Analysts Issue Forecasts for Tenet Healthcare Co.’s FY2024 Earnings (NYSE:THC)

Tenet Healthcare Co. (NYSE:THC) – Equities researchers at KeyCorp issued their FY2024 EPS estimates for shares of Tenet Healthcare in a report released on Thursday, October 10th. KeyCorp analyst M. Gillmor forecasts that the company will post earnings per share of $10.67 for the year. KeyCorp has a “Strong-Buy” rating on the stock. The consensus estimate for Tenet Healthcare’s current full-year earnings is $10.73 per share. KeyCorp also issued estimates for Tenet Healthcare’s FY2025 earnings at $11.54 EPS and FY2026 earnings at $13.10 EPS.

A number of other equities analysts also recently commented on THC. Cantor Fitzgerald reiterated an “overweight” rating and set a $168.00 target price on shares of Tenet Healthcare in a research note on Tuesday, October 1st. Barclays boosted their target price on shares of Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Citigroup boosted their target price on shares of Tenet Healthcare from $139.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tenet Healthcare from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Raymond James upped their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $155.47.

Tenet Healthcare Stock Up 2.0 %

Tenet Healthcare stock opened at $155.82 on Monday. Tenet Healthcare has a twelve month low of $51.04 and a twelve month high of $171.20. The stock’s fifty day simple moving average is $158.58 and its 200-day simple moving average is $136.95. 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 capitalization of $14.93 billion, a P/E ratio of 5.72, a P/E/G ratio of 0.78 and a beta of 2.14.

Tenet Healthcare (NYSE:THC) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.98 billion.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning grew its position in shares of Tenet Healthcare by 2.9% in the third quarter. Creative Planning now owns 16,099 shares of the company’s stock valued at $2,676,000 after purchasing an additional 461 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Tenet Healthcare in the third quarter valued at approximately $30,000. Willner & Heller LLC acquired a new stake in shares of Tenet Healthcare in the third quarter valued at approximately $204,000. Exchange Traded Concepts LLC acquired a new stake in shares of Tenet Healthcare in the third quarter valued at approximately $421,000. Finally, Ritholtz Wealth Management grew its position in shares of Tenet Healthcare by 15.1% in the third quarter. Ritholtz Wealth Management now owns 18,800 shares of the company’s stock valued at $3,125,000 after purchasing an additional 2,466 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at $1,024,867.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the stock in a transaction dated 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 directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R. Scott Ramsey sold 11,599 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $162.06, for a total transaction of $1,879,733.94. Following the completion of the transaction, the insider now directly owns 6,324 shares of the company’s stock, valued at approximately $1,024,867.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,203 shares of company stock valued at $19,754,997 over the last ninety days. Corporate insiders own 0.93% of the company’s stock.

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

Tenet Healthcare Company Profile

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.