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

Tenet Healthcare (NYSE:THC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 11.120-11.730 for the period, compared to the consensus estimate of 10.560. The company issued revenue guidance of $20.6 billion-$20.8 billion, compared to the consensus revenue estimate of $20.8 billion. Tenet Healthcare also updated its Q4 guidance to $2.69-3.31 EPS.

Tenet Healthcare Price Performance

Tenet Healthcare stock opened at $139.43 on Tuesday. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $171.20. 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. The stock 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.

Tenet Healthcare announced that its board has approved a stock buyback program on Wednesday, July 24th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on THC. Wells Fargo & Company upped their price objective on Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group upped their price objective on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 price objective on shares of Tenet Healthcare in a report on Tuesday, October 1st. KeyCorp began coverage on Tenet Healthcare in a report on Friday, October 11th. They set an “overweight” rating and a $200.00 price objective on the stock. Finally, UBS Group upped their price objective on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $157.24.

Insider Activity at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total transaction of $13,314,311.07. Following the sale, the chief executive officer now owns 13,773 shares of the company’s stock, valued at $2,126,688.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 6,324 shares in the company, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the transaction, the chief executive officer now owns 13,773 shares of the company’s stock, valued at approximately $2,126,688.93. 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 valued at $19,754,997 over the last quarter. 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.