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 8.370-9.410 for the period. The company issued revenue guidance of $20.0 billion-$20.4 billion. Tenet Healthcare also updated its FY24 guidance to $8.37-$9.41 EPS.

Wall Street Analysts Forecast Growth

THC has been the subject of a number of recent analyst reports. Barclays began coverage on Tenet Healthcare in a research note on Wednesday, March 6th. They issued an overweight rating and a $113.00 price target for the company. Wolfe Research upgraded Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective for the company in a research report on Wednesday, March 27th. Mizuho upped their price target on Tenet Healthcare from $90.00 to $100.00 and gave the stock a buy rating in a research report on Friday, February 9th. Cantor Fitzgerald reissued an overweight rating and issued a $104.00 price objective on shares of Tenet Healthcare in a report on Wednesday, April 10th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a buy rating in a research note on Friday, April 12th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $100.38.

Tenet Healthcare Stock Up 13.3 %

Tenet Healthcare stock traded up $13.14 during midday trading on Tuesday, hitting $112.29. 3,753,077 shares of the stock were exchanged, compared to its average volume of 1,157,911. The business’s 50-day moving average price is $98.38 and its 200-day moving average price is $81.03. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The stock has a market capitalization of $11.14 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 3.08 and a beta of 2.08. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $112.30.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Thursday, February 8th. The company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $1.10. The business had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. Tenet Healthcare’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.96 EPS. On average, research analysts expect that Tenet Healthcare will post 6.3 EPS for the current fiscal year.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,100 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the transaction, the director now owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard J. Mark sold 14,000 shares of the company’s stock in a transaction on 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 $3,296,330.94. The disclosure for this sale can be found here. Insiders have sold 51,268 shares of company stock valued at $4,944,810 in the last quarter. Insiders own 0.93% of the company’s stock.

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.