Ardent Health Partners (NYSE:ARDT) Shares Up 6.1% on Better-Than-Expected Earnings

Ardent Health Partners, LLC (NYSE:ARDT - Get Free Report) shares were up 6.1% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $14.29 and last traded at $13.81. Approximately 53,985 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 420,705 shares. The stock had previously closed at $13.01.

The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.08. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion.

Analyst Ratings Changes

ARDT has been the subject of a number of research analyst reports. Mizuho reduced their target price on Ardent Health Partners from $19.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Morgan Stanley decreased their price target on Ardent Health Partners from $23.50 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, January 21st. Guggenheim upped their price objective on Ardent Health Partners from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Friday. Royal Bank of Canada dropped their price objective on Ardent Health Partners from $23.00 to $21.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Finally, Stephens reiterated an "overweight" rating and issued a $22.00 price target on shares of Ardent Health Partners in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $20.75.

Institutional Investors Weigh In On Ardent Health Partners

Several hedge funds have recently modified their holdings of ARDT. Invesco Ltd. purchased a new stake in shares of Ardent Health Partners during the first quarter valued at approximately $226,000. Deutsche Bank AG boosted its holdings in shares of Ardent Health Partners by 140.1% during the first quarter. Deutsche Bank AG now owns 6,882 shares of the company's stock valued at $95,000 after acquiring an additional 4,016 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ardent Health Partners by 100.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 57,255 shares of the company's stock valued at $787,000 after acquiring an additional 28,650 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Ardent Health Partners by 368.9% during the first quarter. Vanguard Group Inc. now owns 1,330,635 shares of the company's stock valued at $18,296,000 after acquiring an additional 1,046,845 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Ardent Health Partners during the first quarter valued at $422,000.

Ardent Health Partners Trading Up 2.3%

The company has a market cap of $2.12 billion and a price-to-earnings ratio of 9.11. The firm's fifty day moving average price is $13.09 and its 200-day moving average price is $14.92. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.91 and a quick ratio of 1.78.

About Ardent Health Partners

Ardent Health Partners, Inc owns and operates a network of hospitals and clinics that provides a range of healthcare services in the United States. It operates acute care hospitals, including rehabilitation hospitals and surgical hospitals. The company was founded in 2001 and is based in Brentwood, Tennessee.