Director Patricia F. Elcan filed a statement of changes in beneficial ownership with the SEC on November 6, 2026, reporting transactions in HCA Healthcare, Inc. common stock dated November 4, 2026.

Key Highlights

  • Reporting person: Patricia F. Elcan, identified as a Director of HCA Healthcare, Inc. (NYSE:HCA).
  • Transaction date: November 4, 2026, involving transfers of Hercules Holding II partnership units coded as Transaction Code J.
  • Units transferred: A total of 47,002 Hercules units were transferred by Elcan to trusts for the benefit of her children, 20,191 in satisfaction of obligations and 26,811 in exchange for assets of equal value.
  • Price per unit: Each transfer was made at $503.525 per Hercules unit, described as the average of the high and low prices of HCA common stock on November 4, 2026.
  • No change in total beneficial ownership: According to the filing, "these transfers did not change the total number of Shares of which the Reporting Person may be deemed to have beneficial ownership."
  • Hercules Holding II post-transaction position: Hercules Holding II holds 32,282,889 shares of HCA common stock, par value $0.01 per share, indirectly attributed to Elcan.
  • Frisco Holding II position: Frisco Holding II separately holds 36,557,141 shares, over which Elcan may also be deemed to exercise voting and investment control, per the filing.

Elcan's November 4 Unit Transfers Within Hercules Holding II

According to the filing, Patricia F. Elcan, a director of HCA Healthcare, Inc., transferred a total of 47,002 units of Hercules Holding II on November 4, 2026, to trusts for the benefit of her children, of which she or her spouse serves as trustee. The filing states that 20,191 units were transferred in satisfaction of obligations owed by Elcan, while 26,811 units were transferred in exchange for assets of equal value. Separately, the filing reports that trusts for the benefit of Elcan's children transferred a total of 839,869 Hercules units among themselves in satisfaction of obligations on the same date.

HCA Healthcare is a large for-profit hospital operator headquartered in Nashville, Tennessee, whose common stock trades on the New York Stock Exchange. Hercules Holding II is described in the filing as a private investor group that includes affiliates of HCA Inc. founder Dr. Thomas F. Frist Jr. Elcan is noted to disclaim beneficial ownership of shares held through Hercules and Frisco Holding II except to the extent of her pecuniary interest, which the filing states may include indirect interests through ownership of partnership units. Beyond the Hercules and Frisco positions, the filing also reports Elcan holds 41,052 shares jointly with her spouse, 5,031 shares indirectly through her spouse, and 147,261 shares indirectly through trusts.

All of the November 4 transactions were assigned Transaction Code J, indicating transfers not involving an open-market purchase or sale. The filing was signed by Katie Agnew as Attorney-in-Fact on November 6, 2026.

What Was Disclosed

This filing disclosed a series of November 4, 2026 internal transfers of Hercules Holding II partnership units by Director Patricia F. Elcan to family trusts, priced at $503.525 per unit, with the filing stating that total beneficial ownership attributed to Elcan did not change as a result.