Tenet Healthcare (NYSE:THC) Updates FY24 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Performance

Shares of NYSE THC traded up $12.29 during mid-day trading on Tuesday, reaching $111.44. 2,369,886 shares of the company’s stock were exchanged, compared to its average volume of 1,149,787. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $111.50. The firm has a 50-day moving average price of $98.38 and a two-hundred day moving average price of $81.03. The firm has a market capitalization of $11.05 billion, a price-to-earnings ratio of 18.71, a price-to-earnings-growth ratio of 3.08 and a beta of 2.08. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.51 and a quick ratio of 1.42.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $1.10. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the business posted $1.96 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. Analysts predict that Tenet Healthcare will post 6.3 EPS for the current year.

Wall Street Analysts Forecast Growth

THC has been the topic of a number of research reports. Mizuho boosted their price objective on Tenet Healthcare from $90.00 to $100.00 and gave the company a buy rating in a research note on Friday, February 9th. Wolfe Research raised Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 target price for the company in a report on Wednesday, March 27th. Cantor Fitzgerald reaffirmed an overweight rating and set a $104.00 target price on shares of Tenet Healthcare in a report on Wednesday, April 10th. 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. Finally, Royal Bank of Canada lifted their target price on Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a report on Friday, February 9th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $100.38.

Insider Transactions 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 stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the sale, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the sale, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the sale, the executive vice president now owns 8,148 shares of the company’s stock, valued at approximately $772,756.32. 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. 0.93% of the stock is owned by corporate insiders.

About Tenet Healthcare

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.