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. The Optum Health segment provides care delivery, care management, wellness and consumer engagement, and health financial services patients, consumers, care delivery systems, providers, employers, payers, and public-sector entities. The Optum Insight segment offers software and information products, advisory consulting arrangements, and managed services outsourcing contracts to hospital systems, physicians, health plans, governments, life sciences companies, and other organizations. The Optum Rx segment provides pharmacy care services and programs, including retail network contracting, home delivery, specialty and community health pharmacy services, infusion, and purchasing and clinical capabilities, as well as develops programs in the areas of step therapy, formulary management, drug adherence, and disease/drug therapy management. UnitedHealth Group Incorporated was founded in 1974 and is based in Minnetonka, Minnesota.

UnitedHealth looks like a large and profitable business, but the current valuation already reflects a significant portion of its quality, and a number of metrics show noticeable pressure on profitability. Revenue remains very high and broadly stable over the five-quarter horizon, which supports the underlying resilience of the business model. At the same time, net income, operating income, and EBITDA all look strong in absolute terms, but their trend is uneven: after a weaker end to 2025, the figures recovered, yet this does not look like an acceleration that would justify an aggressive upward revision. Net margin, operating margin, and gross margin are all materially below industry medians, indicating weaker revenue monetization efficiency than the typical sector peer. ROE, ROA, and ROI are also below the median and have declined noticeably from stronger levels in mid-2025, so the quality of capital and assets is currently assessed as worse than before. The valuation picture is mixed: P/S looks very low relative to the industry and may indicate undervaluation, but P/E and P/B are above the median, which limits re-rating potential. P/FCF is close to average, so free cash flow does not provide a strong argument either for or against the stock. The debt burden, as measured by debt/equity, looks moderate, but the current and quick ratios are weak, and the quick ratio is effectively zero, which increases sensitivity to short-term obligations. Dividend yield is low and has not shown convincing growth in recent periods, so the dividend factor does not strengthen the investment case. Equity and assets are large, but on their own they do not offset the weak relative margin and return metrics. Overall, the fundamentals remain solid for a defensive sector name, but the combination of a rich valuation on earnings and book value with weaker margins and returns on capital justifies only a moderately cautious adjustment to the forecast.

UnitedHealth Group Incorporated

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Средний индекс, незначительно вырос. Рынок не поддерживает быков.

Medium index, slightly up. The market does not support the bulls.

Средний индекс, без изменений. Отток средств из лонгов на высоком уровне.

Medium index, flat. Outflow of funds from longs at a high level.

Strong revenue and profit with weak margins, low liquidity, and expensive P/E and P/B; P/S supports the idea of moderate undervaluation, but upside potential is limited.

UnitedHealth Group Incorporated UNH is beginning to restore investor confidence after one of its toughest periods in recent years. The company spent much of the past year battling elevated medical costs, regulatory scrutiny and concerns over earnings growth. However, its second-quarter 2026 results suggest those headwinds are starting to ease. Better cost control, another earnings beat and a higher full-year outlook indicate that management, under CEO Stephen Hemsley, is making tangible progress in improving profitability.
Shares rallied sharply after the earnings release as investors welcomed the healthier medical care ratio and improved earnings outlook. Although the stock has since surrendered part of those gains, it remains up 2.5% since the results, suggesting confidence in the turnaround story remains intact.
Looking at the year-to-date period, UNH stock has gained 29.9%, outperforming the industry’s 25.8% growth and the S&P 500’s 7.8% rise. Peers like Molina Healthcare, Inc. MOH and Centene Corporation CNC have increased 15.5% and 55.3%, respectively, during this time.
Price Performance – UNH, MOH, CNC, Industry & S&P 500
Image Source: Zacks Investment Research
Cost Control is Finally Delivering Results
It reported second-quarter 2026 adjusted EPS of $6.38, which beat the Zacks Consensus Estimate of $4.94 and rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion and beat the consensus mark by 1.7%. More important than the earnings beat was the improvement in underlying profitability.
The adjusted medical care ratio improved to 86.7% from 89.4% a year earlier and came in lower than the Zacks Consensus Estimate of 88.5%, reflecting stronger pricing, disciplined benefit design and better medical cost management. Medical costs of $75.4 billion declined from $78.6 billion a year ago. This improvement is significant because medical costs have been the biggest challenge facing managed care companies over the past two years. Higher utilization, especially among Medicare Advantage members, compressed margins across the industry. UnitedHealth's latest results suggest those pressures are beginning to ease.
Premium revenues continued to grow, while Optum remained a steady contributor through its pharmacy services and healthcare delivery businesses. The diversified structure of the company once again proved valuable, helping offset pressure in its insurance business while supporting overall profitability. Operating earnings grew to $8 billion from $5.2 billion a year ago.
Management also raised its full-year 2026 adjusted earnings outlook to a range of $19.50-$20 per share. Raising guidance for a second consecutive quarter reinforced confidence that the operational improvements are sustainable. The combination of improving margins, higher earnings guidance and disciplined execution explains why investors reacted positively following the earnings release.
For further details, see UnitedHealth Tops Q2 Earnings on Cost Control, Raises '26 Outlook.
Estimate Revisions Are Trending Higher
The Zacks Consensus Estimate for 2026 EPS is now pegged at $19.48, indicating 19.1% year-over-year growth. The earnings estimate has seen 11 upward revisions over the past month against no downward movement. The consensus estimate for revenues is pegged at $446.42 billion, implying a 0.3% decline from a year ago.
For 2027, EPS is now projected to grow to $22.17, marking a 13.8% improvement. It has also seen 10 upward estimate revisions in the past month, against no downward movements. Revenues are pegged at $457.04 billion, indicating 2.4% growth from a year ago.
The company beat earnings estimates in each of the past four quarters, producing an average earnings surprise of 12.1%.
UnitedHealth Group Incorporated Price and EPS Surprise
Valuation Not Cheap
The stock’s momentum has pushed valuation slightly above historical levels. UNH now trades at a forward P/E of 20.39X, above its five-year median of 19.20X and well above the industry average of 17.49X. In comparison, Molina and Centene are currently priced at 27.71X and 15.91X, respectively, both significantly higher than their own five-year median multiples.
Image Source: Zacks Investment Research
Wall Street remains constructive. Even after the stock’s rally, shares remain below the average analyst price target of $481.52, implying roughly 15.3% upside. That suggests expectations have improved, though the stock no longer offers the valuation cushion it did earlier this year.
Risks Still Deserve Attention
The turnaround is encouraging, but investors should not ignore the remaining challenges.
Regulatory scrutiny continues to cast a shadow over the company. Ongoing investigations involving Medicare billing practices and aspects of the Optum business could create headline risk and potentially increase compliance costs. The company is also reshaping its PBM model with a transparent, fee-based approach that breaks the link between pricing, drug list prices and prescription volume. If successful, it could become a meaningful competitive advantage.
Healthcare utilization remains another key watch point. Although medical costs improved during the quarter, utilization patterns can shift, particularly within Medicare Advantage. If claims activity accelerates faster than pricing adjustments can offset it, margin expansion could slow.
While management expects total medical membership to decline in 2026 to 46.945-47.495 million from nearly 49.760 million in 2025, growth in commercial fee-based membership should help offset part of the decline. Even so, the transition warrants close monitoring.
The Long-Term Story Still Holds
UnitedHealth's scale, diversified business model and extensive healthcare data capabilities give it competitive advantages that few peers can match. The company also stands to benefit from long-term industry tailwinds, including an aging population, rising rates of chronic disease and growing demand for healthcare services.
The company continues to generate strong cash flows and return capital to shareholders. It returned more than $13 billion through dividends and share repurchases in 2025. Through mid-July 2026, UnitedHealth had repurchased $4 billion of stock and remains on track to buy back at least $5 billion for the full year. It also paid $4.1 billion in dividends during the first half of 2026.
Conclusion
UnitedHealth's second-quarter results reinforced that its turnaround is gaining traction. Improving medical cost trends, another guidance increase and strong earnings execution have helped restore investor confidence after a difficult period.
While regulatory scrutiny, membership declines and utilization trends remain key risks, the company is demonstrating that disciplined pricing and cost management can support sustained margin recovery. Combined with its diversified business model, solid cash generation and favorable long-term healthcare trends, UnitedHealth appears well positioned for further gains. Reflecting the improving earnings outlook and strong estimate revisions, the stock currently sports a Zacks Rank #1 (Strong Buy), making it an attractive choice for investors seeking exposure to the managed care space. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
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UnitedHealth's Cost-Control Story is Gaining Momentum: Time to Buy?

Humana Inc. HUM reported second-quarter 2026 adjusted earnings of $7.61 per share, which beat the Zacks Consensus Estimate by 22.4%. The bottom line rose 21.4% year over year.
Adjusted revenues improved 26.2% year over year to $40.9 billion. The top line surpassed the consensus mark by 0.6%.
The strong quarterly results benefited on the back of premium gains and a robust performance from the CenterWell segment, which saw a revenue jump supported by its primary care business. A rise in overall medical membership also contributed to the upside. However, the upside was partly offset by escalating operating expenses and a deteriorating benefit ratio.
Humana Inc. Price, Consensus and EPS Surprise
HUM’s Q2 Operational Update
Humana’s premiums totaled $38.8 billion, which advanced 26.4% year over year, and surpassed the Zacks Consensus Estimate of $38.6 billion and our estimate of $38.1 billion. Services revenues rose 27.1% year over year to $1.8 billion, beating the consensus mark of $1.7 billion. Investment income of $253 million fell 7% year over year in the quarter under review. However, the metric beat the consensus mark of $235.3 million and our estimate of $241.9 million.
The benefit ratio came in at 91.1%, which deteriorated 140 basis points (bps) year over year. Total operating expenses increased 26.3% year over year to $39.5 billion, higher than our estimate of $38.9 billion. The year-over-year increase was due to higher benefits and operating costs. The adjusted operating cost ratio of 9.7% improved 120 bps year over year.
HUM’s net income increased 27.6% year over year to $693 million but beat our estimate of $562.1 million.
Q2 Segmental Update of HUM
Insurance
The segment’s revenues rose 25.9% year over year to $39.1 billion in the second quarter on the back of improved per-member premiums derived from HUM’s Medicare and stand-alone PDP businesses, supported by improved Medicare Advantage benchmark funding from the Centers for Medicare and Medicaid Services and a higher Part D direct subsidy tied to the IRA.
Adjusted operating income grew 7% year over year to $824 million. The benefit ratio deteriorated 130 bps year over year to 91.2%. The operating cost ratio of 7.1% improved 120 bps year over year.
Total medical membership of the segment was 17.9 million as of June 30, 2026, which rose 20.7% year over year. The metric beat the Zacks Consensus Estimate of 17.5 million and our estimate of 17 million.
CenterWell
The unit recorded revenues of $6.8 billion in the quarter under review, which improved 22.6% year over year and surpassed the Zacks Consensus Estimate of $6.3 billion. The metric benefited from higher revenues stemming from the company’s primary care business.
Adjusted operating income rose 27.2% year over year to $514 million. The operating cost ratio of 92.4% improved 30 bps year over year, driven by the ongoing maturation of the v28 risk model update within the company’s primary care business and its cost-cutting and transformation strategy.
Humana’s Financial Update (As of June 30, 2026)
Humana exited the second quarter with cash and cash equivalents of $6.9 billion, which rose 64.1% from the 2025-end level. Total assets of $57.2 billion increased 16.9% from the figure at 2025-end.
Long-term debt amounted to $12 billion, down 3.2% from the figure as of Dec. 31, 2025. Debt to capitalization deteriorated 200 bps year over year to 42.7% at the second-quarter end.
Total stockholders’ equity of $19.3 billion advanced 8.8% from the 2025-end figure.
HUM generated net cash from operations of $3.2 billion in the first half of 2026, which more than doubled year over year.
HUM’s Capital Deployment Update
Humana bought back shares worth $108 million in the first half of 2026. It also paid dividends of $214 million during the same period.
2026 View by HUM
Revenues are still projected to be a minimum of $160 billion, which implies a 23.4% increase from the 2025 reported figure. The Insurance segment’s revenues are expected to continue to be forecasted at a minimum of $155 billion. Revenues of the CenterWell segment are still expected to be at a minimum of $25 billion.
Adjusted EPS is still projected to be at least $9, which indicates a 47.5% decline from the 2025 figure. GAAP EPS is now projected to be at least $6.52, down from the previously expected guidance of at least $8.36.
Management still anticipates Individual Medicare Advantage membership to witness growth of around 25% in 2026. Group Medicare Advantage membership is still expected to record an increase of roughly 150,000.
Membership from the Individual Medicare stand-alone PDP is still expected to increase around 1,000,000 this year. State-based contracts are still anticipated to witness membership growth within 25,000-100,000.
The GAAP benefit ratio for the Insurance segment is still likely to be 92.75%, with a variability margin of plus or minus 25 basis points. The GAAP consolidated adjusted operating cost ratio is still expected to be at 10%, with a variability margin of plus or minus 25 basis points.
GAAP cash flow from operations is still estimated within $2.5-$2.9 billion. Meanwhile, capital expenditures are still projected to be roughly $650 million. The adjusted effective tax rate is expected to be around 25.5%, while the weighted average share count is anticipated at around 121 million.
HUM’s Zacks Rank
HUM currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
How Did Peers Perform?
Here are some stocks from the broader Medical space that have also reported their quarterly results: Tenet Healthcare Corporation THC, Elevance Health, Inc. ELV and UnitedHealth Group Incorporated UNH. Here's how they have performed:
Tenet Healthcare reported second-quarter 2026 adjusted earnings per share of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year. THC’s net operating revenues advanced 6.8% year over year to $5.63 billion. The quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.
Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.
UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.
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Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
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Elevance Health, Inc. (ELV) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Humana Q2 Earnings Beat Estimates on Medical Membership Growth

We are in the first half of the second-quarter 2026 earnings season, which appears robust so far, reaffirming the fundamental strength of the U.S. economy. Up to July 24, 135 S&P 500 companies reported their quarterly financial numbers.
Total earnings for these companies are up 67.8% from the same period last year on 12.6% revenue gains, with 87.4% of the companies beating EPS estimates and 79.3% of them beating revenue estimates.
At present, the Zacks Consensus Estimate shows that total S&P 500 earnings for this reporting cycle are expected to increase by 39.1% compared to the same period last year on 12.3% higher revenues.
Aside from the S&P 500 stable, several companies of the 30-stock Dow portfolio (popularly known as blue-chip stocks) have also come out with their quarterly earnings results. Here, we recommend three such stocks with a favorable Zacks Rank for investment that have reported solid earnings results.
These are: 3M Co. MMM, The Travelers Companies Inc. TRV and UnitedHealth Group Inc. UNH. Each of our picks currently carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The chart below shows the price performance of our three picks in the past three months.
Image Source: Zacks Investment Research
3M Co.
Zacks Rank #2 3M is poised to benefit from solid momentum in the Safety and Industrial unit, driven by strength in the industrial adhesives and tapes, abrasives and electrical markets. Strength in MMM’s semiconductor, aerospace and defense markets is aiding the Transportation and Electronics unit.
Solid operational execution, restructuring savings and spending discipline are supporting 3M’s margin performance. Synergies from acquisitions made by the company also bolster MMM’s growth. Its measures to reward shareholders through dividends are encouraging.
MMM has strengthened and expanded the geographical footprint of its businesses through acquisitions while unlocking cash by disposing of underperforming or non-core assets. In July 2026, MMM completed the acquisition of Madison Fire & Rescue in partnership with Bain Capital. The transaction is expected to strengthen MMM’s safety portfolio.
For 2026, MMM expects adjusted earnings to be in the range of $8.80-$8.95 per share compared with $8.50-$8.70 projected earlier. The midpoint of the guided range is about $8.88, which reflects an increase from earnings of $8.06 per share reported in 2025. Adjusted total revenue growth is projected to be above 4.5%.
Solid Estimate Revisions
3M has an expected revenue and earnings growth rate of 4% and 9.4%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.9% over the last seven days.
MMM has an expected revenue and earnings growth rate of 3.5% and 8%, respectively, for the next year. The Zacks Consensus Estimate for next year’s earnings has improved 1.2% over the last seven days.
The Travelers Companies Inc.
Zacks Rank #2 The Travelers combines broad commercial and personal insurance franchises with disciplined underwriting, rising investment income and sustained capital returns.
Second-quarter results reinforced the durability of TRV’s earnings base, as underlying margins remained attractive, catastrophe losses declined and favorable reserve development supported results across all segments. Technology investment, pricing segmentation and a high-quality fixed income portfolio should aid TRV’s long-term returns over time.
Travelers’ growing fixed income portfolio provides an increasingly predictable earnings contribution. After-tax net investment income rose 14% to $883 million in the second quarter, reflecting TRV’s higher portfolio yields, growth in invested assets and better non-fixed income returns. New money yields were about 90 basis points above the portfolio’s embedded yield at quarter-end.
TRV expects its full-year 2026 underwriting expense ratio to be approximately 28.5%. Management also emphasized that strong earnings, cash flow and capital generation continue to support investments in technology, including artificial intelligence, while maintaining significant capital returns to its shareholders.
Solid Estimate Revisions
Travelers has an expected revenue and earnings growth rate of -0.1% and 17.8%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 5.5% over the last seven days.
TRV has an expected revenue and earnings growth rate of 2.9% and -8.6%, respectively, for the next year. The Zacks Consensus Estimate for next year’s earnings has improved 1.9% over the last seven days.
UnitedHealth Group Inc.
Zacks Rank #1 UnitedHealth has shown steady revenue growth, driven by Optum and UnitedHealthcare. Optum remains a key growth driver through its pharmacy services, technology integration, and government solutions.
UNH’s strong second-quarter results were aided by growth in commercial fee-based membership and the strength witnessed in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weakness in Optum Health, Optum Rx and declining risk-based membership partially offset the positives.
A strong market position and ongoing expansion initiatives, combined with rising healthcare demand, support sustained long-term growth. Commercial membership also grew for UNH, supporting margins despite challenges from government programs.
UNH earlier anticipated revenues for 2026 above $439 billion, which are below the 2025 level due to planned right-sizing across operations. Adjusted EPS is now expected to be in the range of $19.50-$20.00 for 2026, up from the previous guidance of more than $18.25, indicating improving margins. Net margin was expected to be around 3.6% in 2026, up from 2.7% in 2025.
Solid Estimate Revisions
UnitedHealth has an expected revenue and earnings growth rate of -0.3% and 19.1%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 6.3% over the last 30 days.
UNH has an expected revenue and earnings growth rate of 2.4% and 13.8%, respectively, for the next year. The Zacks Consensus Estimate for next year’s earnings has improved 6.7% over the last 30 days.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Buy These 3 Blue-Chip Stocks After Strong Q2 2026 Earnings Results

Key Points
Berkshire bought UnitedHealth stock a year ago and sold it at a loss in the first quarter.
The company is beginning to see a recovery in its profit margins, which is driving the stock higher.
Shares still look like a good value when evaluating UnitedHealth's long-term earnings growth.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Berkshire Hathaway is known for its astute investing acumen. The conglomerate built by Warren Buffett, now transitioning under Greg Abel, has made some fantastic investing decisions over the last few decades. Its purchase and then recent sell of UnitedHealth Group (NYSE: UNH) stock was not one of them.
While we do not know the exact price Berkshire paid for its investment, UnitedHealth Group averaged around $380 in the second quarter of 2025, when shares were bought, and less than $300 in Q1 of this year, when the trade was exited. Today, the stock has rebounded significantly amid improving profitability in the health insurance sector and the government's unexpected adjustment to Medicare Advantage funding, hitting $420 recently. Part of Buffett and Abel's whiff on UnitedHealth Group may simply have been bad timing ahead of this unexpected funding increase.
Is UnitedHealth Group stock a buy after rallying back to over $400 in the second quarter?
Insurance cost control
To understand why UnitedHealth stock is rallying, we need to first look at why it collapsed in 2025. In 2024 and 2025, health insurers in the United States experienced unexpected increases in medical costs, which drove up the all-important medical care ratio for UnitedHealth Group.
This ratio measures the percentage of insurance premiums spent on claims in a period. For a health insurance provider like UnitedHealth, the lower this figure, the better. In 2025, UnitedHealth's medical loss ratio was 88.9%, up from 85.5% in 2024, leading to a collapse in operating earnings from $32 billion to $19 billion.
Now, in 2026, UnitedHealth has shored up its insurance pricing through price increases and the exiting of unprofitable sectors. Its medical care ratio is beginning to recover, hitting 86.7% in the second quarter. For all of 2026, it is guiding to a medical care ratio of 88%, aiming to beat this figure. As this figure normalizes, UnitedHealth Group's profitability should start to recover.
Inflation-driven revenue growth
Optimally balancing costs is the one key input for health insurers to ride the wave of healthcare cost inflation in the U.S. Spending on healthcare has grown faster than the country's overall economy for decades, driven by an aging population and a greater focus on health outcomes.
For insurers that want to put an umbrella over the entire sector and earn a small profit margin on total healthcare spending, this healthcare inflation is a secular tailwind for overall premium revenue. This is why UnitedHealth Group's revenue has increased by 150% over the last 10 years. As long as these healthcare spending trends continue, I would expect a similar rate of growth in the years ahead.
Is UnitedHealth stock a buy?
After rebounding in the last few months, UnitedHealth Group stock now trades at a market cap of $380 billion. This does not look overly cheap compared to its trailing net income of $14.9 billion, which gives it a trailing price-to-earnings (P/E) ratio of 25.5.
However, this understates UnitedHealth Group's future earnings power if it can keep riding the healthcare inflation tailwind (driving consistent revenue growth) and continue its recovery in the medical care ratio. At its peak, UnitedHealth Group generated net income well above $20 billion. At a higher revenue level, the company should be able to achieve a net income of $25 billion to $30 billion within the next few years.
Compared to the current market cap, the net income of $25 billion is a cheap-looking forward P/E ratio of 15. Plus, management is now repurchasing stock using excess cash flow, with guidance to return at least $5 billion to shareholders this fiscal year.
Implementing a reduction in shares outstanding alongside a profit recovery should lead to meaningful earnings-per-share (EPS) gains over the next five years, making UnitedHealth Group a cheap insurance stock for investors today.
Should you buy stock in UnitedHealth Group right now?
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

UnitedHealth Stock Has Rallied Big Since Berkshire Bailed. Did Warren Buffett and Greg Abel Blink Too Soon?

Key Points
The stocks listed here all pay over 2% in dividends.
They've also been increasing their payouts in recent years.
They still have the potential to rise even higher given their growth opportunities.
The S&P 500 is up over 8% this year (as of Monday's close), which isn't bad given how hot it's been in recent years. But there is clearly a bit more apprehension in the market these days, with investors appearing to be more concerned about high valuations and a possible bubble related to artificial intelligence (AI).
Many investors have also been pivoting into safer stocks that pay dividends. Three dividend stocks that have vastly outperformed the market this year are ExxonMobil (NYSE: XOM), UnitedHealth Group (NYSE: UNH), and Texas Instruments (NASDAQ: TXN). Here's how well they've been doing, and why they can still be great buys right now.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
ExxonMobil
Shares of oil and gas giant ExxonMobil are up around 29% this year and close to 40% over the past 12 months. As commodity prices have been rising, investors have been loading up on the industry leader, expecting it to benefit significantly from higher oil prices, just as it has in the past.
That excitement is evident in its valuation: the stock trades at only 14 times future earnings (based on analyst expectations). That's a low multiple, given that the average S&P 500 stock trades at about 21 times its projected future profits. This modest valuation could lead to more upside for the stock, especially if oil prices remain high.
Exxon can be volatile due to the changes in oil prices, but overall, it's been an exceptional dividend stock to own, as it has raised its payout for decades. That gives investors plenty of incentive to just buy and hold. Currently, the stock yields 2.7%, and that would be higher if not for its recent run-up in value.
UnitedHealth Group
Health insurance giant UnitedHealth is another top dividend growth stock to own. In previous years, it has struggled with rising costs as higher utilization rates weighed on its financials. But now, with more normalcy in the healthcare sector and UnitedHealth leveraging AI to its advantage, it's been able to get a better handle on costs, and its financials have been improving.
The company has gone from routinely missing expectations to now beating them again. Investors, in turn, have been buying up the stock given its stronger results, and UnitedHealth is up 28% thus far in 2026. It's still not near the highs of more than $600 that it reached a few years ago, but it's been making some solid gains of late.
Currently, it yields 2.2%, which is about double the S&P 500 average of 1.1%. And over the past five years, it has increased its payout by an impressive 60%, giving investors plenty of incentive to buy and hold the healthcare stock for the long haul.
Texas Instruments
The hottest stock on this list has been Texas Instruments, which is up around 62% this year. The semiconductor company has been experiencing significant growth of late, giving both dividend and growth investors a reason to invest in its business. Revenue of $5.5 billion in its most recent quarter (which ended on June 30) was up 23% year over year, while net income of just under $2 billion rose by 53%.
Texas Instruments makes embedded chips that serve many different needs, including automotive and industrial sectors. Demand from data centers has been particularly strong with tech companies investing heavily in AI, and that's been a big reason the stock has been such a hot buy this year and why its financials have looked impressive.
In addition to some solid growth opportunities, the stock also makes for an attractive dividend investment, yielding just over 2%. Its current quarterly dividend rate of $1.42 has grown by 39% in five years, from the $1.02 per share it was paying in 2021.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Dividend Stocks That Are Crushing the Market in 2026

Centene Corporation CNC reported second-quarter 2026 adjusted earnings per share (EPS) of $2.51, which surpassed the Zacks Consensus Estimate of 89 cents. Moreover, the bottom line climbed from a loss of 16 cents per share a year ago.
Revenues totaled $53.6 billion, which rose 9.9% year over year. The top line beat the consensus mark by 12.7%.
The strong quarterly results benefited from strong premium and services revenues in Medicaid and Medicare businesses, fueled by increased premium yield, expanding membership in the Prescription Drug Plan (PDP) business and rate hikes in Marketplace and Medicaid businesses. However, the upside was partly offset by a decline in total membership and an increase in medical costs.
Centene Corporation Price, Consensus and EPS Surprise
Quarterly Operational Update of CNC
Revenues from Medicare advanced 17% year over year to $11.1 billion, and Medicaid revenues of $22.8 billion rose 5% in the quarter under review. Meanwhile, commercial revenues came in at $9.4 billion, down 7% year over year.
Centene's premium of $43.6 billion grew 4.4% year over year on the back of higher premiums yield, increased membership in the PDP business and strength in the Medicaid and Marketplace rate hikes. The metric beat the Zacks Consensus Estimate of $42.5 billion.
Service revenues rose 9.1% year over year to $793 million in the second quarter and surpassed the consensus mark of $723 million. Investment and other income of $435 million improved 17.3% year over year and topped the Zacks Consensus Estimate of $359 million.
Total membership was 25.9 million as of June 30, 2026, which decreased 7.6% year over year due to membership declines in the Medicaid, Marketplace and Medicare businesses. However, the metric marginally beat the consensus mark.
Centene’s health benefits ratio improved 340 basis points year over year to 89.6% in the quarter under review. Operating expenses totaled $52.4 billion, which increased 6.5% year over year due to higher medical costs, selling, general and administrative expenses, cost of services and premium tax expense. Medical costs escalated 0.6% year over year.
Adjusted net earnings were recorded at $1.2 billion against the year-ago loss of $79 million.
CNC’s Q2 Financial Update (As of June 30, 2026)
Centene exited the second quarter with cash and cash equivalents of $24.2 billion, which rose 35% from the 2025-end level. Total assets of $83 billion grew 8.2% from the figure at 2025-end.
Long-term debt amounted to $16 billion, down 7.6% from the figure as of Dec. 31, 2025. The current portion of long-term debt totaled $75 million.
Total stockholders’ equity of $22.6 billion increased 13% from the 2025-end figure.
Centene generated $8 billion of net cash from operations in the first half of 2026, which increased from the prior-year comparable period’s $3.3 billion.
CNC’s Revised 2026 Guidance
Management now expects premium and service revenues within the band of $173-$177 billion for 2026, up from the previous guidance range of $171-$175 billion. The midpoint of which indicates growth of 0.2% from the 2025 reported figure.
Revenues are now estimated between $193.5 billion and $197.5 billion, up from the previously projected band of $187.5 billion-$191.5 billion, the midpoint of which implies a 0.4% increase from the 2025 figure.
Adjusted EPS is now expected to be greater than $4.80, higher than the previously projected figure of $3.40, which indicates a surge of more than 130.8% from the 2025 figure. GAAP EPS is now forecasted to remain greater than $3.11.
Health benefits ratio is now estimated to be in the band of 90.5-91.3% for 2026, while the adjusted SG&A expense ratio is now anticipated to be 6.9-7.5%. The adjusted effective tax rate is now expected to be in the range of 25.5-26.5%.
Shares outstanding are now projected to be between 497 million and 500 million.
CNC’s Zacks Rank
CNC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?
Here are some stocks from the broader Medical space that have also reported their quarterly results: Tenet Healthcare Corporation THC, Elevance Health, Inc. ELV and UnitedHealth Group Incorporated UNH. Here's how they have performed:
Tenet Healthcare reported second-quarter 2026 adjusted earnings per share of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year. THC’s net operating revenues advanced 6.8% year over year to $5.63 billion. The quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.
Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.
UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.
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Centene Q2 Earnings Beat Estimates on Increasing Premiums

Shares of UnitedHealth Group Incorporated UNH touched a new 52-week high on July 16, following its upbeat second-quarter release, before experiencing a modest pullback in the following days. The stock has lost 1.7% since July 17.
This sell-off for America’s largest medical insurer came despite its solid headline numbers, as short-term traders earned profits following the stock's strong run-up into the release.
For long-term investors, such temporary dips in high-quality industry leaders often open up compelling entry points, particularly when backed by solid operational fundamentals. The company’s raised profit outlook for the full year may further encourage them to do so.
However, membership losses due to rising healthcare costs and continued margin pressure at its Medicaid business, thanks to major funding cuts by the U.S. government in Medicaid funding, remain some major headwinds for this stock.
Against this backdrop, diversified healthcare exchange-traded funds (ETFs) offer a strategic alternative. By holding funds with prominent UNH allocations alongside heavyweights across pharmaceuticals, biotech, and medical technology, investors can capture UNH's operational upside while cushioning their portfolios against single-stock Medicaid headwinds.
Before exploring the top ETFs, let's take a closer look at UnitedHealth's second-quarter results and analyst reactions to better understand the current healthcare sector.
A Brief Analysis of UNH’s Q2 Results
UnitedHealth’s fourth-quarter adjusted earnings per share (EPS) of $6.38 beat the Zacks Consensus Estimate by 1.4%, while its revenues surpassed the consensus mark by 1.7%.
UnitedHealth’s medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — improved from 89.4% in the second quarter of 2025 to 86.7%. The improvement was a result of benefit design and pricing discipline, member mix and medical cost management initiatives.
However, its operating cost ratio of 12.7% deteriorated year over year, owing to incremental investments in technology, processes and people to improve care delivery and customer experiences and advance community health.
As of July 2026, UNH’s OptumHealth reached nearly 90% of U.S. counties, conducting approximately 2.5 million rural patient home visits annually. The insurer aims to expand these programs across its OptumHealth footprint by the end of 2026.
Patient experience in UNH’s care delivery sites went up approximately 5% year over year during the second quarter, whereas patient access expanded by nearly 200,000 more patient-facing hours.
UNH expects to complete total share repurchases of at least $5 billion in 2026, higher than its initial guidance of $2.5 billion.
The company also raised its earnings expectation for 2026 to the range of $19.50-$20.00 per share from the prior outlook of $17.75.
Although its membership retention was better than previously anticipated, UNH expects its 2026 Medicare Advantage enrollment to decline approximately 1.1 million.
Analysts’ Reaction
Following UNH’s second-quarter results, Morgan Stanley raised the stock’s price targets from $468.00 to $529.00. In a similar move, UBS Group increased its price target on shares of UnitedHealth Group from $460.00 to $490.00 (as cited in MarketBeat).
UNH-Heavy ETFs to Watch
iShares U.S. Healthcare Providers ETF IHF
This fund, with net assets worth $1.21 billion, provides exposure to 59 U.S. companies that provide health insurance, diagnostics, and specialized treatment services. Of these, UnitedHealth Group takes the first spot, accounting for a 21.79% share. CVS Health CVS (15.14%) and Elevance Health (6.84%) hold the second and third positions in this fund, respectively.
IHF has gained 23.6% over the past six months and charges 38 basis points (bps) in fees.
Health Care Select Sector SPDR Fund XLV
This fund, with assets under management worth $42.54 billion, provides exposure to 60 companies from pharmaceuticals; health care equipment and supplies, health care providers and services, biotechnology; life sciences tools and services, and health care technology industries. Of these, UnitedHealth Group takes the fourth spot, accounting for a 6.59% share. Pharma giants Eli Lily LLY (16.08%), Johnson & Johnson JNJ (10.70%) and AbbVie ABBV (7.78%) hold the top three spots in this fund.
XLV has surged 5.4% over the past six months and charges 8 bps in fees.
iShares U.S. Healthcare ETF IYH
This fund, with net assets worth $3.37 billion, provides exposure to 100 U.S. healthcare equipment and services, pharmaceuticals, and biotechnology companies. Of these, UnitedHealth Group takes the fourth spot, accounting for a 6.25% share. LLY (15.71%), JNJ (10.44%) and ABBV (7.55%) hold the top three spots in this fund.
IYH has risen 5.5% over the past six months and charges 38 bps in fees.
Vanguard Health Care ETF VHT
With net assets of $17.8 billion, this fund provides exposure to 423 companies engaged in health care equipment manufacturing, health care services, and the research, development, and marketing of pharmaceuticals and biotechnology products. Of these, UnitedHealth Group takes the fourth spot, accounting for a 5.55% share. LLY (14.16%), JNJ (8.87%) and ABBV (6.54%) hold the top three spots in this fund.
VHT has rallied 6.3% over the past six months and charges 9 bps in fees.
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iShares U.S. Healthcare ETF (IYH): ETF Research Reports
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

UnitedHealth Pulls Back Post 52-Week High: Healthcare ETFs to Watch

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in UnitedHealth Group Inc (Symbol: UNH), where a total of 29,526 contracts have traded so far, representing approximately 3.0 million underlying shares. That amounts to about 49.2% of UNH's average daily trading volume over the past month of 6.0 million shares. Particularly high volume was seen for the $165 strike put option expiring August 21, 2026, with 1,630 contracts trading so far today, representing approximately 163,000 underlying shares of UNH. Below is a chart showing UNH's trailing twelve month trading history, with the $165 strike highlighted in orange:
PayPal Holdings Inc (Symbol: PYPL) saw options trading volume of 96,672 contracts, representing approximately 9.7 million underlying shares or approximately 47.7% of PYPL's average daily trading volume over the past month, of 20.2 million shares. Especially high volume was seen for the $75 strike call option expiring August 21, 2026, with 16,216 contracts trading so far today, representing approximately 1.6 million underlying shares of PYPL. Below is a chart showing PYPL's trailing twelve month trading history, with the $75 strike highlighted in orange:
And Applied Materials, Inc. (Symbol: AMAT) saw options trading volume of 49,476 contracts, representing approximately 4.9 million underlying shares or approximately 46.8% of AMAT's average daily trading volume over the past month, of 10.6 million shares. Particularly high volume was seen for the $450 strike put option expiring July 31, 2026, with 2,251 contracts trading so far today, representing approximately 225,100 underlying shares of AMAT. Below is a chart showing AMAT's trailing twelve month trading history, with the $450 strike highlighted in orange:
For the various different available expirations for UNH options, PYPL options, or AMAT options, visit StockOptionsChannel.com.
Further UNH Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Monday Option Activity: UNH, PYPL, AMAT

Tenet Healthcare Corporation THC reported second-quarter 2026 adjusted earnings per share (EPS) of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year.
Net operating revenues advanced 6.8% year over year to $5.63 billion. The top line surpassed the consensus mark by 4.4%.
The strong quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.
Tenet Healthcare Corporation Price, Consensus and EPS Surprise
Inside THC’s Q2 Performance
Adjusted net income of $514 million climbed 39.3% year over year.
Adjusted EBITDA rose 16.3% year over year to $1.3 billion, supported by strong same-facility revenue growth and disciplined expense management despite an unfavorable payer mix stemming from lower exchange admissions. The figure also exceeded our estimate of $1.1 billion. Adjusted EBITDA margin improved 190 basis points year over year to 23.2%.
Salaries, wages and benefits increased 3.3% year over year to $2.2 billion in the second quarter, while supply costs rose 5.6% and net other operating expenses increased 4.9%.
Q2 Segmental Details
Ambulatory Care: The segment’s net operating revenues climbed 9.3% year over year to $1.4 billion in the quarter, driven by strong growth in consolidated same-facility net patient service revenues, contributions from facility acquisitions and an expansion of service lines. The metric topped our estimate by 1.4%.
Adjusted EBITDA was $542 million, which advanced 8.8% year over year. The metric topped our estimate by 6.6%. Adjusted EBITDA margin contracted 20 basis points year over year to 39.0%.
Hospital Operations and Services: The segment recorded net operating revenues of $4.2 billion, which increased 6% year over year, driven by higher adjusted admissions and increased acuity, partly offset by an unfavorable payer mix. The metric beat our model estimate by 5%.
Adjusted EBITDA rose 22.3% year over year to $762 million in the quarter, driven by strong same-facility revenue growth, disciplined expense management and higher Medicaid supplemental revenues. Adjusted EBITDA margin improved 240 basis points year over year to 18.0%.
THC’s Q2 Financial Update
Tenet Healthcare exited the second quarter with cash and cash equivalents of $2.2 billion, which declined from the 2025-end level of $2.9 billion. Total assets of $30.7 billion rose from the 2025-end figure of $29.7 billion.
Long-term debt, net of the current portion, amounted to $13.1 billion, down marginally from the level as of Dec. 31, 2025. The current portion of long-term debt totaled $160 million.
Total shareholders’ equity of $4.7 billion increased from the 2025-end level of $4.2 billion.
THC generated $585 million of net cash from operations, down 37.5% year over year. Free cash flows decreased 43.9% year over year to $417 million in the quarter.
THC’s Share Repurchase Update
THC repurchased 5.7 million common shares for approximately $1 billion in the second quarter of 2026. The board of directors authorized a $2 billion increase to the company's share repurchase program. As of July 23, 2026, it had approximately $2.1 billion remaining under its share repurchase authorization.
THC Raises 2026 Outlook
Net operating revenues are projected to be in the range of $21.9-$22.5 billion, up from the prior guidance of $21.5-$22.3 billion and $21.3 billion reported in 2025. Hospital segment revenues are expected to be in the band of $16.4-$16.8 billion, up from the previous outlook of $16.0-$16.6 billion. The Ambulatory Care segment's revenue guidance remains unchanged at $5.5-$5.7 billion.
Adjusted EBITDA is now expected to be between $4.83 billion and $5.03 billion, up from the prior guidance of $4.485-$4.785 billion and $4.566 billion reported in 2025. The company also raised its adjusted EBITDA margin outlook to 22.1-22.4% from the previous 20.9-21.5%. At the midpoint, the revised guidance implies an improvement over the 2025 margin of 21.4%. Adjusted EPS for 2026 is now anticipated to be in the range of $20.30-$21.69, up from the earlier guidance of $16.38-$18.68.
Net cash provided by operating activities is now expected to be between $3.84 billion and $4.29 billion, while free cash flow is projected to be in the range of $3.14-$3.49 billion. Capital expenditures are estimated to remain between $700 million and $800 million.
Tenet Healthcare currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Other Medical Companies Perform?
Here are some stocks from the broader Medical space that have also reported their quarterly results: HCA Healthcare, Inc. HCA, Elevance Health, Inc. ELV and UnitedHealth Group Incorporated UNH. Here's how they performed:
HCA Healthcare reported second-quarter 2026 adjusted earnings per share of $7.59, which beat the Zacks Consensus Estimate of $7.57. The bottom line advanced 11% year over year. Revenues rose 8.7% year over year to $20.2 billion. The top line was in line with the Zacks Consensus Estimate. HCA’s quarterly results benefited from increased same-facility admissions, solid revenue per equivalent admission and strong emergency room visit growth. However, declining inpatient and outpatient surgeries, along with elevated operating expenses, partially offset these positives.
Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. The top line beat the consensus mark by 2.9%. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.
UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. The top line beat the consensus mark by 1.7%. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength witnessed in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tenet Healthcare Tops Q2 Earnings Estimates, Raises 2026 Outlook

Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the Schwab US Dividend Equity ETF, which added 21,250,000 units, or a 0.7% increase week over week. Among the largest underlying components of SCHD, in morning trading today Abbott Laboratories is up about 1.6%, and UnitedHealth Group is lower by about 0.9%.
And on a percentage change basis, the ETF with the biggest increase in inflows was the CrossingBridge Ultra-Short Duration ETF, which added 220,000 units, for a 37.9% increase in outstanding units. Among the largest underlying components of CUSD, in morning trading today Quetta Acquisition is down about 0.8%, and Flag Ship Acquisition is relatively unchanged.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

UnitedHealth Group Incorporated

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