Pentwater Capital Management 13F: New $23M Stake in THC

Pentwater Capital Capitalizes on Tenet Healthcare

Pentwater Capital Management has added a fresh healthcare bet to its portfolio. According to its latest Form 13F filing with the SEC, the investment firm acquired 125,000 shares of Tenet Healthcare Corporation (NYSE: THC). The newly purchased stake was valued at $23.39 million at the end of the reporting period. Because 13F filings are backward-looking and reflect holdings as of May 15, 2026, this disclosure shows where the fund was positioned at the time but may not represent its current holdings today.

This transaction represents a brand-new position for Pentwater, which previously held no shares of the Dallas-based hospital operator. The average cost basis for the purchase was $211.17 per share. This move follows other recent purchases by the firm, including new positions in CoreCivic and Medline that were also disclosed in the same filing period.

Tenet Healthcare Stock Performance

On Sunday, shares of Tenet Healthcare were trading at $187.08. This price places the stock below its 50-day moving average of $250.51 and its 200-day moving average of $211.09. Over the past year, the company's shares have fluctuated between a low of $157.58 and a high of $283.05.

With a price-to-earnings ratio of 10.09 and a forward P/E of 12.38, the stock trades at a relatively low multiple compared to its historical earnings. The company has a market capitalization of $21.01 billion and a debt-to-equity ratio of 152.28.

Recent Earnings

Tenet Healthcare's latest financial results show a profitable business. The company generated $21.81 billion in revenue and reported a net margin of 10.27%. Earnings per share came in at $25.86, helping drive a return on equity of 37.34%. Investors looking for the next update on Tenet's financials can mark October 27, 2026, on their calendars, when the company is scheduled to release its next quarterly earnings report.

Analysts Set New Price Targets

Wall Street analysts have been actively updating their outlook on Tenet Healthcare. On October 16, 2026, Guggenheim maintained its buy rating on the stock and raised its price target to $307.00 from $283.00. BMO Capital initiated coverage on September 23, 2026, with a Market Perform rating and a $265.00 price target. A few days earlier, on September 18, 2026, Leerink Partners maintained its Outperform rating with a target of $309.00.

Additionally, Wells Fargo kept an Overweight rating on August 3, 2026, while raising its target to $281.00. Both Truist Securities and Baird also updated their targets on July 28, 2026, setting them at $290.00 and $280.00, respectively. Overall, the consensus among 21 analyst opinions is a strong buy, with a mean price target of $285.57.

Hospital Operations and Services

Tenet Healthcare Corporation operates as a diversified healthcare services provider in the United States. The company runs acute care hospitals, ambulatory surgery centers, urgent care centers, and imaging facilities. Pentwater's new investment highlights a growing institutional interest in the medical care facilities sector, which continues to see steady demand for outpatient surgery and specialized clinical services.

What to Watch

Investors will want to monitor Tenet's upcoming earnings report on October 27, 2026, to see if the company can maintain its double-digit net margins. Future regulatory filings will also reveal whether Pentwater Capital Management decides to expand its position or if other prominent funds follow suit. These backward-looking filings serve as a useful guide, but they do not constitute direct investment advice.