HCA’s Third-Quarter Results Show That Patient Growth Is Normalizing; Shares Fairly Valued
We do not anticipate changes to our $68 per share fair value estimate, as HCA reported third-quarter results in line with our full-year expectations. In our view, hospitals remain a no-moat business. While HCA possesses one of the largest for-profit hospital networks, its patient volumes represent only about 5% of total hospital admissions, by our estimates. Regionally, HCA has built a significant share in the markets where it operates—namely Texas and Florida—but we believe the company faces li...HCA Healthcare is a holding company. Through its subsidiaries, partnerships and joint ventures, the company owns and operates hospitals and related health care entities. Most of the company's general, acute care hospitals provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. The general, acute care hospitals also provide outpatient services such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. The company's psychiatric hospitals provide therapeutic programs including child, adolescent and adult psychiatric care, adolescent and adult alcohol and drug abuse treatment and counseling.
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