Tenet Healthcare (NYSE:THC) Releases FY 2024 Earnings Guidance

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

Tenet Healthcare Price Performance

THC stock traded up $9.84 during midday trading on Tuesday, reaching $108.99. The stock had a trading volume of 1,425,374 shares, compared to its average volume of 1,137,804. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $109.80. The company has a market cap of $10.81 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 current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. The company’s fifty day simple moving average is $98.38 and its 200 day simple moving average is $81.03.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on THC shares. Wolfe Research upgraded shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price target on the stock in a research report on Wednesday, March 27th. TheStreet upgraded Tenet Healthcare from a c+ rating to a b- rating in a research note on Tuesday, February 6th. Wells Fargo & Company boosted their target price on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a report on Friday, April 12th. Finally, Mizuho boosted their price target on shares of Tenet Healthcare from $90.00 to $100.00 and gave the company a buy rating in a report on Friday, February 9th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare presently has an average rating of Buy and an average target price of $100.38.

Insider Activity

In related news, EVP Paola M. Arbour sold 18,168 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the completion of the sale, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction 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 transaction, the director now owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Paola M. Arbour sold 18,168 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total value of $1,761,569.28. Following the completion of the sale, the executive vice president now directly owns 29,803 shares in the company, valued at $2,889,698.88. The disclosure for this sale can be found here. Insiders sold 51,268 shares of company stock worth $4,944,810 in the last quarter. 0.93% of the stock is 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.