UnitedHealth Group (NYSE: UNH) is a diversified healthcare company that provides insurance coverage through UnitedHealthcare and delivers medical services, pharmacy benefits, and data analytics through Optum. It is the largest healthcare company in the United States. Recently trading near $307 per share with a market cap of about $278 billion, the stock has lost roughly 47% over the past year, reflecting investor concerns over slowing earnings growth, medical cost trends, and tighter reimbursement dynamics.
Once viewed as a steady compounder in managed care, UnitedHealth is now under scrutiny as it works to navigate margin pressures and prove that its scale and diversification can still drive long-term growth. Its massive role in employer coverage, Medicare Advantage, and healthcare services makes it one of the most systemically important players in U.S. healthcare, ensuring that the stock remains a cornerstone holding for large institutions.
UnitedHealth Group was one of the most bought stocks among hedge funds last quarter, signaling that investors think the stock could be massively undervalued today.
Who Are UnitedHealth’s Top Shareholders?
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UnitedHealth provides health insurance through UnitedHealthcare and delivers medical services, pharmacy benefits, and analytics through Optum. Ownership of the stock is led by passive giants, though recent moves show a split in conviction.
It made the news when it was revealed that Warren Buffett’s Berkshire Hathaway started a new position in UnitedHealth. Buffett’s firm initiated a stake of 5,039,564 shares worth about $1.6 billion, making it a brand-new holding and immediately one of its larger healthcare positions. The move underscores a strong conviction in UnitedHealth’s long-term outlook.
One highlight from last quarter is Kerrisdale Advisers’ massive move, lifting its UnitedHealth stake by more than 4,182%. The fund now controls about 39,500 shares worth $12 million, a striking increase that suggests a strong conviction bet.
Another notable shift came from Jane Street Group, which boosted its position by nearly 3,400% to around 1.7 million shares valued at $534 million. That kind of aggressive buying looks like a sign of opportunistic confidence.
Meanwhile, Appaloosa Management, led by David Tepper, raised its holdings by about 1,300%, bringing its stake to roughly 2.45 million shares worth $764 million. This appears to be one of the largest and boldest increases among hedge funds.
Finally, Primecap Management also added aggressively, increasing its stake by over 2,500% to about 337,000 shares worth $105 million. This jump points to selective optimism from a long-term focused manager.
- Vanguard Group: 90.5M shares (9.99%), ~$27.8B. Cut 1.3M (-1.4%).
- BlackRock: 45.7M shares (5.05%), ~$14.0B. Trimmed 498K (-1.1%).
- State Street: 44.9M shares (4.96%), ~$13.8B. Reduced 412K (-0.9%).
- Wellington Management: 24.2M shares (2.67%), ~$7.4B. Cut 1.6M (-6.3%).
- Capital World Investors: 18.3M shares (2.02%), ~$5.6B. Slashed 4.5M (-19.5%).
- Fidelity (FMR): 14.5M shares (1.6%), ~$4.5B. Reduced 6.5M (-31%).
- Dodge & Cox: 8.8M shares (0.97%), ~$2.7B. Added 4.7M (+117%).
Hedge funds have made aggressive bets on UnitedHealth, with several funds piling in after the stock’s decline. At the same time, index funds continue to anchor ownership, while some long-term active managers have cut back. The mix suggests institutions are divided, but selective buyers see potential value.
See whether UnitedHealth’s top shareholders are buying or selling today >>>
What UnitedHealth’s Insiders Are Doing With Their Stock
Insider activity can often give investors clues about how management views the company’s prospects. Open market buying may suggest strong conviction, while sales can sometimes reflect diversification. But many filings are instead routine stock grants tied to compensation.
For UnitedHealth, recent filings in June show a series of small stock awards to directors and executives, with no open-market purchases or notable disposals.
Here are some of the reported grants:
- Stephen Hemsley (Officer & Director): 198 shares
- Paul Reu Garcia (Director): 173 shares
- Charles Baker (Director): 269 shares
- Michele Hooper (Director): 173 shares
- Timothy Flynn (Director): 288 shares
- Multiple other directors and officers also received awards ranging from 42 to 288 shares
These transactions appear modest in size and compensation-related, not discretionary buys or sales. The absence of open-market insider buying suggests management is not actively increasing exposure, but they continue to accumulate stock through routine grants.
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What the Ownership & Insider Trade Data Tell Us
UnitedHealth’s shareholder base is anchored by passive giants such as Vanguard, BlackRock, and State Street, ensuring the stock remains widely held in global portfolios. Several long-term active managers have scaled back their positions, which may signal caution, while Dodge & Cox’s recent increase suggests that some investors still see opportunity after the selloff.
Insider activity looks muted, with recent trades small and likely routine in nature. The absence of more meaningful buying could indicate that leadership is not yet eager to add at current levels.
For investors, the overall picture seems mixed. Institutions are sending different signals, and insiders are quiet, leaving sentiment around UnitedHealth leaning more toward patience than conviction.
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