#rewind
#november

I remembered it worse :D Bitcoin and assets were tough :)

Top Mover

$CI (+3,04%) +12%

$MPW (+1,23%) +11,6%

$6367 (-0,02%) +10,1%

$DG (+1,75%) +8,9%

$AVGO (+4,47%) +8,7%

Loosers

$XS3087774306 (-4,31%) -36,3%

$YMST (-3,91%) -34,5%

$3350 (-1,25%) -18,7%

$BTC (+0,04%) -17,9%

$HIMS (-14,81%) -17,5%

$UNH (+2,49%)
$XDWH (+0,45%)

• Revenue: $113.2B (Est. $113.156B) ✅; +12% YoY
• Adj EPS: $2.92 (Est. $2.84) ✅
• Earnings from Operations: $4.3B; -50% YoY

Raises FY25 Guidance:

• Adj EPS: at least $16.25 (Est. $16.22) ✅
• GAAP EPS: at least $14.90

Q3 UnitedHealthcare (Benefits):

• Revenue: $87.1B (Est. $86.72B) ✅; UP +16% YoY
• Operating Margin: 2.1%
• Consumers Served (U.S.): 50.1M; +795k YoY

Q3 Optum (Health Services)

• Revenue: $69.2B (Est. $67.52B) ✅; UP +8% YoY
• Optum Health Revenue: $25.9B; flat YoY
• Optum Insight Revenue: $4.9B; flat YoY
• Optum Rx Revenue: $39.7B; UP +16% YoY
• Optum Rx Adjusted Scripts: 414M (407M last year)

Other Metrics:

• Operating Cash Flow: $5.9B
• Medical Care Ratio (MCR): 89.9% (85.2% a year ago)
• Operating Cost Ratio: 13.5% (13.2% a year ago)
• Net Margin: 2.1%
• Debt-to-Capital Ratio (9/30/25): 44.1%

Comment:

🔸 "We remain focused on strengthening our performance and positioning for sustained and accelerated growth in 2026 and beyond, and our results this quarter reflect the solid execution of this objective."

🔸 Amedisys transaction completed on August 14, 2025; ongoing investments to support future growth.

#earning
#quartalszahlen

$CVS (+4,78%)
$ELV (+2,94%)
$US60855R1005 (+2,01%)
$OSCR (+5,22%)
$CI (+3,04%)

$UNH (+2,49%)
$BRK.B (+2,47%)
$BRK.A (+2,58%)

Buffett has probably bought far more than the stated 5 million shares of $UNH (+2,49%) probably much more.

This can be concluded from the fact that Berkshire Hathaway no longer requires a confidentiality note for the current quarter.

Today's 13F only covers transactions through June 30, we don't know how much he bought after that.

The closing price on this day for $UNH (+2,49%) was $311.97.

In between there are another 45 days where the price has mostly fallen further.

Therefore, confidential treatment of $BRK.B (+2,47%) is no longer necessary.

We will find out exactly how much he has collected in 3 months, but I believe that he was not satisfied with the initial purchase with the share price continuing to fall and so much cash on hand 💪

Other buyers:

• Tepper
• Burry
• Simons - Renaissance

$CNC (+2,39%)
$OSCR (+5,22%)
$CVS (+4,78%)
$CI (+3,04%)
$ELV (+2,94%)

$CNC (+2,39%)

Next sale in the health insurance sector ?

🔹 Revenue: USD 48.74 billion (estimated USD 44.24 billion) ✅

🔹 Adjusted earnings per share: ( USD 0.16) (estimated USD 0.23) ❌

🔹 Health insurance ratio: 93.0% (estimated 91.6%) ❌ ; increase of +5.4 percentage points compared to the previous year

🔹 Total income from premiums and services: USD 42.47 billion; increase of 18% compared to the previous year

🔹 Selling and administrative expenses ratio: 7.1 %

Segment revenue:

🔹 Medicaid: USD 21.72 billion; increase of 7% compared to the previous year

Commercial: USD 10.07 billion; increase of 18% compared to the previous year

🔹 Medicare: USD 9.45 billion; increase of 58% compared to the previous year

🔹 Other: USD 1.22 billion; increase of 1% compared to the previous year

Other metrics

🔹 Cash flow from operating activities: USD 1.79 billion

🔹 Payability days for claims: 47 days

CEO comment:

➡️ "We are disappointed with our second quarter results, but have a clear understanding of the trends that impacted our performance and are working diligently and with focus to restore our earnings performance." - Sarah M. London

➡️ "Despite the changing landscape, we believe the staying power of Medicaid, Medicare and the Individual Marketplace is stronger than ever." - Sarah M. London

$UNH (+2,49%)
$US60855R1005 (+2,01%)
$CVS (+4,78%)
$CI (+3,04%)
$XDWH (+0,45%)

$UNH (+2,49%)

$UNH (+2,49%) has not experienced two consecutive years of negative returns since 1987.

Who is still invested here, who is buying, what are your assessments? 🤔

In my opinion, a lot of negative things are already priced in here.

• There is no evidence for the accusations
• Every accusation is contradicted and more openness is also suggested
• They are regularly reviewed and nothing negative has been found
• Bad "old" news is constantly being rehashed which has already been dismissed as unfounded and unproven
• CEO and other insiders have set an example by buying it
• $UNH (+2,49%) is one of the largest employers in the US and also system relevant
• Medicare/Medicaid accounts for only 15% of revenue
• Outlook/expectations have already been reduced
• Historically high dividend yield of just under 3%
• Possible penalties already priced in in my opinion

yes, of course there is still downside potential, but the risk/reward ratio is already very attractive

The entire sector has similar ways of working and a decline/reduction in Medicare could $UNH (+2,49%) as the top dog in the private sector could even play into its hands.

UnitedHealth Group $UNH (+2,49%) has traded at the largest deviation from the S&P 500 price-to-earnings ratio since its IPO ...

This stock has literally NEVER been this cheap relative to the S&P 500.

Incredibly exciting to follow the story.

$CNC (+2,39%)
$CVS (+4,78%)
$OSCR (+5,22%)
$HUM
$CI (+3,04%)
$ELV (+2,94%)
$XDWH (+0,45%)

$CNC (+2,39%)
$CI (+3,04%)
$OSCR (+5,22%)
$UNH (+2,49%)
$HUM
$CVS (+4,78%)

$CNC (+2,39%) Centene has withdrawn its earnings guidance for 2025 after new data showed significantly higher morbidity and lower than expected growth in the Marketplace business. This resulted in a decline in net revenue from risk adjustment of approximately $1.8 billion and a decline in earnings of approximately $2.75 per share. Medicaid costs are also rising, particularly in the areas of mental health, home care and expensive drugs in states such as New York and Florida. $CNC (+2,39%) plans a price correction for 2026 and will provide more information in its Q2 results on July 25.

Oscar Health $OSCR (+5,22%) is also down due to its high presence in this area, as are other insurance stocks such as $HUM , $CI (+3,04%) and $UNH (+2,49%) . $CNC (+2,39%) will announce further details on its Q2 results on July 25.

Centene $CNC (+2,39%) has withdrawn its forecast for 2025 due to rising ACA/Medicaid costs. (The Affordable Care Act (ACA), also known as ObamacareACA) accounts for 72% of the business of $CNC (+2,39%) business.

$UNH (+2,49%) has withdrawn from many ACA markets and it now accounts for only a small part of their business.

$CNC (+2,39%) also reported that Medicare Advantage plans are doing better than expected, could be a positive for $UNH (+2,49%) positive as many people now have to self-insure.

$UNH (+2,49%)

19 purchases in 2025, some already in the red

$CVS (+4,78%)
$OSCR (+5,22%)
$CI (+3,04%)
$HUM
$CNC (+2,39%)
$ELV (+2,94%)

$UNH (+2,49%)

Supplementary information/further research:

ESPP programs have a contribution limit of $25,000 per year per employee under IRS 423c. You cannot buy unlimited shares. This buying pressure is negligible for price movements (especially long term).

In addition, the buying power is split between two purchase dates.

The participation rate of $UNH (+2,49%) employees in the ESPP is unlikely to be anywhere near 100% and some employees will often sell their shares on the same day they buy them as there is no holding period.

Here are more insights from Mr. Peter Ottavio on UNH/Optum Rx and Optum Health:

(For those who are interested)

These are just a few of the many reasons why I love working at this company as a partner/physician of OptumHealth/UHG. UNH functions more like three efficient companies in one.

OptumHealth is a subsidiary of UnitedHealth Group and focuses on healthcare delivery, population health management and technology-enabled services. With approximately 90,000 physicians and 40,000 healthcare providers, it is the largest provider network in the country. This size provides providers with the resources they need to care for patients efficiently and effectively. Of all the health systems I've worked for, I've never had the resources to care for a sick patient so effectively. In addition, I have never experienced such tremendous growth of a provider network during my three years here.

If a patient comes to me with a cough, I can immediately have x-rays and blood work done in the same building without authorization or delay. The patient then comes back into the hallway to review the images and discuss the next steps in treatment. In the unlikely event that a lung tumor is detected, I can have a CT scan of the chest performed immediately on campus (or off campus if the patient wishes) on the same day and come back the same day to discuss the next steps. If a PET scan is then required, I can have this done as soon as possible. I can honestly say that I have never been refused a CT or PET scan for valid reasons.

OptumRx is the pharmacy benefit management and pharmacy supply arm of UnitedHealth Group and is one of the largest mail-order pharmacies in the country. OptumRx often provides necessary medications affordably and efficiently. The choice is up to the patient, but for long-term therapy, many choose this route.

The sad news about Brian Thompson has hit us hard. While I have heard many good things about him, the role of the insurance arm of the company is not one of my responsibilities.

I have watched countless hours of interviews and presentations by Hemsley and would liken him to Steve Jobs as the true expert on these companies and would definitely welcome him back.

Regarding ESPP.

UnitedHealth Group's Employee Stock Purchase Plan (ESPP) allows eligible employees of UnitedHealth Group (UHG), including its subsidiaries such as UnitedHealthcare, to purchase UHG common stock (traded under the symbol UNH) at a discounted price through payroll deductions. Employees who elect to do so will receive six months of regular payroll deductions from January 2 through July 1 and from July 2 through January 1. These payroll deductions are accumulated in an escrow account and purchased on July 1 at a discounted rate at the same time. Our portfolio books the purchase on the following day.

None of this is financial advice, but for those of you who have requested information on the role of UHG companies and their ESPP, this is the well-documented and non-confidential information provided.

$OSCR (+5,22%)
$CVS (+4,78%)
$CI (+3,04%)