UNH

LONGSHORTINSIDER SELL

UNITEDHEALTH GROUP INC

Buyers

6.00

Sellers

3.00

vs SPY

+24.2%

Stock return (since Q-end)

+40.5%

SPY return (since Q-end)

+16.3%

Current price

$380.31

News Summary

Neutral

UnitedHealth delivered a strong Q1 2026 earnings beat (+9.71% EPS surprise) with raised full-year guidance to $18.25+ per share and improved medical cost ratios, driving a 9.29% stock surge. However, material headwinds persist: active DOJ criminal and civil investigations into Medicare Advantage billing practices, an intensified DOJ antitrust probe into Optum vertical integration, and proposed near-flat 2027 MA rate increases that constrain future growth.

Red flags

•DOJ criminal investigation into Medicare Advantage diagnosis inflation and billing practices
•DOJ civil investigation into potential overbilling in MA risk scores
•Intensified DOJ antitrust investigation into Optum-insurance vertical integration
•Senate committee findings (Jan 2026) of aggressive MA gaming tactics
•Proposed ~0.09% Medicare Advantage rate increase for 2027 vs. historical growth rates
•Optum Rx operating earnings decline YoY despite revenue growth

Funds Buying (4)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Point72	Steve Cohen	419K	+419K	$113.5B	—	NEW
Tiger Global	Chase Coleman	350K	+350K	$94.8B	—	NEW
Appaloosa LP	David Tepper	90K	+90K	$24.4B	—	NEW
Soros Fund Management	Soros Family Office	65K	+65K	$17.6B	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.

Funds Reducing / Exiting (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Appaloosa LP	David Tepper	90K	-110,000	$24.4B	-55%	Existing
Viking Global	Andreas Halvorsen	0	—	—	-100%	EXITED
Berkshire Hathaway	Warren Buffett	0	—	—	-100%	EXITED

Shares Held reflects quarter-end positions for partial reductions. Funds that fully exited show 0 shares held. ∆ Shares is the change from the prior quarter.

Insider Activity

Name	Title	Type	Shares	Price	Value	Filed
Conway Patrick Hugh	Chief Executive Officer, Optum	SELL	800	$355.00	$0.28M	2026-04-23