Tenet Healthcare (NYSE:THC) Issues FY24 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its FY24 earnings guidance on Tuesday. 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 Stock Up 1.1 %

Shares of THC traded up $1.34 during mid-day trading on Friday, hitting $120.28. 1,678,372 shares of the company’s stock were exchanged, compared to its average volume of 1,208,494. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $121.72. The company has a 50-day simple moving average of $99.82 and a 200 day simple moving average of $81.94. The company has a market cap of $11.75 billion, a PE ratio of 4.67, a P/E/G ratio of 2.63 and a beta of 2.09. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.44 and a quick ratio of 1.42.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, topping 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 company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the business posted $1.42 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that Tenet Healthcare will post 8.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

THC has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an overweight rating and issued a $104.00 price target on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Wolfe Research upgraded Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price target for the company in a report on Wednesday, March 27th. Wells Fargo & Company upped their price objective on Tenet Healthcare from $105.00 to $115.00 and gave the company an overweight rating in a research note on Thursday, March 28th. Truist Financial reissued a buy rating and set a $130.00 target price (up from $120.00) on shares of Tenet Healthcare in a report on Wednesday. Finally, StockNews.com raised Tenet Healthcare from a buy rating to a strong-buy rating in a report on Thursday. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Buy and a consensus price target of $113.19.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,100 shares of the company’s stock in a transaction 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 directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 sale, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the transaction, the executive vice president now owns 8,148 shares of the company’s stock, valued at $772,756.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,416 shares of company stock valued at $5,890,793. 0.93% of the stock is currently 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.