Corundum Group Inc. Sells 340 Shares of UnitedHealth Group Incorporated (NYSE:UNH)

Posted by Defense World Staff on Jul 9th, 2023

Corundum Group Inc. cut its holdings in UnitedHealth Group Incorporated (NYSE:UNH – Free Report) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,399 shares of the healthcare conglomerate’s stock after selling 340 shares during the quarter. Corundum Group Inc.’s holdings in UnitedHealth Group were worth $1,606,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Legacy CG LLC boosted its position in shares of UnitedHealth Group by 8.0% during the first quarter. Legacy CG LLC now owns 7,774 shares of the healthcare conglomerate’s stock worth $3,674,000 after purchasing an additional 577 shares in the last quarter. Rockland Trust Co. boosted its position in shares of UnitedHealth Group by 2.4% during the first quarter. Rockland Trust Co. now owns 63,187 shares of the healthcare conglomerate’s stock worth $29,862,000 after purchasing an additional 1,459 shares in the last quarter. Alta Capital Management LLC boosted its position in shares of UnitedHealth Group by 335.1% during the first quarter. Alta Capital Management LLC now owns 62,712 shares of the healthcare conglomerate’s stock worth $29,637,000 after purchasing an additional 48,300 shares in the last quarter. Ridgecrest Wealth Partners LLC boosted its position in shares of UnitedHealth Group by 16.8% during the first quarter. Ridgecrest Wealth Partners LLC now owns 836 shares of the healthcare conglomerate’s stock worth $395,000 after purchasing an additional 120 shares in the last quarter. Finally, Crumly & Associates Inc. boosted its position in shares of UnitedHealth Group by 2.3% during the first quarter. Crumly & Associates Inc. now owns 1,620 shares of the healthcare conglomerate’s stock worth $765,000 after purchasing an additional 36 shares in the last quarter. 92.61% of the stock is owned by institutional investors.

UnitedHealth Group Stock Performance

Shares of UNH stock opened at $461.58 on Friday. The company has a market capitalization of $429.74 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 1.35 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $481.95 and a 200 day simple moving average of $488.15. UnitedHealth Group Incorporated has a 52 week low of $445.68 and a 52 week high of $558.10.

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

UnitedHealth Group Increases Dividend

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

Insider Buying and Selling at UnitedHealth Group

In other 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 directly owns 86,564 shares in the company, valued at approximately $42,199,084.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other UnitedHealth Group news, CEO Andrew Witty sold 6,160 shares of the company’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 directly owns 86,564 shares in the company, valued at approximately $42,199,084.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Erin Mcsweeney sold 1,684 shares of the company’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $488.46, for a total transaction of $822,566.64. Following the completion of the transaction, the executive vice president now owns 8,675 shares of the company’s stock, valued at $4,237,390.50. The disclosure for this sale can be found here. Insiders sold 8,852 shares of company stock valued at $4,313,962 in the last quarter. Company insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on UNH. Royal Bank of Canada restated an “outperform” rating and set a $592.00 price objective on shares of UnitedHealth Group in a report on Monday, April 17th. Oppenheimer restated an “outperform” rating and set a $610.00 price objective on shares of UnitedHealth Group in a report on Monday, April 17th. SVB Securities dropped their price objective on shares of UnitedHealth Group from $625.00 to $560.00 in a report on Wednesday, June 14th. Loop Capital lifted their price target on shares of UnitedHealth Group from $590.00 to $600.00 and gave the company a “buy” rating in a research note on Monday, April 17th. Finally, Piper Sandler started coverage on shares of UnitedHealth Group in a research note on Thursday, May 25th. They issued an “overweight” rating and a $580.00 price target on the stock. One investment 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. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $590.84.

About UnitedHealth Group

(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.