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

Tenet Healthcare (NYSE:THC - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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.

Tenet Healthcare Trading Up 13.3 %

Shares of NYSE:THC traded up $13.15 during trading on Tuesday, reaching $112.30. 3,866,059 shares of the company were exchanged, compared to its average volume of 1,167,617. The firm has a market capitalization of $11.14 billion, a PE ratio of 19.67, a P/E/G ratio of 3.08 and a beta of 2.08. The business's fifty day simple moving average is $98.38 and its 200-day simple moving average is $81.03. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $112.30. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.51 and a quick ratio of 1.42.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Thursday, February 8th. The company reported $2.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $1.10. Tenet Healthcare had a net margin of 2.97% and a return on equity of 26.34%. The company had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the company posted $1.96 earnings per share. Tenet Healthcare's revenue was up 7.8% compared to the same quarter last year. On average, research analysts anticipate that Tenet Healthcare will post 6.3 EPS for the current year.

Analyst Upgrades and Downgrades

THC has been the subject of several research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Tenet Healthcare from $100.00 to $126.00 and gave the stock a buy rating in a research note on Friday, April 12th. Wolfe Research upgraded shares of Tenet Healthcare from a peer perform rating to an outperform rating and set a $122.00 price objective on the stock in a report on Wednesday, March 27th. Barclays began coverage on shares of Tenet Healthcare in a report on Wednesday, March 6th. They set an overweight rating and a $113.00 target price on the stock. Royal Bank of Canada increased their price objective on shares of Tenet Healthcare from $97.00 to $109.00 and gave the company an outperform rating in a research report on Friday, February 9th. Finally, Mizuho increased their target price on shares of Tenet Healthcare from $90.00 to $100.00 and gave the company a buy rating in a research report on Friday, February 9th. One equities research 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 stock. According to MarketBeat.com, Tenet Healthcare currently has a consensus rating of Buy and an average target price of $100.38.

Insider Transactions at Tenet Healthcare

In related news, Director Richard J. Mark sold 14,000 shares of the firm's stock in a transaction dated Tuesday, March 12th. The shares were 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 owns 33,303 shares in the company, valued at $3,296,330.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the firm's stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the completion of the transaction, the director now directly owns 20,127 shares in the company, valued at approximately $1,775,402.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard J. Mark sold 14,000 shares of the firm's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $98.98, for a total transaction of $1,385,720.00. Following the transaction, the director now owns 33,303 shares of the company's stock, valued at $3,296,330.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,268 shares of company stock worth $4,944,810. Company 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.