Tenet Healthcare (NYSE:THC) Updates Q2 2024 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 1.580-1.980 for the period. The company issued revenue guidance of $4.9 billion-$5.1 billion. Tenet Healthcare also updated its FY 2024 guidance to 8.370-9.410 EPS.

Analyst Ratings Changes

Several research firms recently commented on THC. TheStreet upgraded shares of Tenet Healthcare from a c+ rating to a b- rating in a research report on Tuesday, February 6th. 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. Wolfe Research raised Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price target on the stock in a report on Wednesday, March 27th. Cantor Fitzgerald reiterated an overweight rating and issued a $104.00 target price on shares of Tenet Healthcare in a report on Wednesday, April 10th. Finally, Barclays initiated coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They issued an overweight rating and a $113.00 price objective for the company. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $100.38.

Tenet Healthcare Trading Up 9.9 %

Tenet Healthcare stock traded up $9.84 during trading on Tuesday, reaching $108.99. 1,425,374 shares of the company were exchanged, compared to its average volume of 1,137,804. The stock’s 50 day simple moving average is $98.38 and its two-hundred day simple moving average is $81.03. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $109.80. 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 $10.81 billion, a P/E ratio of 18.71, a PEG ratio of 3.08 and a beta of 2.08.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $1.10. The business had revenue of $5.38 billion for 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 company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.96 EPS. On average, equities research analysts expect that Tenet Healthcare will post 6.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Richard W. Fisher sold 2,100 shares of the company’s stock in a transaction that occurred 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 directly owns 20,127 shares in the company, valued at $1,775,402.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the sale, the director now directly owns 33,303 shares in the company, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Insiders sold a total of 51,268 shares of company stock valued at $4,944,810 in the last ninety days. Corporate 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.