HCA Healthcare Inc

HCA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$548.00	Lwlggq	Wzndzqcf

HCA Earnings: Increasing Fair Value Estimate on Strong Utilization Trends and Higher 2024 Outlook

Julie Utterback

Jul 23, 2024

Narrow-moat HCA Healthcare turned in better-than-anticipated second-quarter results on improving medical utilization trends, and the firm raised its guidance for 2024 above our previous expectations. After accounting for these strong trends and cash flows generated since our last valuation update, we are raising our fair value estimate by 11% to $316 per share from $285. We continue to view HCA shares as mildly overvalued, though, after investors have bid up this healthcare services bellwether in a rising medical utilization environment.

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