Zacks Research Comments on Tenet Healthcare Co.’s Q3 2024 Earnings (NYSE:THC)

Tenet Healthcare Co. (NYSE:THC) – Stock analysts at Zacks Research lifted their Q3 2024 EPS estimates for Tenet Healthcare in a note issued to investors on Wednesday, August 7th. Zacks Research analyst D. Chatterjee now forecasts that the company will earn $2.25 per share for the quarter, up from their prior estimate of $1.52. The consensus estimate for Tenet Healthcare’s current full-year earnings is $10.68 per share. Zacks Research also issued estimates for Tenet Healthcare’s Q4 2024 earnings at $2.69 EPS, FY2024 earnings at $10.47 EPS, Q1 2025 earnings at $2.37 EPS, Q2 2025 earnings at $2.26 EPS, Q3 2025 earnings at $2.20 EPS, Q4 2025 earnings at $2.83 EPS, FY2025 earnings at $9.66 EPS, Q1 2026 earnings at $3.03 EPS, Q2 2026 earnings at $2.80 EPS and FY2026 earnings at $12.40 EPS.

Several other equities research analysts also recently commented on THC. Royal Bank of Canada boosted their target price on Tenet Healthcare from $109.00 to $136.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. increased their price objective on shares of Tenet Healthcare from $107.00 to $140.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. UBS Group upped their target price on shares of Tenet Healthcare from $137.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Stephens increased their target price on Tenet Healthcare from $95.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $149.75.

Tenet Healthcare Price Performance

THC stock opened at $150.06 on Friday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The firm has a market capitalization of $14.66 billion, a price-to-earnings ratio of 5.82, a PEG ratio of 0.76 and a beta of 2.15. The firm has a 50 day moving average price of $138.28 and a 200-day moving average price of $115.64. Tenet Healthcare has a 52-week low of $51.04 and a 52-week high of $155.00.

Tenet Healthcare declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director Christopher S. Lynch sold 10,861 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $133.83, for a total value of $1,453,527.63. Following the transaction, the director now directly owns 14,759 shares in the company, valued at $1,975,196.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tenet Healthcare news, Director Richard W. Fisher sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $132.24, for a total transaction of $185,136.00. Following the sale, the director now owns 16,227 shares in the company, valued at approximately $2,145,858.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher S. Lynch sold 10,861 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $133.83, for a total transaction of $1,453,527.63. Following the completion of the transaction, the director now owns 14,759 shares of the company’s stock, valued at $1,975,196.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,261 shares of company stock worth $4,565,464. 0.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in Tenet Healthcare during the second quarter valued at about $27,454,000. Quantbot Technologies LP bought a new position in Tenet Healthcare in the 2nd quarter worth approximately $3,557,000. Envestnet Asset Management Inc. grew its holdings in Tenet Healthcare by 67.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 209,020 shares of the company’s stock valued at $27,806,000 after buying an additional 83,935 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Tenet Healthcare by 48.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 4,119 shares of the company’s stock worth $570,000 after buying an additional 1,351 shares in the last quarter. Finally, BOKF NA bought a new stake in Tenet Healthcare in the 2nd quarter valued at $1,313,000. Hedge funds and other institutional investors own 95.44% 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.