Why DaVita Stock Popped Today
Shares of DaVita (NYSE: DVA) climbed 8.6% on Wednesday after the dialysis services company announced strong fourth-quarter 2023 results.
DaVita's quarterly revenue grew 7.8% year over year to $3.15 billion, translating to adjusted (non-GAAP) earnings of $173 million, or $1.87 per share. Analysts, on average, were only expecting earnings of $1.66 per share on revenue of $3.01 billion.
DaVita also generated healthy free cash flow of $258 million during the quarter, bringing its trailing-12-month free cash flow to $1.236 billion. The company's per-share earnings were also bolstered by $286 million spent on repurchasing just over 2.9 million shares of DaVita common stock at an average price of $97.82 per share. The stock closed today at over $123 per share.
Source Fool.com
