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

Tenet Healthcare (NYSE:THC) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. 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.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on THC. Mizuho reiterated a buy rating and set a $130.00 target price (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday. UBS Group raised their price target on shares of Tenet Healthcare from $137.00 to $150.00 and gave the stock a buy rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on shares of Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft upped their target price 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. Finally, Truist Financial restated a buy rating and set a $130.00 target price (up from $120.00) on shares of Tenet Healthcare in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Buy and a consensus price target of $113.19.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded up $2.77 during trading on Thursday, hitting $118.72. The stock had a trading volume of 1,441,743 shares, compared to its average volume of 1,195,278. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.44 and a quick ratio of 1.42. The firm has a market cap of $11.78 billion, a P/E ratio of 4.61, a PEG ratio of 2.55 and a beta of 2.09. The business has a fifty day moving average of $99.29 and a two-hundred day moving average of $81.68. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $120.03.

Tenet Healthcare (NYSE:THC) last announced its earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a return on equity of 26.76% and a net margin of 12.53%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same period in the previous year, the firm earned $1.42 earnings per share. Tenet Healthcare’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts expect that Tenet Healthcare will post 8.89 earnings per share for the current fiscal year.

Insider Activity at Tenet Healthcare

In other news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was 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 directly owns 20,127 shares in the company, valued at $1,775,402.67. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction that occurred on 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 sale, the director now owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the transaction, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The disclosure for this sale can be found here. Insiders sold a total of 51,268 shares of company stock worth $4,944,810 in the last 90 days. 0.93% of the stock is owned by company 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.