FY2024 Earnings Forecast for THC Issued By Leerink Partnrs

Tenet Healthcare Co. (NYSE:THC - Free Report) - Equities researchers at Leerink Partnrs upped their FY2024 earnings per share (EPS) estimates for shares of Tenet Healthcare in a research report issued to clients and 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 previous 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.

THC has been the subject of a number of other research reports. The Goldman Sachs Group increased their target price on shares of Tenet Healthcare from $173.00 to $196.00 and gave the stock a "buy" rating in a report on Wednesday. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the company an "overweight" rating in a research report on Tuesday, October 22nd. UBS Group upped their price target on shares of Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a report on Wednesday. Truist Financial restated a "buy" rating and set a $190.00 price objective (up previously from $180.00) on shares of Tenet Healthcare in a research report on Wednesday. Finally, Barclays increased their target price on Tenet Healthcare from $156.00 to $171.00 and gave the company an "overweight" rating in a research report on Monday, July 29th. One equities research 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. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $163.65.

Tenet Healthcare Price Performance

Shares of Tenet Healthcare stock traded down $3.02 during trading on Thursday, reaching $155.06. 1,155,009 shares of the company's stock were exchanged, compared to its average volume of 1,209,219. The firm's 50-day moving average price is $159.55 and its 200 day moving average price is $141.69. The company has a market cap of $14.86 billion, a P/E ratio of 5.69, a PEG ratio of 0.71 and a beta of 2.14. 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 has a 1-year low of $51.04 and a 1-year high of $171.20.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%. The company had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same period in the previous year, the company earned $1.44 EPS. The business's revenue for the quarter was up 1.1% compared to the same quarter last year.

Tenet Healthcare announced that its board has initiated a stock buyback plan on Wednesday, July 24th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Activity

In other news, CEO Saumya Sutaria sold 86,227 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. 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 accessible through this link. In other news, Director Richard W. Fisher sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $163.67, for a total value of $327,340.00. Following the completion of the sale, the director now directly owns 14,227 shares of the company's stock, valued at $2,328,533.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $13,314,311.07. Following the transaction, the chief executive officer now directly owns 13,773 shares in the company, 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 sold 128,203 shares of company stock worth $19,754,997 in the last quarter. 0.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in shares of Tenet Healthcare by 11.1% during 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 last quarter. 8 Knots Management LLC lifted its stake in Tenet Healthcare by 74.5% in the first 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 last quarter. Acadian Asset Management LLC increased its position in Tenet Healthcare by 7,223.1% in the second quarter. Acadian Asset Management LLC now owns 326,244 shares of the company's stock worth $43,385,000 after buying an additional 321,789 shares during the last quarter. Farallon Capital Management LLC lifted its position in shares of Tenet Healthcare by 70.1% during the 1st quarter. Farallon Capital Management LLC now owns 637,442 shares of the company's stock valued at $67,002,000 after buying an additional 262,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Tenet Healthcare by 344.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 317,198 shares of the company's stock worth $52,718,000 after acquiring an additional 245,875 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

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.