Tenet Healthcare (NYSE:THC) Releases Q2 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.58-$1.98 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $97.00 to $109.00 and gave the stock an outperform rating in a research note on Friday, February 9th. Mizuho lifted their price target on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a buy rating in a research report on Friday, February 9th. Cantor Fitzgerald reiterated an overweight rating and issued a $104.00 price target on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Wolfe Research upgraded shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective on the stock in a research note on Wednesday, March 27th. Finally, Barclays began coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They issued an overweight rating and a $113.00 price objective for the company. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $100.38.

Tenet Healthcare Stock Up 12.4 %

NYSE:THC traded up $12.29 during midday trading on Tuesday, hitting $111.44. 2,369,886 shares of the company were exchanged, compared to its average volume of 1,149,787. The company has a market capitalization of $11.05 billion, a PE ratio of 18.71, a price-to-earnings-growth ratio of 3.08 and a beta of 2.08. The company has a fifty day simple moving average of $98.38 and a 200 day simple moving average of $81.03. The company has a current ratio of 1.51, a quick ratio of 1.42 and a debt-to-equity ratio of 4.77. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $111.50.

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. The company had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.96 earnings per share. As a group, equities analysts anticipate that Tenet Healthcare will post 6.3 earnings per share for the current fiscal year.

Insider Activity

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the business’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 sale, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Richard W. Fisher sold 2,100 shares of the firm’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 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 filing with the SEC, which is accessible through the SEC website. Also, Director Richard J. Mark sold 14,000 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the completion of the sale, the director now owns 33,303 shares of the company’s stock, valued at $3,296,330.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,268 shares of company stock worth $4,944,810. 0.93% of the stock is currently owned by company 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.