Elite Wealth Management Inc. Increases Stock Position in UnitedHealth Group Incorporated (NYSE:UNH)

Elite Wealth Management Inc. lifted its holdings in shares of UnitedHealth Group Incorporated (NYSE:UNH) by 13.7% during the third quarter, HoldingsChannel.com reports. The fund owned 956 shares of the healthcare conglomerate’s stock after purchasing an additional 115 shares during the quarter. UnitedHealth Group makes up 0.1% of Elite Wealth Management Inc.’s holdings, making the stock its 27th largest position. Elite Wealth Management Inc.’s holdings in UnitedHealth Group were worth $559,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of UNH. International Assets Investment Management LLC grew its position in shares of UnitedHealth Group by 78,814.4% during the third quarter. International Assets Investment Management LLC now owns 5,296,737 shares of the healthcare conglomerate’s stock worth $3,096,896,000 after acquiring an additional 5,290,025 shares during the last quarter. Lone Pine Capital LLC acquired a new stake in shares of UnitedHealth Group in the 2nd quarter worth $480,903,000. Dimensional Fund Advisors LP increased its stake in shares of UnitedHealth Group by 30.0% during the second quarter. Dimensional Fund Advisors LP now owns 3,816,254 shares of the healthcare conglomerate’s stock worth $1,942,956,000 after acquiring an additional 880,183 shares during the period. Baillie Gifford & Co. lifted its position in UnitedHealth Group by 1,125.4% in the second quarter. Baillie Gifford & Co. now owns 894,006 shares of the healthcare conglomerate’s stock valued at $455,281,000 after purchasing an additional 821,050 shares during the period. Finally, Accredited Investors Inc. raised its stake in shares of UnitedHealth Group by 9,235.4% during the 3rd quarter. Accredited Investors Inc. now owns 784,924 shares of the healthcare conglomerate’s stock worth $458,929,000 after buying an additional 776,516 shares in the last quarter. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on UNH. Bank of America cut their price objective on UnitedHealth Group from $675.00 to $650.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. HSBC cut shares of UnitedHealth Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Royal Bank of Canada reduced their price target on shares of UnitedHealth Group from $615.00 to $595.00 and set an “outperform” rating for the company in a research report on Wednesday, October 16th. Truist Financial reaffirmed a “buy” rating and issued a $625.00 price objective (down from $640.00) on shares of UnitedHealth Group in a research note on Wednesday, October 16th. Finally, Stephens dropped their price target on UnitedHealth Group from $632.00 to $605.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $618.26.

UnitedHealth Group Trading Up 0.3 %

Shares of UnitedHealth Group stock opened at $608.38 on Thursday. The firm has a market cap of $559.88 billion, a PE ratio of 39.63, a P/E/G ratio of 1.78 and a beta of 0.58. The business’s fifty day moving average is $584.09 and its two-hundred day moving average is $555.02. UnitedHealth Group Incorporated has a fifty-two week low of $436.38 and a fifty-two week high of $630.73. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.74.

UnitedHealth Group (NYSE:UNH) last posted its quarterly earnings data on Tuesday, October 15th. The healthcare conglomerate reported $7.15 EPS for the quarter, beating analysts’ consensus estimates of $7.00 by $0.15. UnitedHealth Group had a net margin of 3.63% and a return on equity of 26.37%. The company had revenue of $100.82 billion during the quarter, compared to the consensus estimate of $99.14 billion. During the same quarter in the prior year, the company posted $6.56 EPS. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Analysts anticipate that UnitedHealth Group Incorporated will post 27.6 earnings per share for the current year.

UnitedHealth Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Monday, December 9th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Monday, December 9th. UnitedHealth Group’s payout ratio is currently 54.72%.

About UnitedHealth Group

UnitedHealth Group Incorporated operates as a diversified health care company in the United States. The company 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.