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 Trading Up 1.3 %

Shares of Tenet Healthcare stock traded up $1.50 on Thursday, hitting $117.45. 1,016,323 shares of the company’s stock traded hands, compared to its average volume of 1,190,616. Tenet Healthcare has a one year low of $51.04 and a one year high of $120.03. 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 company has a fifty day moving average of $99.29 and a two-hundred day moving average of $81.68. The company has a market capitalization of $11.65 billion, a price-to-earnings ratio of 4.50, a price-to-earnings-growth ratio of 2.55 and a beta of 2.09.

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

Wall Street Analyst Weigh In

THC has been the subject of several recent analyst reports. Truist Financial reaffirmed a buy rating and issued a $130.00 target price (up previously from $120.00) on shares of Tenet Healthcare in a report on Wednesday. Wolfe Research raised shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 target price for the company in a report on Wednesday, March 27th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a research note on Friday, April 12th. Royal Bank of Canada lifted their price target on shares of Tenet Healthcare from $109.00 to $136.00 and gave the stock an outperform rating in a report on Wednesday. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $104.00 price objective on shares of Tenet Healthcare in a research report on Wednesday, April 10th. One investment 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $111.06.

Insider Buying and Selling

In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of Tenet Healthcare 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 29,803 shares in the company, valued at $2,889,698.88. The transaction was disclosed in a legal filing with the SEC, which is available 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 transaction of $185,241.00. Following the sale, the director now owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The disclosure for this sale can be found here. Insiders have sold 51,268 shares of company stock worth $4,944,810 in the last ninety days. 0.93% of the stock is owned by corporate insiders.

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.