Larry Robbins Loads Up On More Tenet Healthcare Corp (THC) Shares Following Supreme Court Victory

Just yesterday Tenet Healthcare Corp (NYSE:THC) was upgraded by Wells Fargo to an ‘Outperform’ rating from ‘Market Perform’, and given a price target of $64, which provides about 12% upside from the current trading levels. The company also initiated a $2.4 billion debt offering this month to fund the repayment of $400 million worth of term loans and for general corporate purposes. Tenet posted solid financial results for the first quarter, beating estimates for both the top and bottom lines. Moreover, in light of Tenet Healthcare Corp (NYSE:THC)’s recent joint venture with United Surgical Partners International, the company has established itself as a leader in the ambulatory surgery market.

Judging from the hedge funds that we track, the smart money had a neutral outlook towards Tenet Healthcare Corp (NYSE:THC) during the first quarter. By the end of the first quarter a total of 42 firms had an aggregate investment of $1.40 billion in the company as compared with 46 funds with $1.25 billion at the end of the previous quarter. So while the number of funds with positions dropped, the value of their collective holdings was increased even during a time that Tenet’s shares dipped slightly in value. Aside from Glenview, Richard Perry‘s Perry Capital and Christopher Medlock James‘ Partner Fund Management were the two largest stockholders of Tenet Healthcare Corp (NYSE:THC) among these funds with respective stakes of 1.58 million shares valued at $78.23 million, and 1.44 million shares valued at $71.46 million.

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