Weaver Consulting Group has significantly increased its holdings in UnitedHealth Group Incorporated (NYSE: UNH) by an impressive 82.9% during the second quarter of 2023. The consulting firm now owns 929 shares of the healthcare conglomerate, having acquired an additional 421 shares, bringing the total value of its holdings to approximately $290,000, according to a recent filing with the Securities and Exchange Commission.
This move is part of a broader trend among institutional investors regarding UnitedHealth Group. Other notable hedge funds have also adjusted their positions. For instance, Vanguard Group Inc. raised its stake by 6.6% in the first quarter, now holding 90,729,585 shares valued at around $47.5 billion after acquiring an additional 5,583,343 shares. Similarly, Wellington Management Group LLP increased its holdings by 10.6%, now owning 25,847,940 shares valued at approximately $13.5 billion.
Geode Capital Management LLC also reported a 3.3% increase in its holdings during the second quarter, now managing 21,312,182 shares worth about $6.6 billion. Meanwhile, Nuveen LLC entered the scene with a new stake valued at around $3.8 billion during the first quarter, and Charles Schwab Investment Management Inc. boosted its holdings by 13.6%, now holding 7,070,385 shares valued at approximately $3.7 billion. Overall, institutional investors and hedge funds own approximately 87.86% of UnitedHealth Group’s stock.
Market Performance and Dividend Announcement
As of the latest trading session, shares of UnitedHealth Group opened at $313.24. The company boasts a market capitalization of $283.74 billion and a price-to-earnings (P/E) ratio of 16.33. The stock has experienced a 52-week range, with a low of $234.60 and a high of $622.83. Notably, the healthcare giant has announced a quarterly dividend of $2.21, which will be paid to shareholders on December 16, 2023. Shareholders of record on December 8 will be eligible, marking an annualized dividend yield of 2.8% with a payout ratio of 46.14%.
Analyst Ratings and Market Insights
Analysts have recently updated their ratings for UnitedHealth Group. Deutsche Bank Aktiengesellschaft downgraded the stock from a “buy” to a “hold” rating, setting a price target of $333.00. Conversely, TD Cowen raised its target from $335.00 to $338.00, maintaining a “hold” rating. KeyCorp increased its target to $400.00 and issued an “overweight” rating, while Jefferies Financial Group set a target price of $409.00 along with a “buy” rating. The Goldman Sachs Group has initiated coverage with a “buy” rating, targeting $406.00 for the stock.
In summary, UnitedHealth Group currently holds a consensus rating of “Moderate Buy” among analysts, with an average price target of $397.12, illustrating the stock’s strong position in the market despite fluctuating ratings.
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