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

Tenet Healthcare (NYSE:THC) updated its FY 2024 earnings guidance on Tuesday. The company provided 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.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded up $9.84 on Tuesday, reaching $108.99. The company’s stock had a trading volume of 1,425,374 shares, compared to its average volume of 1,137,804. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $109.80. 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 50-day moving average price of $98.38 and a 200-day moving average price of $81.03. The company has a market capitalization of $10.81 billion, a P/E ratio of 18.71, a PEG ratio of 3.08 and a beta of 2.08.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on THC shares. Royal Bank of Canada boosted their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a research report on Friday, February 9th. Barclays assumed coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They set an overweight rating and a $113.00 price objective on the stock. Wolfe Research upgraded shares of 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. Deutsche Bank Aktiengesellschaft lifted their target price on Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a report on Friday, April 12th. Finally, Cantor Fitzgerald restated an overweight rating and issued a $104.00 price target on shares of Tenet Healthcare in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Buy and a consensus price target of $100.38.

Insider Buying and Selling

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