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 earnings per share guidance of $1.58-$1.98 for the period, compared to the consensus earnings per share 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

Several equities research analysts have commented on THC shares. Wells Fargo & Company upped their price objective on Tenet Healthcare from $105.00 to $115.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $109.00 to $136.00 and gave the company an outperform rating in a research report on Wednesday. StockNews.com upgraded shares of Tenet Healthcare from a buy rating to a strong-buy rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on Tenet Healthcare from $100.00 to $126.00 and gave the company a buy rating in a research report on Friday, April 12th. Finally, Barclays upped their price target on Tenet Healthcare from $113.00 to $147.00 and gave the stock an overweight rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus target price of $113.19.

Tenet Healthcare Price Performance

THC traded up $1.34 on Friday, hitting $120.28. 1,678,372 shares of the company’s stock were exchanged, compared to its average volume of 1,208,494. The firm has a 50-day moving average price of $99.82 and a 200-day moving average price of $81.94. The stock has a market cap of $11.75 billion, a price-to-earnings ratio of 4.67, a P/E/G ratio of 2.63 and a beta of 2.09. The company has a current ratio of 1.44, a quick ratio of 1.42 and a debt-to-equity ratio of 2.58. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $121.72.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, April 30th. The company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $1.77. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. Tenet Healthcare’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 EPS. As a group, equities analysts anticipate that Tenet Healthcare will post 8.89 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Thomas W. Arnst sold 17,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total value of $1,612,280.00. Following the completion of the sale, the executive vice president now owns 8,148 shares of the company’s stock, valued at $772,756.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Paola M. Arbour sold 18,168 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 29,803 shares in the company, valued at approximately $2,889,698.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Thomas W. Arnst sold 17,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $94.84, for a total transaction of $1,612,280.00. Following the completion of the sale, 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. Over the last 90 days, insiders have sold 59,416 shares of company stock valued at $5,890,793. Insiders own 0.93% of the company’s stock.

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.