Tenet Healthcare (NYSE:THC) Issues FY 2021 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its FY 2021 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.120-5.460 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.180. The company issued revenue guidance of $19.40 billion-$19.80 billion, compared to the consensus revenue estimate of $19.40 billion.Tenet Healthcare also updated its Q2 2021 guidance to 0.690-1.390 EPS.

Shares of NYSE THC traded up $1.00 during mid-day trading on Tuesday, reaching $63.30. 25,469 shares of the company traded hands, compared to its average volume of 1,086,214. Tenet Healthcare has a fifty-two week low of $15.19 and a fifty-two week high of $63.13. The stock has a market cap of $6.74 billion, a PE ratio of -486.92, a price-to-earnings-growth ratio of 8.49 and a beta of 2.66. The company has a debt-to-equity ratio of 29.81, a quick ratio of 1.28 and a current ratio of 1.34. The company’s fifty day moving average is $53.83 and its two-hundred day moving average is $44.28.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Monday, April 19th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.50. The company had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.73 billion. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. Research analysts forecast that Tenet Healthcare will post 4.27 earnings per share for the current year.

THC has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Tenet Healthcare in a report on Monday. They set a buy rating for the company. Citigroup boosted their target price on Tenet Healthcare from $58.00 to $65.00 in a report on Thursday, April 22nd. Truist lifted their price objective on Tenet Healthcare from $56.00 to $60.00 in a research report on Thursday, April 22nd. Raymond James raised their target price on Tenet Healthcare from $55.00 to $60.00 and gave the company an outperform rating in a research note on Thursday, January 14th. Finally, Barclays upped their price target on shares of Tenet Healthcare from $55.00 to $62.00 in a research report on Friday, April 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $51.58.

In other Tenet Healthcare news, CFO Daniel J. Cancelmi sold 143,602 shares of the stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $55.29, for a total transaction of $7,939,754.58. Following the completion of the transaction, the chief financial officer now owns 399,500 shares in the company, valued at approximately $22,088,355. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Glenview Capital Management, L sold 122,090 shares of the company’s stock in a transaction that occurred on Wednesday, April 21st. The stock was sold at an average price of $55.32, for a total value of $6,754,018.80. The disclosure for this sale can be found here. In the last three months, insiders sold 2,836,392 shares of company stock worth $151,959,533. 1.70% of the stock is currently owned by company insiders.

About Tenet Healthcare

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

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Earnings History and Estimates for Tenet Healthcare (NYSE:THC)

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