HCA Healthcare (HCA) Declined Despite Solid Fundamental Performance

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy performed roughly in line with the Russell 1000 Index. Early indications of consumer weakness among select merchants and a significant increase in interest rates impacted the portfolio in the third quarter. The strategy returned -3.04% net of fees compared to -3.15% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy highlighted stocks like HCA Healthcare, Inc. (NYSE:HCA) in the third quarter 2023 investor letter. Headquartered in Nashville, Tennessee, HCA Healthcare, Inc. (NYSE:HCA) is a healthcare services provider. On November 20, 2023, HCA Healthcare, Inc. (NYSE:HCA) stock closed at $248.41 per share. One-month return of HCA Healthcare, Inc. (NYSE:HCA) was 7.95%, and its shares gained 7.95% of their value over the last 52 weeks. HCA Healthcare, Inc. (NYSE:HCA) has a market capitalization of $66.49 billion.

Diamond Hill Large Cap Strategy made the following comment about HCA Healthcare, Inc. (NYSE:HCA) in its Q3 2023 investor letter:

“Health care facilities operator HCA Healthcare, Inc. (NYSE:HCA) and medical device company Abbott Laboratories were also among our bottom contributors. Despite solid fundamental performance, HCA Healthcare experienced some share price weakness during Q3. This appears to be more a result of short-term noise and sell-side expectations rather than any significant operational or financial issues.”

20 Countries with the Most Expensive Healthcare in the World

20 Countries with the Most Expensive Healthcare in the World

HCA Healthcare, Inc. (NYSE:HCA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held HCA Healthcare, Inc. (NYSE:HCA) at the end of second quarter which was 65 in the previous quarter.

We discussed HCA Healthcare, Inc. (NYSE:HCA) in another article and shared the list of most undervalued healthcare stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.