Tenet Healthcare (NYSE:THC) Releases Q3 2024 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.160-2.580 for the period, compared to the consensus earnings per share estimate of 1.670. The company issued revenue guidance of $5.0 billion-$5.1 billion, compared to the consensus revenue estimate of $4.9 billion. Tenet Healthcare also updated its FY 2024 guidance to 10.410-11.120 EPS.

Tenet Healthcare Price Performance

Tenet Healthcare stock traded up $0.70 during mid-day trading on Friday, hitting $150.44. The company’s stock had a trading volume of 567,403 shares, compared to its average volume of 1,228,615. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $151.89. The stock’s fifty day moving average price is $134.51 and its two-hundred day moving average price is $110.23. The stock has a market capitalization of $14.70 billion, a P/E ratio of 5.81, a P/E/G ratio of 1.08 and a beta of 2.15. The company has a quick ratio of 1.37, a current ratio of 1.45 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same period in the previous year, the firm earned $1.42 earnings per share. Tenet Healthcare’s revenue for the quarter was up 6.9% compared to the same quarter last year. Research analysts forecast that Tenet Healthcare will post 10.77 earnings per share for the current year.

Tenet Healthcare declared that its board has initiated a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

THC has been the topic of several research reports. Baird R W upgraded Tenet Healthcare to a strong-buy rating in a research note on Thursday, May 30th. Cantor Fitzgerald boosted their target price on Tenet Healthcare from $112.00 to $168.00 and gave the stock an overweight rating in a report on Thursday. Deutsche Bank Aktiengesellschaft upped their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, June 28th. Mizuho reaffirmed a buy rating and set a $130.00 target price (up previously from $118.00) on shares of Tenet Healthcare in a report on Wednesday, May 1st. Finally, Truist Financial reaffirmed a buy rating and set a $170.00 price objective (up previously from $155.00) on shares of Tenet Healthcare in a research note on Thursday. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $137.12.

Insider Transactions at Tenet Healthcare

In other news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the sale, the director now directly owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Christopher S. Lynch sold 10,861 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the sale, the director now owns 14,759 shares in the company, valued at approximately $1,975,196.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Fisher sold 1,400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now owns 16,227 shares of the company’s stock, valued at $2,145,858.48. The disclosure for this sale can be found here. Insiders sold 24,691 shares of company stock worth $3,117,909 over the last quarter. Corporate 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.