5 Stocks to Buy According to Canyon Capital Advisors

3. Tenet Healthcare Corporation (NYSE:THC)

Canyon Capital Advisors’ Stake Value: $137,138,000
Percentage of Canyon Capital Advisors’ 13F Portfolio: 4.66%
Number of Hedge Fund Holders: 49

Tenet Healthcare Corporation (NYSE:THC) is a healthcare company that offers various services. Hospital Operations and Other, Ambulatory Care, and Conifer are the company’s three segments. At the end of the fourth quarter of 2021, 49 hedge funds in the database of Insider Monkey held stakes worth $2.15 billion in Tenet Healthcare Corporation (NYSE:THC), up from 47 the preceding quarter worth $1.91 billion.

On March 7, Jefferies analyst Brian Tanquilut boosted his price target on Tenet Healthcare Corporation (NYSE:THC) to $125 from $120 and kept a Buy rating on the stock after the company revealed that it would forego a public spinoff of its Conifer business.

Canyon Capital Advisors started building its position in Tenet Healthcare Corporation (NYSE:THC) in the fourth quarter of 2012. In the fourth quarter of 2021, it held over 1.68 million shares of the company, valued at $137.14 million. The company represents 4.66% of the hedge fund’s 13F portfolio.

In its Q3 2021 investor letter, Oakmark Funds mentioned Tenet Healthcare Corporation (NYSE:THC). Here is what the fund said:

“Tenet may be best known as the second-largest public hospital chain in the U.S., but its largest business is outpatient acute care centers. In early 2020, investors fled the health care industry because of the great uncertainty that the pandemic presented. The early days of the pandemic were very hard on the hospital industry especially, but as the Covid-19 surge peaked and diminished, hospitals were able to schedule elective procedures and engage in profitable activities.”