Tenet Healthcare (NYSE:THC) Issues FY24 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $8.37-$9.41 for the period, compared to the consensus earnings per share estimate of $6.25. The company issued revenue guidance of $20.0-$20.4 billion, compared to the consensus revenue estimate of $20.27 billion. Tenet Healthcare also updated its FY 2024 guidance to 8.370-9.410 EPS.

Tenet Healthcare Stock Up 1.3 %

Shares of THC stock traded up $1.50 on Thursday, hitting $117.45. The company’s stock had a trading volume of 1,016,323 shares, compared to its average volume of 1,190,616. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.44 and a quick ratio of 1.42. The firm’s fifty day moving average price is $99.29 and its 200-day moving average price is $81.68. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $120.03. The stock has a market capitalization of $11.65 billion, a price-to-earnings ratio of 4.50, a P/E/G ratio of 2.55 and a beta of 2.09.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 earnings per share. Research analysts anticipate that Tenet Healthcare will post 8.89 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Barclays began coverage on Tenet Healthcare in a report on Wednesday, March 6th. They set an overweight rating and a $113.00 target price for the company. Wells Fargo & Company upped their price target on shares of Tenet Healthcare from $105.00 to $115.00 and gave the company an overweight rating in a research note on Thursday, March 28th. Mizuho reiterated a buy rating and issued a $130.00 price target (up from $118.00) on shares of Tenet Healthcare in a research report on Wednesday. Wolfe Research upgraded shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective on the stock in a research note on Wednesday, March 27th. Finally, Truist Financial reissued a buy rating and set a $130.00 price target (up from $120.00) on shares of Tenet Healthcare in a research note on Wednesday. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Buy and an average price target of $111.06.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Tenet Healthcare news, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the transaction, the executive vice president now owns 8,148 shares of the company’s stock, valued at approximately $772,756.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,268 shares of company stock valued at $4,944,810. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.