Legacy CG LLC Purchases 577 Shares of UnitedHealth Group Incorporated (NYSE:UNH)

Posted by Defense World Staff on Jul 9th, 2023

Legacy CG LLC raised its position in UnitedHealth Group Incorporated (NYSE:UNH – Free Report) by 8.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,774 shares of the healthcare conglomerate’s stock after buying an additional 577 shares during the quarter. UnitedHealth Group comprises about 1.9% of Legacy CG LLC’s holdings, making the stock its 16th largest position. Legacy CG LLC’s holdings in UnitedHealth Group were worth $3,674,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Axiom Financial Strategies LLC purchased a new position in UnitedHealth Group during the first quarter worth about $210,000. McGowan Group Asset Management Inc. raised its position in UnitedHealth Group by 8.9% during the 1st quarter. McGowan Group Asset Management Inc. now owns 744 shares of the healthcare conglomerate’s stock valued at $379,000 after purchasing an additional 61 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in UnitedHealth Group by 31.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 250,196 shares of the healthcare conglomerate’s stock valued at $127,592,000 after purchasing an additional 60,300 shares during the last quarter. MAS Advisors LLC raised its position in UnitedHealth Group by 10.8% during the 1st quarter. MAS Advisors LLC now owns 463 shares of the healthcare conglomerate’s stock valued at $241,000 after purchasing an additional 45 shares during the last quarter. Finally, First Western Trust Bank bought a new position in shares of UnitedHealth Group in the 1st quarter worth approximately $875,000. 92.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on UNH. Royal Bank of Canada reissued an “outperform” rating and issued a $592.00 target price on shares of UnitedHealth Group in a research report on Monday, April 17th. Raymond James reiterated a “strong-buy” rating and set a $630.00 target price on shares of UnitedHealth Group in a research note on Friday, April 14th. Deutsche Bank Aktiengesellschaft dropped their price target on UnitedHealth Group from $627.00 to $564.00 in a research note on Friday, June 16th. Truist Financial dropped their price target on UnitedHealth Group from $610.00 to $580.00 in a research note on Wednesday, June 14th. Finally, Cantor Fitzgerald initiated coverage on UnitedHealth Group in a report on Thursday, April 20th. They issued an “overweight” rating and a $591.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $590.84.

UnitedHealth Group Trading Down 1.7 %

Shares of UNH stock opened at $461.58 on Friday. The stock has a market capitalization of $429.74 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. UnitedHealth Group Incorporated has a 12-month low of $445.68 and a 12-month high of $558.10. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.71. The stock’s 50-day moving average price is $481.95 and its 200-day moving average price is $488.15.

UnitedHealth Group (NYSE:UNH – Free Report) last released its quarterly earnings results on Friday, April 14th. The healthcare conglomerate reported $6.26 EPS for the quarter, topping the consensus estimate of $6.24 by $0.02. The company had revenue of $91.93 billion during the quarter, compared to analyst estimates of $89.77 billion. UnitedHealth Group had a return on equity of 27.05% and a net margin of 6.16%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $5.49 earnings per share. Equities research analysts predict that UnitedHealth Group Incorporated will post 24.85 EPS for the current fiscal year.

UnitedHealth Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 27th. Shareholders of record on Monday, June 19th were given a dividend of $1.88 per share. This represents a $7.52 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, June 15th. This is a positive change from UnitedHealth Group’s previous quarterly dividend of $1.65. UnitedHealth Group’s payout ratio is 34.39%.

Insider Buying and Selling at UnitedHealth Group

In related news, EVP Erin Mcsweeney sold 1,008 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $484.58, for a total value of $488,456.64. Following the completion of the sale, the executive vice president now owns 10,359 shares in the company, valued at $5,019,764.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Andrew Witty sold 6,160 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $487.49, for a total value of $3,002,938.40. Following the completion of the transaction, the chief executive officer now owns 86,564 shares of the company’s stock, valued at $42,199,084.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Erin Mcsweeney sold 1,008 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $484.58, for a total transaction of $488,456.64. Following the completion of the transaction, the executive vice president now directly owns 10,359 shares of the company’s stock, valued at approximately $5,019,764.22. The disclosure for this sale can be found here. Insiders sold 8,852 shares of company stock worth $4,313,962 over the last 90 days. Company insiders own 0.35% of the company’s stock.

UnitedHealth Group Profile

(Free Report)

UnitedHealth Group Incorporated operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; health care coverage, and health and well-being services to individuals age 50 and older addressing their needs; Medicaid plans, children's health insurance and health care programs; and health and dental benefits, and hospital and clinical services, as well as health care benefits products and services to state programs caring for the economically disadvantaged, medically underserved, and those without the benefit of employer-funded health care coverage.