Upgraded Guidance and Impressive Results Lifted HCA Healthcare (HCA) in Q3

Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The equity market continued its rally in the third quarter. The Fund was up 4.3%, 8.7% and 4.6% in EUR, USD and AUD terms, in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Conventum – Alluvium Global Fund highlighted stocks like HCA Healthcare, Inc. (NYSE:HCA) in the third quarter 2024 investor letter. HCA Healthcare, Inc. (NYSE:HCA) owns and operates hospitals and related healthcare entities. The one-month return of HCA Healthcare, Inc. (NYSE:HCA) was -6.22%, and its shares gained 29.53% of their value over the last 52 weeks. On December 3, 2024, HCA Healthcare, Inc. (NYSE:HCA) stock closed at $327.07 per share with a market capitalization of $82.846 billion.

Conventum – Alluvium Global Fund stated the following regarding HCA Healthcare, Inc. (NYSE:HCA) in its Q3 2024 investor letter:

“HCA Healthcare, Inc. (NYSE:HCA), the hospital and ambulatory site owner/operator, was up 26.7%. Its second quarter results impressed, with better than expected margin improvement (due in a large part to less contract labor). Management also upgraded its guidance. Despite selling a smidgen last quarter, it had again grown to be 9.7% of the Fund. So, for regulatory reasons, we trimmed our position to end the quarter at 8.4%.”

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HCA Healthcare, Inc. (NYSE:HCA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held HCA Healthcare, Inc. (NYSE:HCA) at the end of the third quarter which was 69 in the previous quarter. While we acknowledge the potential of HCA Healthcare, Inc. (NYSE:HCA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed HCA Healthcare, Inc. (NYSE:HCA) and shared Diamond Hill Large Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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