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 guidance of $1.58-$1.98 for the period, compared to the consensus earnings per share 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.

Tenet Healthcare Stock Up 1.1 %

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

Tenet Healthcare (NYSE:THC) last released its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The business 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%. Tenet Healthcare’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.42 EPS. As a group, research analysts forecast that Tenet Healthcare will post 8.89 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on THC. 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 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. Royal Bank of Canada raised their price objective on shares of Tenet Healthcare from $109.00 to $136.00 and gave the company an outperform rating in a research report on Wednesday. Truist Financial reiterated a buy rating and issued a $130.00 target price (up from $120.00) on shares of Tenet Healthcare in a research note on Wednesday. Finally, Mizuho restated a buy rating and set a $130.00 price target (up from $118.00) on shares of Tenet Healthcare in a research report on Wednesday. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $113.19.

Insiders Place Their Bets

In other news, EVP Paola M. Arbour sold 18,168 shares of the firm’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 completion of the sale, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were 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 in the company, valued at approximately $2,889,698.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction dated 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 transaction, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,416 shares of company stock worth $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.