Tenet Healthcare (NYSE:THC) Updates 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 Stock Performance

Shares of Tenet Healthcare stock traded down $3.02 on Thursday, reaching $155.06. 1,155,009 shares of the company traded hands, compared to its average volume of 1,209,219. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20. The company has a 50 day moving average of $159.66 and a 200 day moving average of $141.59. The firm has a market capitalization of $14.86 billion, a PE ratio of 5.80, a PEG ratio of 0.71 and a beta of 2.14. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38.

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

Tenet Healthcare declared that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on THC shares. Wells Fargo & Company raised their price objective on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Cantor Fitzgerald increased their target price on shares of Tenet Healthcare from $168.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday. KeyCorp initiated coverage on shares of Tenet Healthcare in a research note on Friday, October 11th. They issued an “overweight” rating and a $200.00 target price on the stock. Barclays increased their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, UBS Group increased their target price on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday. One research 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 stock. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and a consensus price target of $163.65.

Insider Buying and Selling

In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the director now directly owns 14,227 shares in the company, valued at $2,328,533.09. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,203 shares of company stock worth $19,754,997 in the last 90 days. 0.93% of the stock is owned by company 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.