HCA Healthcare (HCA US) is a large operator of hospitals and other care sites across the US & the UK. We have owned HCA on multiple occasions, and last sold the stock at the ~$US480 level at the end of 2025. The stock has pulled back and looks attractive at these levels trading on a 12.6x forward p/e compared to 13.9x historically. Consensus has the business growing at mid single-digits, we think it can do better, in the low double digits.
MM is buying HCA US in the International Equities Portfolio, allocating 4% around $400
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