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

Tenet Healthcare (NYSE:THC) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 8.370-9.410 for the period. The company issued revenue guidance of $20.0 billion-$20.4 billion. Tenet Healthcare also updated its FY24 guidance to $8.37-$9.41 EPS.

Analyst Ratings Changes

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a research report on Friday, April 12th. Wells Fargo & Company boosted their price target 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 boosted 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. Cantor Fitzgerald reaffirmed an overweight rating and issued a $104.00 price target on shares of Tenet Healthcare in a research note on Wednesday, April 10th. Finally, Mizuho upped their price target on Tenet Healthcare from $90.00 to $100.00 and gave the company a buy rating in a research note on Friday, February 9th. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $100.38.

Tenet Healthcare Price Performance

Tenet Healthcare stock traded up $13.14 during mid-day trading on Tuesday, hitting $112.29. 3,753,077 shares of the company were exchanged, compared to its average volume of 1,157,911. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $112.30. The company has a market capitalization 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 debt-to-equity ratio of 4.77, a current ratio of 1.51 and a quick ratio of 1.42. The business’s 50 day simple moving average is $98.38 and its two-hundred day simple moving average is $81.03.

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. Tenet Healthcare had a return on equity of 26.34% and a net margin of 2.97%. The business had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the company earned $1.96 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Analysts forecast that Tenet Healthcare will post 6.3 earnings per share for the current fiscal year.

Insider Activity at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,100 shares of the business’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 sale, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of 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 filing with the SEC, which is accessible through this hyperlink. Also, Director Richard J. Mark sold 14,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $98.98, for a total value of $1,385,720.00. Following the completion of the sale, the director now directly owns 33,303 shares of the company’s stock, valued at approximately $3,296,330.94. The disclosure for this sale can be found here. Insiders sold a total of 51,268 shares of company stock valued at $4,944,810 over the last three months. 0.93% of the stock is owned by 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.