Tenet Healthcare Co. Expected to Earn Q3 2024 Earnings of $2.31 Per Share (NYSE:THC)

Tenet Healthcare Co. (NYSE:THC) – Investment analysts at Leerink Partnrs upped their Q3 2024 earnings per share (EPS) estimates for Tenet Healthcare in a research note issued to investors on Wednesday, July 24th. Leerink Partnrs analyst W. Mayo now forecasts that the company will post earnings per share of $2.31 for the quarter, up from their prior estimate of $1.82. The consensus estimate for Tenet Healthcare’s current full-year earnings is $10.68 per share. Leerink Partnrs also issued estimates for Tenet Healthcare’s FY2024 earnings at $10.85 EPS, Q3 2025 earnings at $2.69 EPS and FY2026 earnings at $14.07 EPS.

THC has been the subject of several other research reports. Mizuho reiterated a “buy” rating and issued a $130.00 price objective (up previously from $118.00) on shares of Tenet Healthcare in a research report on Wednesday, May 1st. Cantor Fitzgerald upped their price target on shares of Tenet Healthcare from $112.00 to $168.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Royal Bank of Canada upped their target price on shares of Tenet Healthcare from $109.00 to $136.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Stephens boosted their price objective on shares of Tenet Healthcare from $95.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tenet Healthcare currently has an average rating of “Buy” and an average price target of $146.71.

Tenet Healthcare Stock Performance

NYSE:THC opened at $150.14 on Monday. The stock has a market capitalization of $14.67 billion, a P/E ratio of 5.83, a price-to-earnings-growth ratio of 0.78 and a beta of 2.15. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $155.00. The firm has a 50 day moving average of $135.81 and a 200-day moving average of $112.15. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $1.77. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.15 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $1.42 EPS.

Tenet Healthcare declared that its Board of Directors has approved a share repurchase 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 generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Tenet Healthcare

In related news, Director Richard W. Fisher sold 2,500 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $123.20, for a total transaction of $308,000.00. Following the sale, the director now owns 17,627 shares of the company’s stock, valued at approximately $2,171,646.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Tenet Healthcare news, Director Richard W. Fisher sold 2,500 shares of Tenet Healthcare stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $123.20, for a total value of $308,000.00. Following the transaction, the director now owns 17,627 shares of the company’s stock, valued at $2,171,646.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christopher S. Lynch sold 10,861 shares of the firm’s stock in a transaction 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 sale, the director now owns 14,759 shares in the company, valued at $1,975,196.97. The disclosure for this sale can be found here. Insiders have sold a total of 16,543 shares of company stock valued at $2,171,926 over the last three months. 0.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after buying an additional 172,913 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Tenet Healthcare by 113.5% during the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock valued at $5,768,000 after purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Tenet Healthcare in the 1st quarter valued at approximately $410,000. Hsbc Holdings PLC grew its stake in shares of Tenet Healthcare by 113.0% in the fourth quarter. Hsbc Holdings PLC now owns 453,624 shares of the company’s stock valued at $34,266,000 after buying an additional 240,611 shares in the last quarter. Finally, First Light Asset Management LLC acquired a new position in Tenet Healthcare during the fourth quarter worth $14,706,000. 95.44% of the stock is currently owned by institutional investors.

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.