Tenet Healthcare Co. Expected to Post Q2 2024 Earnings of $2.28 Per Share (NYSE:THC)

Tenet Healthcare Co. (NYSE:THC) – Equities researchers at Leerink Partnrs increased their Q2 2024 EPS estimates for Tenet Healthcare in a note issued to investors on Tuesday, April 30th. Leerink Partnrs analyst W. Mayo now expects that the company will post earnings of $2.28 per share for the quarter, up from their prior forecast of $1.49. The consensus estimate for Tenet Healthcare’s current full-year earnings is $8.89 per share. Leerink Partnrs also issued estimates for Tenet Healthcare’s Q3 2024 earnings at $1.82 EPS, Q4 2024 earnings at $2.75 EPS, FY2024 earnings at $10.07 EPS, Q1 2025 earnings at $2.70 EPS, Q2 2025 earnings at $2.68 EPS, Q3 2025 earnings at $2.35 EPS, Q4 2025 earnings at $3.93 EPS, FY2025 earnings at $11.66 EPS and FY2026 earnings at $12.84 EPS.

Tenet Healthcare (NYSE:THC) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $1.77. Tenet Healthcare had a net margin of 12.53% and a return on equity of 26.76%. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same period in the prior year, the company earned $1.42 EPS. The firm’s revenue was up 6.9% on a year-over-year basis.

THC has been the subject of a number of other reports. Mizuho reaffirmed a “buy” rating and set a $130.00 price target (up from $118.00) on shares of Tenet Healthcare in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on Tenet Healthcare from $100.00 to $126.00 and gave the company a “buy” rating in a report on Friday, April 12th. UBS Group upped their target price on Tenet Healthcare from $137.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Company raised their price target on shares of Tenet Healthcare from $105.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, StockNews.com raised shares of Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $113.19.

Tenet Healthcare Stock Up 1.1 %

NYSE THC opened at $120.28 on Friday. The business has a 50 day moving average price of $99.82 and a two-hundred day moving average price of $81.94. Tenet Healthcare has a fifty-two week low of $51.04 and a fifty-two week high of $121.72. The company has a quick ratio of 1.42, a current ratio of 1.44 and a debt-to-equity ratio of 2.58. The stock has a market cap of $11.75 billion, a PE ratio of 4.67, a P/E/G ratio of 2.63 and a beta of 2.09.

Institutional Investors Weigh In On Tenet Healthcare

Institutional investors and hedge funds have recently modified their holdings of the stock. Rise Advisors LLC acquired a new stake in shares of Tenet Healthcare during the first quarter worth $29,000. GAMMA Investing LLC acquired a new stake in Tenet Healthcare during the 4th quarter worth about $52,000. Sunbelt Securities Inc. acquired a new position in shares of Tenet Healthcare in the third quarter worth about $67,000. FinTrust Capital Advisors LLC increased its position in shares of Tenet Healthcare by 108.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 897 shares of the company’s stock worth $68,000 after acquiring an additional 467 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Tenet Healthcare in the 1st quarter valued at approximately $78,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insider Activity at Tenet Healthcare

In other Tenet Healthcare news, Director Richard W. Fisher sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now owns 20,127 shares of the company’s stock, valued at approximately $1,775,402.67. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Richard W. Fisher sold 2,100 shares of Tenet Healthcare stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $88.21, for a total transaction of $185,241.00. Following the transaction, the director now directly owns 20,127 shares of the company’s stock, valued at $1,775,402.67. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Paola M. Arbour sold 18,168 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $96.96, for a total transaction of $1,761,569.28. Following the completion of the sale, the executive vice president now directly owns 29,803 shares of the company’s stock, valued at $2,889,698.88. The disclosure for this sale can be found here. Insiders have sold a total of 59,416 shares of company stock worth $5,890,793 over the last ninety days. 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.