of 23.13% and a negative net margin of 2.90%. The firm had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same period last year, the company earned ($0.27) earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis.
THC has been the topic of several analyst reports. Zacks Investment Research raised Tenet Healthcare from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Monday, May 28th. Mizuho reissued a “buy” rating and set a $29.00 price target on shares of Tenet Healthcare in a report on Thursday, March 22nd. Citigroup raised their price target on Tenet Healthcare from $19.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, March 1st. JPMorgan Chase & Co. raised their price target on Tenet Healthcare from $15.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, March 5th. Finally, Wells Fargo & Co raised their price target on Tenet Healthcare from $20.00 to $22.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Tenet Healthcare currently has a consensus rating of “Hold” and a consensus price target of $26.69.
A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Tenet Healthcare by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 659,123 shares of the company’s stock valued at $9,992,000 after buying an additional 3,302 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in Tenet Healthcare by 2.7% during the first quarter. Allianz Asset Management GmbH now owns 150,325 shares of the company’s stock valued at $3,645,000 after buying an additional 3,950 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Tenet Healthcare by 286.0% during the first quarter. Cubist Systematic Strategies LLC now owns 7,700 shares of the company’s stock valued at $187,000 after buying an additional 5,705 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in Tenet Healthcare by 56.5% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 16,551 shares of the company’s stock valued at $401,000 after buying an additional 5,976 shares in the last quarter. Finally, Xact Kapitalforvaltning AB boosted its stake in Tenet Healthcare by 63.3% during the first quarter. Xact Kapitalforvaltning AB now owns 16,518 shares of the company’s stock valued at $401,000 after buying an additional 6,400 shares in the last quarter.
Shares of Tenet Healthcare opened at $36.25 on Tuesday, according to MarketBeat.com. Tenet Healthcare has a 1-year low of $12.25 and a 1-year high of $38.81. The company has a current ratio of 1.24, a quick ratio of 1.17 and a debt-to-equity ratio of 23.09. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 44.75, a P/E/G ratio of 1.83 and a beta of 0.93.
About Tenet Healthcare
Tenet Healthcare Corporation operates as a diversified healthcare services company. It operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. The company's general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.
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