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Should You Invest in Tenet Healthcare Corporation (THC) Stock?

Soumya Eswaran
·2 分鐘文章

ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Value Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, Russell 3000 Growth Index, in the third quarter. All the 11 sectors in which the strategy invested in the quarter contributed negatively to the performance on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, ClearBridge Investments discussed stocks like Tenet Healthcare Corporation (NYSE:THC). Headquartered in Dallas, Texas, Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services provider. On November 16, 2022, Tenet Healthcare Corporation (NYSE:THC) stock closed at $42.60 per share. One-month return of Tenet Healthcare Corporation (NYSE:THC) was -21.78% and its shares lost 45.93% of their value over the last 52 weeks. Tenet Healthcare Corporation (NYSE:THC) has a market capitalization of $4.606 billion.

ClearBridge Investments made the following comment about Tenet Healthcare Corporation (NYSE:THC) in its Q3 2022 investor letter:

“We also increased our exposure to the health care sector through the inclusion of Tenet Healthcare Corporation (NYSE:THC), the third-largest for-profit hospital in the U.S. We believe the company is fundamentally undervalued relative to its peers and, as pressures on margins stemming from labor shortages and wage inflation peak, we believe the new management’s team focus on its high-growth ambulatory surgery center business should help it deliver positive free cash flow in 2023. We are also encouraged by the possibility that by applying these funds to deleverage the company’s balance sheet, Tenet should be able to reduce its elevated cost of capital and compound its current valuation.”

Kaesler Media/Shutterstock.com

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Tenet Healthcare Corporation (NYSE:THC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Tenet Healthcare Corporation (NYSE:THC) at the end of the third quarter which was 61 in the previous quarter.

We discussed Tenet Healthcare Corporation (NYSE:THC) in another article and shared the top healthcare sector stock picks of billionaire Larry Robbins’ hedge fund Glenview Capital Management. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.