Peapack Gladstone Financial Corp boosted its holdings in shares of UnitedHealth Group Inc (NYSE:UNH) by 65.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,838 shares of the healthcare conglomerate’s stock after purchasing an additional 3,110 shares during the period. Peapack Gladstone Financial Corp’s holdings in UnitedHealth Group were worth $1,923,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Welch Group LLC acquired a new position in shares of UnitedHealth Group during the second quarter worth $106,000. Blue Chip Partners Inc. acquired a new position in shares of UnitedHealth Group during the second quarter worth $107,000. Northwest Wealth Management LLC acquired a new position in shares of UnitedHealth Group during the second quarter worth $117,000. Bamco Inc. NY acquired a new position in shares of UnitedHealth Group during the first quarter worth $117,000. Finally, Bruderman Asset Management LLC acquired a new position in shares of UnitedHealth Group during the first quarter worth $134,000. Hedge funds and other institutional investors own 85.38% of the company’s stock.
NYSE UNH opened at $269.65 on Friday. The firm has a market capitalization of $257.60 billion, a P/E ratio of 23.42, a P/E/G ratio of 1.59 and a beta of 0.71. UnitedHealth Group Inc has a twelve month low of $186.00 and a twelve month high of $270.17. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.75 and a quick ratio of 0.75.
UnitedHealth Group (NYSE:UNH) last posted its quarterly earnings data on Tuesday, July 17th. The healthcare conglomerate reported $3.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.04 by $0.10. The business had revenue of $56.09 billion during the quarter, compared to the consensus estimate of $56.10 billion. UnitedHealth Group had a return on equity of 22.79% and a net margin of 5.55%. UnitedHealth Group’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. sell-side analysts anticipate that UnitedHealth Group Inc will post 12.72 EPS for the current fiscal year.
UnitedHealth Group announced that its Board of Directors has authorized a share buyback program on Wednesday, June 6th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the healthcare conglomerate to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 18th. Investors of record on Friday, September 7th will be issued a $0.90 dividend. The ex-dividend date is Thursday, September 6th. This represents a $3.60 dividend on an annualized basis and a yield of 1.34%. UnitedHealth Group’s payout ratio is 35.75%.
In other UnitedHealth Group news, insider Larry C. Renfro sold 19,652 shares of the stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $254.55, for a total transaction of $5,002,416.60. Following the completion of the sale, the insider now directly owns 153,679 shares in the company, valued at approximately $39,118,989.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP D Ellen Wilson sold 15,393 shares of the stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $264.29, for a total value of $4,068,215.97. Following the sale, the executive vice president now owns 66,402 shares of the company’s stock, valued at $17,549,384.58. The disclosure for this sale can be found here. Insiders sold 60,222 shares of company stock valued at $15,526,045 over the last 90 days. 0.87% of the stock is currently owned by company insiders.
Several brokerages have recently issued reports on UNH. Morgan Stanley upped their price target on shares of UnitedHealth Group from $278.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday. Cantor Fitzgerald reiterated a “buy” rating and set a $300.00 price target on shares of UnitedHealth Group in a report on Thursday, August 9th. Leerink Swann reiterated an “outperform” rating on shares of UnitedHealth Group in a report on Wednesday, July 18th. Citigroup upped their price target on shares of UnitedHealth Group from $275.00 to $288.00 and gave the stock a “$255.42” rating in a report on Wednesday, July 18th. Finally, Royal Bank of Canada upped their price target on shares of UnitedHealth Group from $282.00 to $284.00 and gave the stock a “$255.42” rating in a report on Wednesday, July 18th. Twenty-two research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $272.43.
UnitedHealth Group Profile
UnitedHealth Group Incorporated operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, OptumHealth, OptumInsight, and OptumRx. 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 for preventive and acute health care services, as well as services dealing with chronic disease and other specialized issues for older individuals; and Medicaid plans, Children's Health Insurance Program, and health care programs; and health and dental benefits.
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