Tenet Healthcare (NYSE:THC) Releases Q4 Earnings Guidance

Tenet Healthcare (NYSE:THC) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.69-3.31 for the period, compared to the consensus earnings per share estimate of $2.88. The company issued revenue guidance of $5.01-5.21 billion, compared to the consensus revenue estimate of $5.29 billion. Tenet Healthcare also updated its FY 2024 guidance to 11.120-11.730 EPS.

Tenet Healthcare Trading Down 1.6 %

Shares of Tenet Healthcare stock traded down $2.66 on Wednesday, reaching $160.10. 582,585 shares of the company’s stock were exchanged, compared to its average volume of 1,205,371. The firm’s 50-day moving average is $159.66 and its two-hundred day moving average is $141.48. The company has a market capitalization of $15.34 billion, a P/E ratio of 5.83, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.60. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the company posted $1.44 earnings per share. Sell-side analysts predict that Tenet Healthcare will post 10.72 EPS for the current fiscal year.

Tenet Healthcare announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

THC has been the topic of a number of research reports. Truist Financial reaffirmed a “buy” rating and set a $190.00 target price (up from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. KeyCorp started coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective on the stock. Barclays boosted their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada increased their price objective on Tenet Healthcare from $174.00 to $183.00 and gave the stock an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tenet Healthcare presently has a consensus rating of “Buy” and a consensus target price of $163.65.

Insider Transactions at Tenet Healthcare

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Paola M. Arbour sold 8,377 shares of Tenet Healthcare stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total value of $1,306,812.00. Following the completion of the transaction, the executive vice president now directly owns 21,426 shares in the company, valued at approximately $3,342,456. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,203 shares of company stock worth $19,754,997 in the last quarter. Insiders own 0.93% of the company’s stock.

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.