Tenet Healthcare Corp (THC): Are Hedge Funds Right About This Stock?

Since Tenet Healthcare Corp (NYSE:THC) has witnessed a declination in interest from the smart money, it’s easy to see that there exists a select few funds that slashed their entire stakes by the end of the third quarter. At the top of the heap, Arthur B Cohen and Joseph Healey’s Healthcor Management LP sold off the biggest position of all the hedgies monitored by Insider Monkey, totaling close to $115.2 million in stock, and Christopher James’s Partner Fund Management was right behind this move, as the fund cut about $67 million worth of shares. These moves are important to note, as aggregate hedge fund interest fell by 4 funds by the end of the third quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Tenet Healthcare Corp (NYSE:THC) but similarly valued. We will take a look at Buffalo Wild Wings (NASDAQ:BWLD), Allegiant Travel Company (NASDAQ:ALGT), Symetra Financial Corporation (NYSE:SYA), and Assured Guaranty Ltd. (NYSE:AGO). All of these stocks’ market caps are similar to Tenet Healthcare Corp (NYSE:THC)’s market cap.

As you can see, these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $460 million. That figure was $1.18 billion in Tenet Healthcare Corp (NYSE:THC)’s case. Assured Guaranty Ltd. (NYSE:AGO) is the most popular stock in this table. On the other hand, Buffalo Wild Wings (NASDAQ:BWLD) is the least popular one with only 21 bullish hedge fund positions. Compared to these stocks, Tenet Healthcare Corp (NYSE:THC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.