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 Q2 guidance to $1.58-$1.98 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on THC shares. Mizuho lifted their price objective on Tenet Healthcare from $90.00 to $100.00 and gave the company a buy rating in a report on Friday, February 9th. Truist Financial boosted their price target on shares of Tenet Healthcare from $92.00 to $105.00 and gave the company a buy rating in a research report on Friday, February 9th. Barclays began coverage on shares of Tenet Healthcare in a research note on Wednesday, March 6th. They issued an overweight rating and a $113.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a buy rating in a report on Friday, April 12th. Finally, Royal Bank of Canada increased their target price on Tenet Healthcare from $97.00 to $109.00 and gave the stock an outperform rating in a report on Friday, February 9th. One equities research 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 stock. Based on data from MarketBeat, Tenet Healthcare presently has a consensus rating of Buy and a consensus target price of $100.38.

Tenet Healthcare Price Performance

NYSE:THC opened at $105.43 on Tuesday. The firm’s fifty day moving average price is $98.38 and its two-hundred day moving average price is $81.03. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.51 and a quick ratio of 1.42. The company has a market cap of $10.46 billion, a P/E ratio of 17.36, a P/E/G ratio of 3.08 and a beta of 2.08. Tenet Healthcare has a one year low of $51.04 and a one year high of $107.80.

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

Insider Buying and Selling at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were 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 of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the sale, the director now directly owns 33,303 shares in the company, valued at approximately $3,296,330.94. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction 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 transaction, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Insiders have sold a total of 51,268 shares of company stock valued at $4,944,810 in the last ninety days. 0.93% of the stock is currently owned by corporate insiders.

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.