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July 22, 2019, 7:40 a.m. EDT

DaVita's stock rallies after profit outlook raised

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By Tomi Kilgore

Shares of DaVita Inc. /zigman2/quotes/204229673/composite DVA -2.78% rallied 4.2% in premarket trading Monday, after the dialysis services company raised its profit outlook, as it looks to update investors ahead of the expected modified "Dutch auction" to buy back up to $1.2 billion worth of its shares. The company said it now expects second-quarter operating income of $460 million to $465 million, which is above the FactSet consensus of $398 million. DaVita also expects second-quarter non-acquired treatment growth of 2.1% and revenue per treatment to increase by about $1.60 from the first quarter to $350. For 2019, the company raised its adjusted operating income guidance to $1.64 billion to $1.70 billion from $1.54 billion to $1.64 billion. Separately, the company said the auction for its shares will be at a price per share of "not less than $53.50 nor greater than $61.50." The stock closed Friday at $56.05. It has gained 9.7% over the past three months, while the SPDR Health Care Select Sector ETF /zigman2/quotes/205918244/composite XLV +0.55% has advanced 6.7% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.22% has tacked on 2.4%.

/zigman2/quotes/204229673/composite
US : U.S.: NYSE
$ 74.82
-2.14 -2.78%
Volume: 1.27M
April 9, 2020 4:10p
P/E Ratio
13.95
Dividend Yield
N/A
Market Cap
$9.67 billion
Rev. per Employee
$146,781
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/zigman2/quotes/205918244/composite
US : U.S.: NYSE Arca
$ 94.83
+0.52 +0.55%
Volume: 12.87M
April 9, 2020 4:10p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
23,719.37
+285.80 +1.22%
Volume: 566.40M
April 9, 2020 4:20p
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