Leerink Partnrs Has Positive Forecast for THC Q3 Earnings

Tenet Healthcare Co. (NYSE:THC) – Stock analysts at Leerink Partnrs boosted their Q3 2024 EPS estimates for shares of Tenet Healthcare in a report released on Wednesday, October 23rd. Leerink Partnrs analyst W. Mayo now anticipates that the company will post earnings of $2.32 per share for the quarter, up from their previous estimate of $2.31. The consensus estimate for Tenet Healthcare’s current full-year earnings is $10.72 per share. Leerink Partnrs also issued estimates for Tenet Healthcare’s Q4 2024 earnings at $3.03 EPS, FY2024 earnings at $10.87 EPS, Q3 2025 earnings at $2.72 EPS, FY2025 earnings at $12.22 EPS and FY2026 earnings at $14.25 EPS.

Tenet Healthcare (NYSE:THC) last posted its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $4.98 billion.

THC has been the subject of several other research reports. Citigroup boosted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Barclays increased their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. KeyCorp assumed coverage on Tenet Healthcare in a report on Friday, October 11th. They issued an “overweight” rating and a $200.00 price objective for the company. UBS Group raised their target price on Tenet Healthcare from $180.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $157.24.

Tenet Healthcare Stock Down 7.5 %

THC opened at $139.70 on Friday. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $171.20. The firm has a market cap of $13.39 billion, a price-to-earnings ratio of 5.12, a PEG ratio of 0.80 and a beta of 2.14. The firm’s 50-day simple moving average is $159.85 and its 200-day simple moving average is $140.23. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45.

Tenet Healthcare declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Tenet Healthcare news, CEO Saumya Sutaria sold 86,227 shares of the company’s stock in a transaction 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 in the company, valued at $2,126,688.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total transaction of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. 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 ninety days. 0.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tenet Healthcare

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its position in shares of Tenet Healthcare by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,915,000 shares of the company’s stock valued at $831,947,000 after acquiring an additional 790,684 shares during the period. 8 Knots Management LLC boosted its holdings in Tenet Healthcare by 74.5% in the 1st quarter. 8 Knots Management LLC now owns 1,025,730 shares of the company’s stock valued at $107,814,000 after purchasing an additional 438,033 shares during the period. Marshall Wace LLP increased its holdings in shares of Tenet Healthcare by 7.3% in the second quarter. Marshall Wace LLP now owns 713,979 shares of the company’s stock worth $94,981,000 after purchasing an additional 48,626 shares during the period. Farallon Capital Management LLC raised its position in shares of Tenet Healthcare by 7.8% in the second quarter. Farallon Capital Management LLC now owns 687,442 shares of the company’s stock worth $91,450,000 after buying an additional 50,000 shares in the last quarter. Finally, Integral Health Asset Management LLC grew its position in Tenet Healthcare by 17.6% during the second quarter. Integral Health Asset Management LLC now owns 500,000 shares of the company’s stock worth $66,515,000 after buying an additional 75,000 shares in the last quarter. Institutional investors own 95.44% 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.