Tenet Healthcare (NYSE:THC) Releases Q2 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its second quarter earnings guidance on Tuesday morning. 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 FY24 guidance to $8.37-$9.41 EPS.

Tenet Healthcare Stock Up 6.3 %

THC stock opened at $105.43 on Tuesday. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $107.80. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 3.08 and a beta of 2.08. The firm’s 50-day moving average is $98.38 and its two-hundred day moving average is $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 (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 for the quarter, compared to analyst estimates of $5.28 billion. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. Tenet Healthcare’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.96 earnings per share. On average, analysts forecast that Tenet Healthcare will post 6.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

THC has been the topic of several analyst reports. Cantor Fitzgerald reiterated an overweight rating and set a $104.00 price target on shares of Tenet Healthcare in a report on Wednesday, April 10th. Barclays assumed coverage on shares of Tenet Healthcare in a research report on Wednesday, March 6th. They set an overweight rating and a $113.00 target price for the company. Royal Bank of Canada lifted their price objective on Tenet Healthcare from $97.00 to $109.00 and gave the stock an outperform rating in a research note on Friday, February 9th. Truist Financial lifted their price target on Tenet Healthcare from $92.00 to $105.00 and gave the stock a buy rating in a research report on Friday, February 9th. Finally, Mizuho raised their price objective on shares of Tenet Healthcare from $90.00 to $100.00 and gave the stock a buy rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Tenet Healthcare has a consensus rating of Buy and an average target price of $100.38.

Insider Buying and Selling

In related news, Director Richard W. Fisher sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total value of $185,241.00. Following the sale, 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 available at this hyperlink. In other news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total value of $185,241.00. Following the completion of the transaction, the director now owns 20,127 shares in the company, valued at approximately $1,775,402.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the transaction, the executive vice president now owns 8,148 shares in the company, valued at $772,756.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,268 shares of company stock valued at $4,944,810. 0.93% of the stock is 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.