Tenet Healthcare (NYSE:THC) Issues Q2 2024 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.580-1.980 for the period. The company issued revenue guidance of $4.9 billion-$5.1 billion. Tenet Healthcare also updated its FY 2024 guidance to 8.370-9.410 EPS.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Truist Financial increased their price objective on Tenet Healthcare from $92.00 to $105.00 and gave the stock a buy rating in a report on Friday, February 9th. Deutsche Bank Aktiengesellschaft raised their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a buy rating in a research note on Friday, April 12th. Wells Fargo & Company lifted their target price on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Royal Bank of Canada lifted their price target on Tenet Healthcare from $97.00 to $109.00 and gave the stock an outperform rating in a report on Friday, February 9th. Finally, TheStreet raised Tenet Healthcare from a c+ rating to a b- rating in a report on Tuesday, February 6th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $100.38.

Tenet Healthcare Trading Up 13.3 %

Shares of NYSE THC traded up $13.14 during trading on Tuesday, reaching $112.29. The company had a trading volume of 3,753,077 shares, compared to its average volume of 1,157,911. The stock has a market cap of $11.14 billion, a P/E ratio of 19.47, a PEG ratio of 3.08 and a beta of 2.08. The company has a quick ratio of 1.42, a current ratio of 1.51 and a debt-to-equity ratio of 4.77. The company’s fifty day moving average price is $98.38 and its 200-day moving average price is $81.03. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $112.30.

Tenet Healthcare (NYSE:THC) last issued its quarterly earnings data 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. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The company had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter last year, the business posted $1.96 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, research analysts expect that Tenet Healthcare will post 6.3 earnings per share for the current year.

Insider Buying and Selling at Tenet Healthcare

In other Tenet Healthcare news, EVP Paola M. Arbour sold 18,168 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the sale, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at approximately $2,889,698.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Richard W. Fisher sold 2,100 shares of the company’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 value of $185,241.00. Following the transaction, the director now directly owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Paola M. Arbour sold 18,168 shares of the company’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 value of $1,761,569.28. Following the completion of the transaction, the executive vice president now directly owns 29,803 shares in the company, valued at $2,889,698.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,268 shares of company stock valued at $4,944,810. 0.93% of the stock is currently owned by corporate 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.