Tenet Healthcare (NYSE:THC) Releases Q2 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.58-$1.98 for the period, compared to the consensus 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 FY 2024 guidance to 8.370-9.410 EPS.

Tenet Healthcare Stock Up 12.4 %

Shares of THC stock traded up $12.29 during trading hours on Tuesday, hitting $111.44. 2,369,886 shares of the company were exchanged, compared to its average volume of 1,149,787. The business has a 50 day moving average of $98.38 and a two-hundred day 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 52 week low of $51.04 and a 52 week high of $111.50. The company has a market capitalization of $11.05 billion, a PE ratio of 18.71, a PEG 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 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm earned $1.96 earnings per share. The firm’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 fiscal year.

Wall Street Analyst Weigh In

THC has been the subject of several recent research reports. Mizuho increased their target price on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a buy rating in a report on Friday, February 9th. TheStreet upgraded shares of Tenet Healthcare from a c+ rating to a b- rating in a report on Tuesday, February 6th. Truist Financial increased their target price on shares of Tenet Healthcare from $92.00 to $105.00 and gave the stock a buy rating in a report on Friday, February 9th. Royal Bank of Canada increased their price target 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. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tenet Healthcare from $100.00 to $126.00 and gave the company a buy rating in a research report on Friday, April 12th. One equities 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. Based on data from MarketBeat.com, Tenet Healthcare has an average rating of Buy and a consensus price target of $100.38.

Insider Transactions at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare 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 sale, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the transaction, the executive vice president now directly owns 8,148 shares of the company’s stock, valued at approximately $772,756.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares in the company, valued at $1,775,402.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,268 shares of company stock worth $4,944,810. Company 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.