Tenet Healthcare (NYSE:THC) Updates 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 11.120-11.730 for the period, compared to the consensus estimate of 10.560. The company issued revenue guidance of $20.6 billion-$20.8 billion, compared to the consensus revenue estimate of $20.8 billion. Tenet Healthcare also updated its Q4 guidance to $2.69-3.31 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Citigroup lifted their target price on Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Truist Financial reaffirmed a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research note on Wednesday. Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Barclays lifted their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, UBS Group lifted their price objective on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Trading Up 1.0 %

Shares of THC stock opened at $156.57 on Friday. The company has a market capitalization of $14.89 billion, a price-to-earnings ratio of 4.97, a PEG ratio of 0.72 and a beta of 2.14. Tenet Healthcare has a twelve month low of $52.08 and a twelve month high of $171.20. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 2.35. The firm has a 50-day moving average price of $159.55 and a 200 day moving average price of $141.69.

Tenet Healthcare (NYSE:THC) last released its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.05% and a net margin of 14.91%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Research analysts forecast that Tenet Healthcare will post 11.38 earnings per share for the current fiscal year.

Tenet Healthcare declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now directly owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 over the last ninety days. 0.93% of the stock is 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.