Let $M, N, P$ be modules over a commutative ring $R$. The above identity is true for $R$ a field:
Since the RHS $\cong$ (by passing to double dual) $$\operatorname{Hom}(N^* \otimes P^*, M^*)\cong\operatorname{Hom}(P^*,\operatorname{Hom}(N^*,M^*)) \cong P^{**} \otimes\operatorname{Hom}(M,N)\cong P \otimes\operatorname{Hom}(M,N).$$
In a couple examples that I worked out, it held true but the steps do not hold true if $N$ and $M$ have torsion. Is the identity true?
edit: I had originally made a mistake when writing my question. I have changed the question title to make it correct. Originally I had written $\operatorname{Hom}_R(M,N) \otimes_R P=\operatorname{Hom}_R(M\otimes P,N)$ which as Qiaochu Yuan remarks is ludicrous (for the vector space case $RHS= P^*\otimes\operatorname{Hom}(M,N)$). Other than cosmetic changes the body of the text remain unchanged.