Wall Street brokerages expect that Tenet Healthcare Corp (NYSE:THC) will report $4.89 billion in sales for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Tenet Healthcare’s earnings. The lowest sales estimate is $4.79 billion and the highest is $5.00 billion. Tenet Healthcare reported sales of $4.86 billion during the same quarter last year, which indicates a positive year over year growth rate of 0.6%. The business is expected to announce its next earnings report after the market closes on Monday, February 26th.
On average, analysts expect that Tenet Healthcare will report full year sales of $4.89 billion for the current fiscal year, with estimates ranging from $19.00 billion to $19.19 billion. For the next financial year, analysts forecast that the business will report sales of $17.99 billion per share, with estimates ranging from $17.84 billion to $18.14 billion. Zacks’ sales averages are an average based on a survey of research analysts that follow Tenet Healthcare.
THC has been the topic of a number of analyst reports. Jefferies Group set a $20.00 price target on shares of Tenet Healthcare and gave the company a “buy” rating in a research report on Monday, October 30th. Credit Suisse Group initiated coverage on shares of Tenet Healthcare in a research report on Thursday, November 2nd. They issued a “neutral” rating and a $15.00 price target on the stock. Zacks Investment Research upgraded shares of Tenet Healthcare from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. Leerink Swann restated an “outperform” rating and set a $25.00 target price (down from $30.00) on shares of Tenet Healthcare in a report on Wednesday, November 8th. Finally, Morgan Stanley dropped their target price on shares of Tenet Healthcare from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, November 9th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $18.36.
In other news, Director George Fredrick Smitherman sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, January 15th. The shares were sold at an average price of $38.50, for a total transaction of $50,050.00. Insiders have sold a total of 54,600 shares of company stock valued at $94,146 over the last ninety days. Company insiders own 3.10% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Tenet Healthcare by 6.2% during the 2nd quarter. Vanguard Group Inc. now owns 6,995,269 shares of the company’s stock worth $135,289,000 after acquiring an additional 407,910 shares in the last quarter. FMR LLC grew its stake in shares of Tenet Healthcare by 36.9% during the 2nd quarter. FMR LLC now owns 3,724,713 shares of the company’s stock worth $72,036,000 after acquiring an additional 1,004,700 shares in the last quarter. State Street Corp grew its stake in shares of Tenet Healthcare by 25.4% during the 2nd quarter. State Street Corp now owns 2,926,533 shares of the company’s stock worth $56,603,000 after acquiring an additional 593,520 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Tenet Healthcare by 18.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,530,802 shares of the company’s stock worth $41,579,000 after acquiring an additional 389,144 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Tenet Healthcare by 10.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 2,062,500 shares of the company’s stock worth $33,887,000 after acquiring an additional 200,000 shares in the last quarter.
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About Tenet Healthcare
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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