Tenet Healthcare (NYSE:THC) Releases Q3 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.73-1.06 for the period, compared to the Thomson Reuters consensus estimate of $1.07. The company issued revenue guidance of $4.6-4.8 billion, compared to the consensus revenue estimate of $4.88 billion.Tenet Healthcare also updated its FY 2021 guidance to $5.230-$5.730 EPS.

Shares of THC traded down $3.31 during mid-day trading on Thursday, hitting $68.94. The company’s stock had a trading volume of 84,796 shares, compared to its average volume of 910,219. The company has a 50-day moving average price of $66.97. Tenet Healthcare has a 52-week low of $21.34 and a 52-week high of $73.65. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 19.37 and a beta of 2.61. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 14.86.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Tuesday, July 20th. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.52. Tenet Healthcare had a net margin of 2.25% and a return on equity of 65.38%. The company had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the prior year, the company posted $1.26 earnings per share. Tenet Healthcare’s revenue for the quarter was up 35.8% compared to the same quarter last year. Research analysts expect that Tenet Healthcare will post 5.21 EPS for the current year.

THC has been the subject of a number of analyst reports. Jefferies Financial Group reissued a buy rating on shares of Tenet Healthcare in a research report on Friday, June 18th. Barclays increased their target price on shares of Tenet Healthcare from $55.00 to $62.00 in a research report on Friday, April 23rd. upped their price target on shares of Tenet Healthcare from $58.00 to $65.00 in a research note on Thursday, April 22nd. Mizuho upped their price target on shares of Tenet Healthcare from $55.00 to $70.00 and gave the company a buy rating in a research note on Wednesday, May 5th. Finally, TheStreet upgraded shares of Tenet Healthcare from a c+ rating to a b- rating in a research note on Friday, March 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $57.50.

In other news, insider R. Scott Ramsey sold 8,662 shares of the business’s stock in a transaction that occurred on Friday, May 14th. The shares were sold at an average price of $64.04, for a total transaction of $554,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Howard Hacker sold 6,382 shares of the business’s stock in a transaction that occurred on Friday, May 28th. The stock was sold at an average price of $66.70, for a total transaction of $425,679.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,197 shares of company stock valued at $1,371,540. Company insiders own 1.60% of the company’s stock.

Tenet Healthcare Company Profile

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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