Tenet Healthcare (NYSE:THC) Releases FY 2024 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 8.370-9.410 for the period. The company issued revenue guidance of $20.0 billion-$20.4 billion. Tenet Healthcare also updated its FY24 guidance to $8.37-$9.41 EPS.

Analysts Set New Price Targets

THC has been the subject of several research analyst reports. Mizuho reiterated a buy rating and issued a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday. TheStreet upgraded shares of Tenet Healthcare from a c+ rating to a b- rating in a research note on Tuesday, February 6th. Wolfe Research upgraded 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. Wells Fargo & Company raised their price objective on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a report on Friday, April 12th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare has a consensus rating of Buy and a consensus target price of $113.19.

Tenet Healthcare Trading Up 2.4 %

THC traded up $2.77 during mid-day trading on Thursday, hitting $118.72. 1,441,743 shares of the stock were exchanged, compared to its average volume of 1,195,278. The firm’s fifty day moving average is $99.29 and its two-hundred day moving average is $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 company has a market cap of $11.78 billion, a PE ratio of 4.61, a PEG ratio of 2.55 and a beta of 2.09. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $120.03.

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

Insider Buying and Selling

In other news, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the sale, the executive vice president now owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $96.96, for a total value of $1,761,569.28. Following the sale, the executive vice president now owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas W. Arnst sold 17,000 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the sale, the executive vice president now owns 8,148 shares in the company, valued at approximately $772,756.32. 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. Company 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.