UnitedHealth Update: The Follow-Up You Were Waiting For

This is a follow-up to my previous breakdown on why UnitedHealth ($UNH) was the most compelling risk-reward in the market. At that time, the stock was trading at $280, trading near 11.64x earnings with a 3.12% dividend yield. We laid out the legal headwinds, the new leadership, the Q1 miss, and the valuation disconnect. And since then? A lot has happened—and almost all of it confirms what we suspected: the smart money sees the same thing.

Today, UnitedHealth is back up to $308 per share, with the P/E now sitting around 12.94x. That re-rating alone—over 10% in share price appreciation—has already rewarded early conviction. But what’s more important is what it suggests: investors are beginning to reprice the risk. Despite legal noise and headline volatility, the underlying business has stayed resilient. It hasn’t taken a major financial hit. Earnings are still expected to exceed $26 per share. The dividend remains intact. And now that we’ve seen insider and institutional confidence kick in, the case for this being a bottom—or at least the beginning of a broader recovery—is getting stronger by the day. A lot has happened—and almost all of it confirms what we suspected: the smart money sees the same thing.