Tenet Healthcare (NYSE:THC) Updates Q2 Earnings Guidance


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Tenet Healthcare (NYSE:THC) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.69-1.39 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.81. The company issued revenue guidance of $4.65-4.85 billion, compared to the consensus revenue estimate of $4.69 billion.Tenet Healthcare also updated its FY 2021
After-Hours guidance to 4.12-5.46 EPS.

A number of brokerages have recently issued reports on THC. Citigroup increased their price objective on shares of Tenet Healthcare from $50.00 to $58.00 in a research note on Thursday, February 11th. Zacks Investment Research cut shares of Tenet Healthcare from a buy rating to a hold rating and set a $55.00 price objective for the company. in a research note on Tuesday, February 9th. UBS Group increased their price objective on shares of Tenet Healthcare from $37.00 to $60.00 and gave the company a buy rating in a research note on Thursday, January 21st. Bank of America upgraded shares of Tenet Healthcare from a neutral rating to a buy rating and increased their price objective for the company from $45.00 to $50.00 in a research note on Tuesday, January 5th. Finally, Raymond James increased their target price on shares of Tenet Healthcare from $55.00 to $60.00 and gave the stock an outperform rating in a research report on Thursday, January 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $44.89.

THC traded down $0.53 during midday trading on Tuesday, hitting $52.02. The company had a trading volume of 1,123,777 shares, compared to its average volume of 999,571. The company has a debt-to-equity ratio of 29.81, a quick ratio of 1.28 and a current ratio of 1.34. The company has a market capitalization of $5.54 billion, a PE ratio of -400.15, a P/E/G ratio of 8.49 and a beta of 2.66. Tenet Healthcare has a twelve month low of $15.19 and a twelve month high of $57.88. The firm’s 50-day simple moving average is $53.16 and its 200-day simple moving average is $42.39.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Tuesday, April 20th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.58. The firm had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $4.73 billion. Tenet Healthcare had a negative net margin of 0.07% and a positive return on equity of 82.39%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.28 EPS. As a group, sell-side analysts anticipate that Tenet Healthcare will post 4.27 EPS for the current fiscal year.

In other news, major shareholder Glenview Capital Management, L sold 2,500,000 shares of the firm’s stock in a transaction dated Monday, March 22nd. The shares were sold at an average price of $53.30, for a total value of $133,250,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel J. Cancelmi sold 70,700 shares of the firm’s stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $56.80, for a total transaction of $4,015,760.00. Following the completion of the transaction, the chief financial officer now directly owns 399,500 shares in the company, valued at approximately $22,691,600. The disclosure for this sale can be found here. Insiders sold a total of 2,714,302 shares of company stock worth $145,205,515 in the last ninety days. Insiders own 1.70% of the company’s stock.

About Tenet Healthcare

Tenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.

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Earnings History and Estimates for Tenet Healthcare (NYSE:THC)

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