Tenet Healthcare (NYSE:THC) Updates Q2 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.58-$1.98 for the period, compared to the consensus estimate of $1.46. The company issued revenue guidance of $4.90-$5.1 billion, compared to the consensus revenue estimate of $4.94 billion. Tenet Healthcare also updated its FY 2024 guidance to 8.370-9.410 EPS.

Wall Street Analyst Weigh In

THC has been the subject of several recent analyst reports. Stephens increased their price target on Tenet Healthcare from $95.00 to $122.00 and gave the stock an equal weight rating in a report on Wednesday. TheStreet upgraded Tenet Healthcare from a c+ rating to a b- rating in a research note on Tuesday, February 6th. Cantor Fitzgerald restated an overweight rating and set a $104.00 price objective on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Barclays began coverage on Tenet Healthcare in a research report on Wednesday, March 6th. They issued an overweight rating and a $113.00 target price on the stock. Finally, UBS Group boosted their price target on Tenet Healthcare from $137.00 to $150.00 and gave the stock a buy rating in a research report on Wednesday. One research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $111.06.

Tenet Healthcare Price Performance

Shares of THC stock traded up $1.50 on Thursday, reaching $117.45. The company had a trading volume of 1,016,323 shares, compared to its average volume of 1,190,616. The stock has a market capitalization of $11.65 billion, a PE ratio of 4.50, a price-to-earnings-growth ratio of 2.55 and a beta of 2.09. The company has a quick ratio of 1.42, a current ratio of 1.44 and a debt-to-equity ratio of 2.58. Tenet Healthcare has a one year low of $51.04 and a one year high of $120.03. The business’s 50-day moving average is $99.29 and its 200 day moving average is $81.68.

Tenet Healthcare (NYSE:THC) last posted its quarterly 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 the consensus estimate of $5.15 billion. During the same quarter last year, the firm posted $1.42 EPS. Tenet Healthcare’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts forecast that Tenet Healthcare will post 8.89 EPS for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now 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 this link. In other Tenet Healthcare 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 value of $1,761,569.28. Following the completion of the sale, the executive vice president now owns 29,803 shares in the company, valued at $2,889,698.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total value of $1,385,720.00. Following the transaction, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Insiders have sold 51,268 shares of company stock worth $4,944,810 in the last ninety 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.