Tenet Healthcare (NYSE:THC) Updates FY 2022 Earnings Guidance

Tenet Healthcare (NYSE:THCGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $5.860-$7.030 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.560. The company issued revenue guidance of $19.50 billion-$19.90 billion, compared to the consensus revenue estimate of $19.85 billion.Tenet Healthcare also updated its Q2 2022 guidance to $1.180-$1.450 EPS.

THC stock opened at $72.51 on Friday. The company has a debt-to-equity ratio of 7.16, a current ratio of 1.31 and a quick ratio of 1.23. Tenet Healthcare has a 52-week low of $58.36 and a 52-week high of $92.65. The company has a 50-day moving average of $84.84 and a two-hundred day moving average of $78.87. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of 8.24, a price-to-earnings-growth ratio of 2.56 and a beta of 2.42.

Tenet Healthcare (NYSE:THCGet Rating) last released its quarterly earnings results on Wednesday, April 20th. The company reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.89. Tenet Healthcare had a net margin of 4.92% and a return on equity of 51.84%. The company had revenue of $4.75 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same period in the prior year, the company earned $1.30 earnings per share. The business’s quarterly revenue was down .8% compared to the same quarter last year. Equities analysts expect that Tenet Healthcare will post 6.68 EPS for the current fiscal year.

A number of brokerages have recently commented on THC. Royal Bank of Canada upped their price objective on shares of Tenet Healthcare from $89.00 to $104.00 and gave the company an outperform rating in a research report on Friday, April 22nd. Raymond James raised shares of Tenet Healthcare from an outperform rating to a strong-buy rating and upped their price objective for the company from $105.00 to $120.00 in a research report on Thursday, January 20th. The Goldman Sachs Group reaffirmed a buy rating on shares of Tenet Healthcare in a research report on Tuesday, March 1st. Barclays increased their price target on shares of Tenet Healthcare from $99.00 to $104.00 and gave the stock an overweight rating in a research report on Friday, April 22nd. Finally, Citigroup increased their price target on shares of Tenet Healthcare from $96.00 to $110.00 and gave the stock a buy rating in a research report on Friday, April 22nd. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $102.80.

In other news, Chairman Ronald A. Rittenmeyer sold 59,851 shares of the stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $90.12, for a total transaction of $5,393,772.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard J. Mark sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $90.47, for a total transaction of $542,820.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in THC. Stifel Financial Corp bought a new position in Tenet Healthcare in the fourth quarter valued at approximately $229,000. MML Investors Services LLC bought a new position in Tenet Healthcare in the fourth quarter valued at approximately $293,000. Oliver Luxxe Assets LLC boosted its stake in Tenet Healthcare by 5.5% in the fourth quarter. Oliver Luxxe Assets LLC now owns 4,028 shares of the company’s stock valued at $329,000 after acquiring an additional 210 shares during the last quarter. LPL Financial LLC boosted its stake in Tenet Healthcare by 4.9% in the third quarter. LPL Financial LLC now owns 6,283 shares of the company’s stock valued at $417,000 after acquiring an additional 293 shares during the last quarter. Finally, Qtron Investments LLC bought a new position in Tenet Healthcare in the fourth quarter valued at approximately $462,000. 94.38% of the stock is currently owned by institutional investors and hedge funds.

Tenet Healthcare Company Profile (Get Rating)

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.

See Also

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

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