Tenet Healthcare (NYSE:THC) Issues Q3 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its third quarter earnings guidance on Wednesday. The company provided EPS guidance of $2.16-$2.58 for the period, compared to the consensus EPS estimate of $1.67. The company issued revenue guidance of $5.00-$5.10 billion, compared to the consensus revenue estimate of $4.89 billion. Tenet Healthcare also updated its FY 2024 guidance to 10.410-11.120 EPS.

Analysts Set New Price Targets

A number of research firms have weighed in on THC. Mizuho reissued a buy rating and issued a $130.00 price objective (up from $118.00) on shares of Tenet Healthcare in a research report on Wednesday, May 1st. Baird R W upgraded shares of Tenet Healthcare to a strong-buy rating in a research note on Thursday, May 30th. Stephens upped their target price on shares of Tenet Healthcare from $95.00 to $122.00 and gave the company an equal weight rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a buy rating in a research note on Friday, June 28th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an overweight rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $123.18.

Tenet Healthcare Stock Performance

Shares of NYSE:THC traded up $6.67 during trading hours on Wednesday, hitting $145.35. The stock had a trading volume of 3,015,266 shares, compared to its average volume of 1,216,839. The stock’s fifty day simple moving average is $133.82 and its 200 day simple moving average is $109.70. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $151.00. The firm has a market capitalization of $14.20 billion, a price-to-earnings ratio of 5.81, a PEG ratio of 1.22 and a beta of 2.15. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.37 and a current ratio of 1.44.

Tenet Healthcare (NYSE:THC) last announced its quarterly 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. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same quarter last year, the business earned $1.42 earnings per share. Tenet Healthcare’s revenue was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Tenet Healthcare will post 8.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the completion of the transaction, the director now directly owns 14,759 shares in the company, valued at $1,975,196.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Thomas W. Arnst sold 8,148 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $116.10, for a total transaction of $945,982.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher S. Lynch sold 10,861 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the completion of the transaction, the director now directly owns 14,759 shares in the company, valued at approximately $1,975,196.97. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,691 shares of company stock worth $3,117,909. 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.