Leerink Partnrs Issues Optimistic Forecast for THC Earnings

Tenet Healthcare Co. (NYSE:THC) – Equities researchers at Leerink Partnrs increased their Q3 2024 earnings per share estimates for shares of Tenet Healthcare in a report released on Wednesday, October 23rd. Leerink Partnrs analyst W. Mayo now forecasts that the company will earn $2.32 per share for the quarter, up from their prior 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 quarterly earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share 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 topic of a number of other reports. Raymond James boosted their target price on Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Truist Financial increased their target price on Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Citigroup upped 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. UBS Group lifted their price objective on shares of Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Barclays boosted their price objective on Tenet Healthcare from $156.00 to $171.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. One 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $157.24.

Tenet Healthcare Stock Down 7.5 %

Shares of THC stock opened at $139.77 on Friday. The stock has a market cap of $13.65 billion, a P/E ratio of 5.42, a PEG ratio of 0.80 and a beta of 2.14. The company’s fifty day simple moving average is $159.85 and its two-hundred day simple moving average is $140.50. The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 2.53. Tenet Healthcare has a 52 week low of $51.04 and a 52 week high of $171.20.

Hedge Funds Weigh In On Tenet Healthcare

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its stake in shares of Tenet Healthcare by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 54,878 shares of the company’s stock worth $5,768,000 after purchasing an additional 29,172 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Tenet Healthcare in the 1st quarter valued at $410,000. Diversified Trust Co acquired a new stake in shares of Tenet Healthcare in the second quarter worth $558,000. Legacy Capital Group California Inc. acquired a new position in Tenet Healthcare during the third quarter valued at $1,055,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Tenet Healthcare in the first quarter valued at $537,000. Institutional investors and hedge funds own 95.44% of the company’s stock.

Insiders Place Their Bets

In other Tenet Healthcare 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 transaction, the insider now directly owns 6,324 shares in the company, valued at $1,024,867.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $2,926,800.00. Following the completion of the sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider R. Scott Ramsey sold 11,599 shares of Tenet Healthcare stock in a transaction that occurred on Thursday, September 5th. The stock was 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 in the company, valued at approximately $1,024,867.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,203 shares of company stock worth $19,754,997 in the last ninety days. 0.93% of the stock is owned by company insiders.

Tenet Healthcare announced that its Board of Directors has approved a share repurchase 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership 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.