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

Tenet Healthcare (NYSE:THC) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 10.410-11.120 for the period, compared to the consensus earnings per share estimate of 8.980. The company issued revenue guidance of $20.6 billion-$21.0 billion, compared to the consensus revenue estimate of $20.4 billion. Tenet Healthcare also updated its FY24 guidance to $10.41-$11.12 EPS.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group upped their price objective on shares of Tenet Healthcare from $137.00 to $150.00 and gave the company a buy rating in a report on Wednesday, May 1st. Wolfe Research raised 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 report on Wednesday, March 27th. Mizuho reaffirmed a buy rating and issued a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Truist Financial upped their price objective on shares of Tenet Healthcare from $130.00 to $155.00 and gave the company a buy rating in a report on Monday, July 15th. Finally, StockNews.com raised shares of Tenet Healthcare from a buy rating to a strong-buy rating in a report on Friday, June 7th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Tenet Healthcare presently has an average rating of Buy and an average price target of $123.18.

Tenet Healthcare Price Performance

Shares of NYSE THC traded up $6.66 during mid-day trading on Wednesday, reaching $145.34. The company’s stock had a trading volume of 3,967,204 shares, compared to its average volume of 1,223,591. The stock has a 50-day moving average of $133.82 and a two-hundred day moving average of $109.70. The stock has a market capitalization of $14.20 billion, a P/E ratio of 5.81, a P/E/G ratio of 1.22 and a beta of 2.15. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.37 and a current ratio of 1.44. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $151.00.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The business had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the prior year, the business earned $1.42 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that Tenet Healthcare will post 8.87 EPS for the current fiscal year.

Insider Buying and Selling

In other Tenet Healthcare news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the completion of the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Thomas W. Arnst sold 8,148 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $116.10, for a total transaction of $945,982.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,691 shares of company stock worth $3,117,909. 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.