Tenet Healthcare (NYSE:THC) Issues Q4 2024 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.690-3.310 for the period, compared to the consensus earnings per share estimate of 2.880. The company issued revenue guidance of $5.0 billion-$5.2 billion, compared to the consensus revenue estimate of $5.3 billion. Tenet Healthcare also updated its FY 2024 guidance to 11.120-11.730 EPS.

Tenet Healthcare Stock Up 12.0 %

Shares of THC traded up $16.72 during trading hours on Tuesday, reaching $156.21. The company’s stock had a trading volume of 1,640,724 shares, compared to its average volume of 1,198,654. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. The firm has a market cap of $14.97 billion, a price-to-earnings ratio of 5.53, a P/E/G ratio of 0.71 and a beta of 2.14. The company has a 50 day moving average of $159.51 and a two-hundred day moving average of $141.04. Tenet Healthcare has a 1-year low of $51.04 and a 1-year high of $171.20.

Tenet Healthcare announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on THC shares. UBS Group upped their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Truist Financial raised their price objective on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 14th. The Goldman Sachs Group increased their price target on shares of Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $168.00 price objective on shares of Tenet Healthcare in a report on Tuesday, October 1st. Finally, Citigroup upped their price target on Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $157.24.

Insiders Place Their Bets

In related news, Director Richard W. Fisher sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the transaction, the director now directly owns 14,227 shares in the company, valued at approximately $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Fisher sold 2,000 shares of Tenet Healthcare stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $163.67, for a total transaction of $327,340.00. Following the transaction, the director now directly owns 14,227 shares of the company’s stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,203 shares of company stock worth $19,754,997. 0.93% of the stock is currently owned by company 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.