5 Best Stocks to Buy According to Billionaire Dan Loeb

4. UnitedHealth Group Incorporated (NYSE:UNH)

Third Point Stake: $292,769,000

Percentage of Third Point’s Portfolio: 6.92%

Number of Hedge Fund Holders: 91

UnitedHealth Group Incorporated (NYSE:UNH) is a health insurance provider with over 50 million members worldwide. The fund’s exposure to UnitedHealth Group Incorporated (NYSE:UNH) during the previous quarter decreased by 6%. Third Point’s investment value at the end of Q2 2022 amounts to over $292 million.

On October 14, 2022, UnitedHealth Group Incorporated (NYSE:UNH) announced strong results for Q3 2022.  The company was able to grow its revenue by 11.8% YoY as it reported a topline of $80.9 billion for the quarter, beating the market estimate by $360 million. Moreover, the normalized EPS of $5.79 posted by the company surpassed consensus estimates by $0.35. The management highlighted that the company the new sales and customer retention remained strong during Q3 2022, and the company has a high amount of order backlog to deal with in the coming quarter.

Here is what Distillate Capital has to say about UnitedHealth Group Incorporated (NYSE:UNH) in its Q2 2022 investor letter:

UnitedHealth Group was among the 2 largest trims at around 1% each. Each stock was up 1% in the quarter compared to the 16% price decline for the S&P 500 and the positions were reduced as the valuations became somewhat less appealing, though still attractive enough to warrant inclusion.