Humana Inc. (NYSE: HUM), founded by David A. Jones Sr., is one of the country’s largest health insurance companies, with Medicare Advantage at the center of its business model. Shares recently traded near $257, giving the company a market value of roughly $30.1B.
The company has faced a challenging stretch as Medicare insurers work through higher utilization and reimbursement pressure. Humana’s stock is still down about 10% over the past year, which has put more attention on how investors view the next phase of margin rebuilding.
Looking at who owns Humana and how insiders and hedge funds are positioning provides a clearer picture of sentiment. These ownership patterns help show how major investors are assessing Humana’s long term earnings stability and cash flow durability.
Who Are Humana’s Top Shareholders?
Humana’s shareholder base is anchored by large passive institutions, while several active firms significantly increased their exposure. This combination gives the company a stable ownership foundation with pockets of rising conviction.
Humana’s Largest Shareholders
- The Vanguard Group: 14,097,582 shares (11.72%), $3,618.3M value. Cut 45,898 shares (0.32%).
- Dodge & Cox: 11,338,186 shares (9.43%), $2,910.1M value. Cut 14,734 shares (0.13%).
- BlackRock Institutional Trust: 6,302,731 shares (5.24%), $1,617.7M value. Added 19,289 shares (0.31%).
- State Street Investment Management: 5,365,338 shares (4.46%), $1,377.1M value. Cut 12,052 shares (0.22%).
- Pzena Investment Management: 4,031,083 shares (3.35%), $1,034.6M value. Cut 45,584 shares (1.12%).
- Eagle Capital Management: 3,965,492 shares (3.30%), $1,017.8M value. Added 16,018 shares (0.41%).
- J.P. Morgan Asset Management: 3,581,461 shares (2.98%), $919.2M value. Added 1,515,948 shares (73.39%).
- MFS Investment Management: 3,437,372 shares (2.86%), $882.2M value. Added 2,510,465 shares (270.84%)
- Geode Capital Management: 3,160,837 shares (2.63%), $811.3M value. Added 30,008 shares (0.96%).
- Fidelity Management & Research: 2,775,976 shares (2.31%), $712.5M value. Added 162,665 shares (6.22%).
These shifts suggest that while passive investors remain steady, the most meaningful changes are coming from active managers who appear more confident in Humana’s multiyear margin recovery, for investors gauging how sentiment is evolving.
Hedge Fund Highlights
One highlight from last quarter is Jane Street Group’s sizable adjustment, raising its Humana stake by 43%. The firm now holds about 284.9k shares worth $74.1M, which may reflect rising optimism around Humana’s progress in stabilizing Medicare margins, a business rooted in the company’s foundation built by David A. Jones Sr.
Another notable move comes from Gotham Asset Management, which increased its position by 35.95%, adding roughly 17.5k shares for total holdings of 66.2k shares valued at $17.2M. The adjustment suggests improving risk reward as Humana works toward clearer earnings visibility.
A third highlight is Sequoia Financial Advisors, which lifted its holdings by 34.8%, now owning about 5.1k shares valued at $1.33M. Although small in absolute size, the percentage increase points to growing conviction in Humana’s long range cash flow potential.
A fourth development is Ensign Peak Advisors, which raised its position by 16.15%, adding more than 38.5k shares for total holdings of 277.1k shares worth $72.1M. This move appears to reflect improving sentiment toward Humana’s profitability reset.
Together, these shifts show selective accumulation among hedge funds and suggest that active managers may be positioning ahead of a multiyear stabilization in earnings for investors watching institutional behavior.
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Humana’s Recent Insider Trades
Insider activity appears modest, with mostly small transactions that may connect to compensation timing, although that cannot be confirmed. The movements do not materially change overall ownership.
Recent Insider Activity
● Gordon A. Smith (Director): Added 765 shares on 10/31/25.
● George II Renaudin (Officer): Sold 609 and 240 shares at $253.12, and recorded 609 shares from compensation.
● Kurt J. Hilzinger (Director): Added 364, 399, and 345 shares across filings.
● Gordon A. Smith (Director): Added 124 and 136 shares across filings.
● David T. Feinberg (Director): Added 69, 76, and 66 shares across filings.
● John Paul W. Felter (Officer): Sold 211 and 97 shares at $248.42, and recorded 211 shares tied to compensation.
● James A. Rechtin (Officer): Sold 6,530 shares at $229.25.
● Susan M. Diamond (Former): Reported 0 shares.
These trades appear limited in size and neutral in direction, keeping institutional activity as the more meaningful signal for investors evaluating leadership’s positioning.
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What the Ownership & Insider Trade Data Tell Us
Humana’s ownership structure remains anchored by large passive institutions, while several hedge funds and active managers have increased their stakes. Insider activity remains limited and does not meaningfully affect the sentiment picture. The overall pattern points to steady institutional confidence with pockets of rising optimism that Humana can gradually rebuild margins and free cash flow for investors assessing the company’s long term trajectory.
A deeper look at the positioning also shows that the most aggressive buyers tend to be firms that lean into periods of uncertainty, which may indicate that some investors view Humana’s challenges as cyclical rather than structural. If reimbursement visibility improves and utilization trends normalize, the current ownership mix could provide a strong base supporting a more durable recovery in sentiment and valuation.
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