UnitedHealth Group Incorporated (UNH) Benefitted from AI

Mairs & Power, an investment advisor, released the “Mairs & Power Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market began positively in the third quarter but declined in August and September due to rising interest rates. Despite losing some of its gains in the third quarter, the Mairs & Power Growth Fund is still up 12.19% for the year. In contrast, the Morningstar Large Blend category has experienced a 9.74% year-to-date increase while the S&P 500 Total Return (TR) has increased by 13.07%. The sector allocation led the fund to underperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth Fund highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH) in the third quarter 2023 investor letter. Headquartered in Minnetonka, Minnesota, UnitedHealth Group Incorporated (NYSE:UNH) is a diversified healthcare company that operates through UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx segments. On November 27, 2023, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $543.59 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 1.50%, and its shares gained 2.95% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $502.78 billion.

Mairs & Power Growth Fund made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its Q3 2023 investor letter:

“Healthcare is another area that can benefit greatly from AI. In particular, we believe UnitedHealth Group Incorporated (NYSE:UNH) will be able to deliver care more efficiently while improving patient outcomes by utilizing AI. We added to both positions in the quarter.”

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UnitedHealth Group Incorporated (NYSE:UNH) is in 16th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 104 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of third quarter which was 111 in the previous quarter.

We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared Goldman Sachs’ top stock picks for 2024. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.