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 (EPS) guidance of $8.37-$9.41 for the period, compared to the consensus 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 Price Performance

Tenet Healthcare stock traded up $12.29 during mid-day trading on Tuesday, reaching $111.44. The company had a trading volume of 2,369,886 shares, compared to its average volume of 1,149,787. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $111.50. 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 capitalization of $11.05 billion, a P/E ratio of 18.71, a P/E/G ratio of 3.08 and a beta of 2.08. The stock’s 50-day simple moving average is $98.38 and its 200-day simple moving average is $81.03.

Tenet Healthcare (NYSE:THC) last issued 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. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The business had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the company posted $1.96 EPS. The company’s revenue was up 7.8% on a year-over-year basis. On average, equities analysts predict that Tenet Healthcare will post 6.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a buy rating in a research note on Friday, February 9th. Cantor Fitzgerald restated an overweight rating and set a $104.00 target price on shares of Tenet Healthcare in a research report on Wednesday, April 10th. TheStreet upgraded shares of Tenet Healthcare from a c+ rating to a b- rating in a research report on Tuesday, February 6th. Wolfe Research upgraded shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 target price on the stock in a research report on Wednesday, March 27th. Finally, 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 research report on Friday, April 12th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tenet Healthcare presently has an average rating of Buy and an average target price of $100.38.

Insider Transactions at Tenet Healthcare

In other news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the sale, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Richard J. Mark sold 14,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were 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 owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction of $185,241.00. Following the sale, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,268 shares of company stock valued at $4,944,810. 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.