Research Analysts Offer Predictions for THC FY2024 Earnings

Tenet Healthcare Co. (NYSE:THC) – Stock analysts at Leerink Partnrs increased their FY2024 EPS estimates for Tenet Healthcare in a research note issued to investors on Tuesday, October 29th. Leerink Partnrs analyst W. Mayo now forecasts that the company will post earnings of $11.51 per share for the year, up from their prior forecast of $10.87. 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 $3.08 EPS, Q3 2025 earnings at $2.92 EPS, FY2025 earnings at $12.81 EPS and FY2026 earnings at $14.88 EPS.

Tenet Healthcare (NYSE:THC) last released its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.60. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis.

Several other research firms also recently weighed in on THC. Wells Fargo & Company lifted their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. UBS Group increased their target price on Tenet Healthcare from $197.00 to $217.00 and gave the stock a “buy” rating in a research note on Wednesday. The Goldman Sachs Group boosted their price target on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup lifted their price objective on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Royal Bank of Canada raised their price target on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $163.65.

Tenet Healthcare Stock Down 1.9 %

Shares of THC opened at $155.06 on Thursday. The company has a current ratio of 1.45, a quick ratio of 1.38 and a debt-to-equity ratio of 2.53. The firm has a market cap of $14.86 billion, a P/E ratio of 5.69, a price-to-earnings-growth ratio of 0.71 and a beta of 2.14. The company’s 50-day moving average price is $159.55 and its 200 day moving average price is $141.69. Tenet Healthcare has a 12-month low of $51.04 and a 12-month high of $171.20.

Tenet Healthcare declared that its board has initiated a share buyback 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 generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In related news, CEO Saumya Sutaria sold 86,227 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the completion of the sale, the chief executive officer now owns 13,773 shares in the company, valued at $2,126,688.93. This trade 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 at this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were 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 in the company, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction that occurred on Wednesday, August 14th. The shares were 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 approximately $2,126,688.93. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,203 shares of company stock valued at $19,754,997. 0.93% of the stock is owned by company insiders.

Institutional Trading of Tenet Healthcare

A number of institutional investors have recently bought and sold shares of THC. Price T Rowe Associates Inc. MD grew its stake in Tenet Healthcare by 11.1% in the 1st 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 last quarter. 8 Knots Management LLC lifted its stake 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 buying an additional 438,033 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Tenet Healthcare by 7,223.1% during the 2nd quarter. Acadian Asset Management LLC now owns 326,244 shares of the company’s stock valued at $43,385,000 after buying an additional 321,789 shares during the last quarter. Farallon Capital Management LLC raised its holdings in shares of Tenet Healthcare by 70.1% in the first quarter. Farallon Capital Management LLC now owns 637,442 shares of the company’s stock worth $67,002,000 after acquiring an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Tenet Healthcare by 344.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company’s stock valued at $52,718,000 after acquiring an additional 245,875 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

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.