Tenet Healthcare (NYSE:THC) Issues Q2 2024 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.580-1.980 for the period. The company issued revenue guidance of $4.9 billion-$5.1 billion. Tenet Healthcare also updated its FY 2024 guidance to 8.370-9.410 EPS.

Analysts Set New Price Targets

Several analysts recently weighed in on THC shares. Royal Bank of Canada boosted their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a report on Friday, February 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a research note on Friday, April 12th. Wolfe Research raised shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 target price on the stock in a research report on Wednesday, March 27th. Truist Financial upped their price objective on shares of Tenet Healthcare from $92.00 to $105.00 and gave the company a buy rating in a research note on Friday, February 9th. Finally, Barclays began coverage on shares of Tenet Healthcare in a research note on Wednesday, March 6th. They set an overweight rating and a $113.00 price target on the stock. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Buy and an average price target of $100.38.

Tenet Healthcare Price Performance

NYSE THC traded up $9.84 during midday trading on Tuesday, hitting $108.99. The company had a trading volume of 1,425,374 shares, compared to its average volume of 1,137,804. The firm has a 50-day moving average price of $98.38 and a 200-day moving average price of $81.03. The company has a market capitalization of $10.81 billion, a PE ratio of 18.71, a P/E/G ratio of 3.08 and a beta of 2.08. 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 twelve month low of $51.04 and a twelve month high of $109.80.

Tenet Healthcare (NYSE:THC) last posted its earnings results 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 return on equity of 26.34% and a net margin of 2.97%. The firm had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period last year, the company earned $1.96 earnings per share. The business’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts anticipate that Tenet Healthcare will post 6.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, EVP Paola M. Arbour sold 18,168 shares of the company’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 transaction, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 33,303 shares in the company, valued at approximately $3,296,330.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Paola M. Arbour sold 18,168 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,268 shares of company stock worth $4,944,810. 0.93% of the stock is owned by corporate insiders.

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.