Tenet Healthcare (NYSE:THC) Releases FY 2021 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its FY 2021 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $5.230-$5.730 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $5.000. The company issued revenue guidance of $19.25 billion-$19.65 billion, compared to the consensus revenue estimate of $19.61 billion.Tenet Healthcare also updated its FY21 guidance to $5.23-5.73 EPS.

Shares of NYSE THC traded down $3.40 during mid-day trading on Thursday, reaching $68.85. The company’s stock had a trading volume of 76,276 shares, compared to its average volume of 910,219. The business has a 50-day simple moving average of $66.97. The firm has a market cap of $7.35 billion, a PE ratio of 19.37 and a beta of 2.61. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 14.86. Tenet Healthcare has a 1-year low of $21.34 and a 1-year high of $73.65.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings data on Tuesday, July 20th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.52. Tenet Healthcare had a net margin of 2.25% and a return on equity of 65.38%. The firm had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the firm posted $1.26 earnings per share. Tenet Healthcare’s quarterly revenue was up 35.8% on a year-over-year basis. As a group, equities analysts predict that Tenet Healthcare will post 5.21 EPS for the current fiscal year.

THC has been the topic of several research reports. Mizuho increased their price target on shares of Tenet Healthcare from $55.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday, May 5th. Truist raised their target price on shares of Tenet Healthcare from $56.00 to $60.00 in a report on Thursday, April 22nd. Jefferies Financial Group reissued a buy rating on shares of Tenet Healthcare in a report on Friday, June 18th. Zacks Investment Research lowered shares of Tenet Healthcare from a buy rating to a hold rating and set a $72.00 price objective on the stock. in a research report on Tuesday, June 22nd. Finally, TheStreet upgraded shares of Tenet Healthcare from a c+ rating to a b- rating in a research report on Friday, March 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. Tenet Healthcare currently has an average rating of Buy and a consensus target price of $57.50.

In related news, Director Meghan Fitzgerald sold 6,153 shares of the business’s stock in a transaction dated Monday, May 24th. The shares were sold at an average price of $63.57, for a total value of $391,146.21. Following the completion of the transaction, the director now owns 33,828 shares of the company’s stock, valued at approximately $2,150,445.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Howard Hacker sold 6,382 shares of the business’s stock in a transaction dated Friday, May 28th. The shares were sold at an average price of $66.70, for a total transaction of $425,679.40. The disclosure for this sale can be found here. Insiders have sold a total of 21,197 shares of company stock valued at $1,371,540 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Earnings History and Estimates for Tenet Healthcare (NYSE:THC)

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