Meeder Asset Management Inc. Acquires 4,318 Shares of Tenet Healthcare Co. (NYSE:THC)

Meeder Asset Management Inc. lifted its holdings in Tenet Healthcare Co. (NYSE:THC - Free Report) by 11,670.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,355 shares of the company's stock after acquiring an additional 4,318 shares during the period. Meeder Asset Management Inc.'s holdings in Tenet Healthcare were worth $724,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new stake in Tenet Healthcare in the third quarter valued at about $28,000. ORG Wealth Partners LLC purchased a new position in shares of Tenet Healthcare in the third quarter valued at approximately $30,000. Financial Management Professionals Inc. lifted its stake in shares of Tenet Healthcare by 2,222.2% in the third quarter. Financial Management Professionals Inc. now owns 209 shares of the company's stock worth $35,000 after buying an additional 200 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Tenet Healthcare in the second quarter valued at approximately $28,000. Finally, ORG Partners LLC acquired a new position in Tenet Healthcare in the 2nd quarter valued at about $31,000. Institutional investors own 95.44% of the company's stock.

Tenet Healthcare Stock Down 1.0 %

Shares of THC traded down $1.47 during trading on Wednesday, reaching $151.88. The company's stock had a trading volume of 982,367 shares, compared to its average volume of 1,215,919. The company has a quick ratio of 1.52, a current ratio of 1.58 and a debt-to-equity ratio of 2.35. The company has a market cap of $14.44 billion, a price-to-earnings ratio of 4.87, a P/E/G ratio of 0.70 and a beta of 2.15. Tenet Healthcare Co. has a twelve month low of $64.65 and a twelve month high of $171.20. The company has a fifty day moving average of $159.44 and a two-hundred day moving average of $147.72.

Tenet Healthcare (NYSE:THC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.60. Tenet Healthcare had a net margin of 14.91% and a return on equity of 24.05%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the firm posted $1.44 EPS. Tenet Healthcare's quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts predict that Tenet Healthcare Co. will post 11.37 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Tenet Healthcare from $174.00 to $183.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Barclays upped their price objective on shares of Tenet Healthcare from $171.00 to $190.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. UBS Group lifted their price target on Tenet Healthcare from $197.00 to $217.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Wells Fargo & Company increased their price target on Tenet Healthcare from $195.00 to $205.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Finally, KeyCorp started coverage on Tenet Healthcare in a report on Friday, October 11th. They set an "overweight" rating and a $200.00 price objective for the company. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $170.38.

Insiders Place Their Bets

In related news, EVP Lisa Y. Foo sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $155.94, for a total transaction of $623,760.00. Following the completion of the sale, the executive vice president now owns 15,566 shares in the company, valued at $2,427,362.04. This represents a 20.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard W. Fisher sold 2,000 shares of the firm's 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 owns 14,227 shares of the company's stock, valued at $2,328,533.09. This represents a 12.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,599 shares of company stock valued at $2,830,834 in the last three months. Insiders own 0.93% of the company's stock.

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.