Tenet Healthcare (NYSE:THC) Releases Q4 Earnings Guidance

Tenet Healthcare (NYSE:THC) updated its fourth quarter earnings guidance on Tuesday. The company provided EPS guidance of $2.69-3.31 for the period, compared to the consensus EPS 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 Price Performance

THC stock opened at $139.43 on Tuesday. Tenet Healthcare has a 1 year low of $51.04 and a 1 year high of $171.20. The firm has a market capitalization of $13.36 billion, a PE ratio of 5.11, a price-to-earnings-growth 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. The business has a 50 day simple moving average of $159.51 and a 200-day simple moving average of $141.04.

Tenet Healthcare declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. UBS Group raised their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Truist Financial boosted their price objective on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a report on Monday, October 14th. Citigroup lifted their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a research report on Tuesday, October 1st. Finally, The Goldman Sachs Group upped their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $157.24.

Insider Transactions at Tenet Healthcare

In related news, insider R. Scott Ramsey sold 11,599 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the company’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 completion of the transaction, the director now owns 15,269 shares in the company, valued at $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $162.06, for a total value of $1,879,733.94. Following the sale, the insider now owns 6,324 shares in the company, valued at $1,024,867.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is currently owned by corporate 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.