Tenet Healthcare Co. (NYSE:THC) Forecasted to Post FY2024 Earnings of $10.67 Per Share

by · The Cerbat Gem

Tenet Healthcare Co. (NYSE:THC – Free Report) – Equities researchers at KeyCorp issued their FY2024 earnings per share (EPS) estimates for shares of Tenet Healthcare in a research report issued to clients and investors on Thursday, October 10th. KeyCorp analyst M. Gillmor forecasts that the company will post earnings per share of $10.67 for the year. KeyCorp currently 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.

Other analysts have also recently issued research reports about the stock. Citigroup increased their price target on shares of Tenet Healthcare from $139.00 to $171.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Tenet Healthcare from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Truist Financial boosted their price objective on Tenet Healthcare from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Monday. Barclays upped their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, The Goldman Sachs Group boosted their price target on Tenet Healthcare from $156.00 to $173.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One investment 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 currently has an average rating of “Buy” and a consensus price target of $156.06.

Read Our Latest Stock Report on Tenet Healthcare

Tenet Healthcare Stock Performance

THC opened at $160.26 on Monday. The company has a market capitalization of $15.65 billion, a price-to-earnings ratio of 6.22, a P/E/G ratio of 0.78 and a beta of 2.14. The business’s 50-day moving average price is $159.06 and its two-hundred day moving average price is $137.70. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.45 and a quick ratio of 1.38. 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 posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.31 EPS 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 company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $4.98 billion.

Hedge Funds Weigh In On Tenet Healthcare

A number of large investors have recently made changes to their positions in THC. Vanguard Group Inc. lifted its holdings in shares of Tenet Healthcare by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 11,110,396 shares of the company’s stock valued at $839,613,000 after buying an additional 172,913 shares during the period. GAMMA Investing LLC raised its position in shares of Tenet Healthcare by 17.0% in the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after acquiring an additional 106 shares during the period. Rise Advisors LLC acquired a new stake in shares of Tenet Healthcare during the 1st quarter valued at about $29,000. Park Avenue Securities LLC grew its stake in Tenet Healthcare by 8.0% in the 1st quarter. Park Avenue Securities LLC now owns 13,255 shares of the company’s stock valued at $1,393,000 after acquiring an additional 978 shares during the period. Finally, Global Assets Advisory LLC acquired a new position in Tenet Healthcare during the first quarter worth $1,767,000. 95.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Meghan Fitzgerald sold 20,000 shares of Tenet Healthcare stock in a transaction 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 completion of the sale, the director now directly owns 15,269 shares in the company, valued at approximately $2,234,465.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 transaction, the chief executive officer now directly owns 13,773 shares of the company’s stock, 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 filing with the SEC, which is available through this link. Also, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the sale, the director now owns 15,269 shares of the company’s stock, valued at $2,234,465.46. This trade represents 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 sold 128,203 shares of company stock valued at $19,754,997. Insiders own 0.93% of the company’s stock.

Tenet Healthcare announced that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Tenet Healthcare Company Profile

(Get Free Report)

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.

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