HCA Healthcare: Elcan acquires, disposes 886,871 shares

The related Hercules-unit transfers were described as leaving the shares attributed to Elcan's beneficial ownership unchanged.

Available on EDGAR 11/06/2026 - 06:07 PM EST Accepted by SEC EDGAR 11/06/2026 - 06:06 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

HCA Healthcare, Inc. ten-percent owner Patricia F. Elcan reported an indirect acquisition and disposition of 886,871 shares each through Hercules Holding II on November 4, 2026, at $503.525 per share. A footnote describes related transfers of 47,002 Hercules units to trusts for her children and 839,869 units between those trusts, stating that the transfers did not change the shares she may be deemed to beneficially own. Listed holdings include 41,052 shares held jointly with her spouse and 36,557,141 through Frisco Holding II.

Insider Trade Summary

Other: 1,773,742 shares

Other 2 txns

Insider Elcan Patricia F

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Common Stock, par value $0.01 per share F1, F5	886,871	$503.525	$446.56M
Other	Common Stock, par value $0.01 per share F1, F5	886,871	$503.525	$446.56M
Holding	Common Stock, par value $0.01 per share F2	--	--	--
Holding	Common Stock, par value $0.01 per share F3	--	--	--
Holding	Common Stock, par value $0.01 per share	--	--	--
Holding	Common Stock, par value $0.01 per share F4	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 per share — 32,282,889 shares (Indirect, By Hercules Holding II); Common Stock, par value $0.01 per share — 41,052 shares (Direct); Common Stock, par value $0.01 per share — 36,557,141 shares (Indirect, By Frisco Holding II); Common Stock, par value $0.01 per share — 5,031 shares (Indirect, By spouse); Common Stock, par value $0.01 per share — 147,261 shares (Indirect, By trusts)

Footnotes (5)

1. F1. Hercules Holding II ("Hercules") holds 32,282,889 shares of Common Stock, par value $0.01 per share ("Shares"), of HCA Healthcare, Inc. (the "Issuer"). Hercules is held by a private investor group, including affiliates of HCA Inc. founder Dr. Thomas F. Frist Jr. The Reporting Person may be deemed to exercise voting and investment control over the Shares held by Hercules, but disclaims beneficial ownership of such Shares except to the extent of her pecuniary interest therein, which may be deemed to include indirect interests in Shares through ownership of Hercules partnership units to the extent of: 357,510 Shares by the Reporting Person; 84,306 Shares by the Reporting Person's spouse; and 9,832,500 Shares by trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee.
2. F2. These Shares are held jointly with the Reporting Person's spouse.
3. F3. Frisco Holding II ("Frisco") holds 36,557,141 Shares. Frisco is held by a private investor group, including affiliates of HCA Inc. founder Dr. Thomas F. Frist Jr. The Reporting Person may be deemed to exercise voting and investment control over the Shares held by Frisco, but disclaims beneficial ownership of such Shares except to the extent of her pecuniary interest therein, which may be deemed to include indirect interests in Shares through ownership of Frisco partnership units to the extent of: 1,172 Shares by the Reporting Person; and 11,971,002 Shares by trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee.
4. F4. These Shares are held by trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee.
5. F5. On November 4, 2026, the Reporting Person transferred a total 47,002 units of Hercules to trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee in satisfaction of obligations owed by the Reporting Person (with respect to 20,191 units) and in exchange for assets of equal value (with respect to 26,811 units), and trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee transferred a total of 839,869 units of Hercules to trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee in satisfaction of obligations. Each of these transfers was made at a price per unit of Hercules equal to $503.525 (the average of the high and low prices of the Shares on November 4, 2026). In each case, these transfers did not change the total number of Shares of which the Reporting Person may be deemed to have beneficial ownership.

Key Figures

Indirect shares acquired: 886,871 shares Indirect shares disposed: 886,871 shares Reported price: $503.525 per share +5 more

8 metrics

Indirect shares acquired 886,871 shares Reported November 4, 2026

Indirect shares disposed 886,871 shares Reported November 4, 2026

Reported price $503.525 per share November 4, 2026

Hercules units transferred by Elcan to trusts 47,002 units November 4, 2026

Hercules units transferred between trusts 839,869 units November 4, 2026

Shares held by Hercules Holding II 32,282,889 shares As stated in the ownership footnote

Shares held through Frisco Holding II 36,557,141 shares Listed holdings on November 4, 2026

Shares held jointly with spouse 41,052 shares Listed holdings on November 4, 2026

Key Terms

beneficial ownership, pecuniary interest, voting and investment control

3 terms

beneficial ownership regulatory

"disclaims beneficial ownership of such Shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of her pecuniary interest therein"

voting and investment control regulatory

"exercise voting and investment control over the Shares held by Hercules"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What HCA transactions did Patricia F. Elcan report?

The reported indirect acquisition and disposition each involved 886,871 shares on November 4, 2026, at a reported price of $503.525 per share. A footnote describes related transfers of Hercules units and says they did not change the shares she may be deemed to beneficially own.

How many HCA shares does Hercules Holding II hold?

Hercules Holding II holds 32,282,889 shares of HCA common stock. Patricia F. Elcan may be deemed to exercise voting and investment control over those shares, but disclaims beneficial ownership except to the extent of her pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Elcan Patricia F

(Last) (First) (Middle)

3100 WEST END AVENUE

(Street)

NASHVILLE TENNESSEE 37203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HCA Healthcare, Inc. [ HCA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	11/04/2026		J		886,871	D	$503.525	32,282,889	I	By Hercules Holding II(1)(5)
Common Stock, par value $0.01 per share	11/04/2026		J		886,871	A	$503.525	32,282,889	I	By Hercules Holding II(1)(5)
Common Stock, par value $0.01 per share								41,052	D(2)
Common Stock, par value $0.01 per share								36,557,141	I	By Frisco Holding II(3)
Common Stock, par value $0.01 per share								5,031	I	By spouse
Common Stock, par value $0.01 per share								147,261	I	By trusts(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Hercules Holding II ("Hercules") holds 32,282,889 shares of Common Stock, par value $0.01 per share ("Shares"), of HCA Healthcare, Inc. (the "Issuer"). Hercules is held by a private investor group, including affiliates of HCA Inc. founder Dr. Thomas F. Frist Jr. The Reporting Person may be deemed to exercise voting and investment control over the Shares held by Hercules, but disclaims beneficial ownership of such Shares except to the extent of her pecuniary interest therein, which may be deemed to include indirect interests in Shares through ownership of Hercules partnership units to the extent of: 357,510 Shares by the Reporting Person; 84,306 Shares by the Reporting Person's spouse; and 9,832,500 Shares by trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee.

2. These Shares are held jointly with the Reporting Person's spouse.

3. Frisco Holding II ("Frisco") holds 36,557,141 Shares. Frisco is held by a private investor group, including affiliates of HCA Inc. founder Dr. Thomas F. Frist Jr. The Reporting Person may be deemed to exercise voting and investment control over the Shares held by Frisco, but disclaims beneficial ownership of such Shares except to the extent of her pecuniary interest therein, which may be deemed to include indirect interests in Shares through ownership of Frisco partnership units to the extent of: 1,172 Shares by the Reporting Person; and 11,971,002 Shares by trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee.

4. These Shares are held by trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee.

5. On November 4, 2026, the Reporting Person transferred a total 47,002 units of Hercules to trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee in satisfaction of obligations owed by the Reporting Person (with respect to 20,191 units) and in exchange for assets of equal value (with respect to 26,811 units), and trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee transferred a total of 839,869 units of Hercules to trusts for the benefit of the Reporting Person's children of which the Reporting Person or her spouse is trustee in satisfaction of obligations. Each of these transfers was made at a price per unit of Hercules equal to $503.525 (the average of the high and low prices of the Shares on November 4, 2026). In each case, these transfers did not change the total number of Shares of which the Reporting Person may be deemed to have beneficial ownership.

	/s/ Katie Agnew, Attorney-in-Fact	11/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)