Tenet Healthcare (NYSE:THC) Releases FY24 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $8.37-$9.41 for the period, compared to the consensus earnings per share estimate of $6.25. The company issued revenue guidance of $20.0-$20.4 billion, compared to the consensus revenue estimate of $20.27 billion. Tenet Healthcare also updated its Q2 guidance to $1.58-$1.98 EPS.

Tenet Healthcare Stock Performance

Shares of THC stock opened at $105.43 on Tuesday. The company’s fifty day simple moving average is $98.38 and its 200-day simple moving average is $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 52 week low of $51.04 and a 52 week high of $107.80. The company has a market cap of $10.46 billion, a PE ratio of 17.36, a P/E/G ratio of 3.08 and a beta of 2.08.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on THC shares. Royal Bank of Canada upped their target price on shares of Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a research note on Friday, February 9th. TheStreet upgraded Tenet Healthcare from a c+ rating to a b- rating in a research note on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft boosted their price target 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 upgraded Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective on the stock in a report on Wednesday, March 27th. Finally, Truist Financial raised their price target on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a buy rating in a research report on Friday, February 9th. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of Buy and an average target price of $100.38.

Insider Buying and Selling

In other news, EVP Paola M. Arbour sold 18,168 shares of the company’s stock in a transaction dated 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 in the company, valued at $2,889,698.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, Director Richard J. Mark sold 14,000 shares of the business’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 in the company, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paola M. Arbour sold 18,168 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $96.96, for a total value of $1,761,569.28. Following the transaction, the executive vice president now directly owns 29,803 shares in the company, valued at $2,889,698.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,268 shares of company stock valued at $4,944,810. 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.