Tenet Healthcare (NYSE:THC) Updates Q2 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.58-$1.98 for the period, compared to the consensus EPS 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 FY24 guidance to $8.37-$9.41 EPS.

Analyst Ratings Changes

THC has been the topic of several analyst reports. Mizuho boosted their price objective on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a buy rating in a research note on Friday, February 9th. Barclays initiated coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They issued an overweight rating and a $113.00 target price on the stock. Cantor Fitzgerald reissued an overweight rating and set a $104.00 price objective on shares of Tenet Healthcare in a report on Wednesday, April 10th. Royal Bank of Canada raised their target price on Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a report on Friday, February 9th. Finally, Wells Fargo & Company upped their price target on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a report on Thursday, March 28th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tenet Healthcare has an average rating of Buy and a consensus price target of $100.38.

Tenet Healthcare Price Performance

Shares of NYSE THC opened at $105.43 on Tuesday. The firm has a market cap of $10.46 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 3.08 and a beta of 2.08. The stock has a fifty day simple moving average of $98.38 and a two-hundred day simple moving average of $81.03. The company has a current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $107.80.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Thursday, February 8th. The company reported $2.68 EPS for the quarter, beating the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The business had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the prior year, the firm earned $1.96 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. Analysts anticipate that Tenet Healthcare will post 6.3 earnings per share for the current year.

Insiders Place Their Bets

In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the transaction, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related 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 completion of the transaction, the executive vice president now directly owns 29,803 shares in the company, valued at approximately $2,889,698.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the transaction, the director now directly owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The disclosure for this sale can be found here. Insiders have sold a total of 51,268 shares of company stock worth $4,944,810 over the last 90 days. 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.