Leerink Partnrs Issues Positive Forecast for THC Earnings

Tenet Healthcare Co. (NYSE:THC) – Equities researchers at Leerink Partnrs lifted their Q3 2024 earnings per share estimates for shares of Tenet Healthcare in a note issued to investors on Wednesday, October 23rd. Leerink Partnrs analyst W. Mayo now expects that the company will post earnings per share of $2.32 for the quarter, up from their previous forecast 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 issued its earnings results on Wednesday, July 24th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.89 by $0.42. The company had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.98 billion. Tenet Healthcare had a net margin of 13.17% and a return on equity of 24.66%.

Other research analysts have also issued research reports about the company. KeyCorp began coverage on Tenet Healthcare in a research report on Friday, October 11th. They set an “overweight” rating and a $200.00 price target for the company. Truist Financial lifted their price target on shares of Tenet Healthcare from $170.00 to $180.00 and gave the company a “buy” rating in a report on Monday, October 14th. Wells Fargo & Company raised their target price on shares of Tenet Healthcare from $175.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday. Raymond James raised their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Finally, UBS Group increased their target price on Tenet Healthcare from $180.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $157.24.

Tenet Healthcare Stock Performance

Shares of NYSE:THC opened at $139.70 on Friday. 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 company has a market cap of $13.39 billion, a price-to-earnings ratio of 5.12, a price-to-earnings-growth ratio of 0.80 and a beta of 2.14. Tenet Healthcare has a 12 month low of $51.04 and a 12 month high of $171.20. The company has a 50-day moving average price of $159.85 and a 200-day moving average price of $140.23.

Hedge Funds Weigh In On Tenet Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of THC. SteelPeak Wealth LLC boosted its position in Tenet Healthcare by 53.2% in the third quarter. SteelPeak Wealth LLC now owns 3,512 shares of the company’s stock worth $584,000 after purchasing an additional 1,219 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in shares of Tenet Healthcare by 4.3% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 2,831 shares of the company’s stock worth $471,000 after purchasing an additional 116 shares during the period. Pallas Capital Advisors LLC bought a new stake in Tenet Healthcare during the third quarter valued at approximately $466,000. Nisa Investment Advisors LLC increased its holdings in Tenet Healthcare by 72.4% during the third quarter. Nisa Investment Advisors LLC now owns 16,090 shares of the company’s stock valued at $2,674,000 after buying an additional 6,759 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in shares of Tenet Healthcare by 4.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 11,139 shares of the company’s stock worth $1,851,000 after acquiring an additional 515 shares during the last quarter. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tenet Healthcare

In related news, Director Meghan Fitzgerald sold 20,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Paola M. Arbour sold 8,377 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $156.00, for a total transaction of $1,306,812.00. Following the transaction, the executive vice president now owns 21,426 shares in the company, valued at $3,342,456. 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 available at the SEC website. Also, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on 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 sale, the director now 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,203 shares of company stock worth $19,754,997. Corporate insiders own 0.93% of the company’s stock.

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

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.