Tenet Healthcare (NYSE:THC) Issues FY24 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.37-$9.41 for the period, compared to the consensus EPS 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 Trading Up 1.3 %

Shares of Tenet Healthcare stock traded up $1.50 during trading hours on Thursday, reaching $117.45. The stock had a trading volume of 1,016,323 shares, compared to its average volume of 1,190,616. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $120.03. The firm has a 50 day simple moving average of $99.29 and a two-hundred day simple moving average of $81.68. The company has a current ratio of 1.44, a quick ratio of 1.42 and a debt-to-equity ratio of 2.58. The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of 4.50, a P/E/G ratio of 2.55 and a beta of 2.09.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, topping the consensus estimate of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.15 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. As a group, equities research analysts anticipate that Tenet Healthcare will post 8.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

THC has been the topic of several recent analyst reports. Truist Financial reaffirmed a buy rating and set a $130.00 target price (up previously from $120.00) on shares of Tenet Healthcare in a research note on Wednesday. UBS Group lifted their target price on Tenet Healthcare from $137.00 to $150.00 and gave the company a buy rating in a research note on Wednesday. Wolfe Research upgraded 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 report on Tuesday, February 6th. Finally, Royal Bank of Canada lifted their price target on Tenet Healthcare from $109.00 to $136.00 and gave the company an outperform rating in a research report on Wednesday. One 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. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $111.06.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was 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 owns 20,127 shares in the company, valued at approximately $1,775,402.67. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction on Tuesday, March 12th. The stock was 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 directly owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the sale, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Insiders sold a total of 51,268 shares of company stock worth $4,944,810 in the last 90 days. 0.93% of the stock is owned by company insiders.

About Tenet Healthcare

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.