Buffett's Berkshire acquires 5 million shares in UnitedHealth

Published 2 months ago Neutral
Buffett's Berkshire acquires 5 million shares in UnitedHealth
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(Reuters) -Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) has acquired 5 million shares in UnitedHealth Group, (UNH) a regulatory filing showed on Thursday, sending the health insurer's stock up 13% before the bell on Friday.

Billionaire investor Buffett owned about 1.18 million shares in UnitedHealth between 2006 and 2009, before selling his entire stake in 2010 amid a broader retreat from health insurers.

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The investment comes as UnitedHealth faces soaring medical costs, federal investigations, the fallout of the killing of a top executive and a cyberattack last year.

The healthcare conglomerate has signaled prolonged pain with a new, far lower profit forecast as it sees billions of additional costs in the upcoming quarters.

Shares of the Dow component have slumped 46% so far this year.

(Reporting by Christy Santhosh in Bengaluru; Editing by Alan Barona and Sriraj Kalluvila) Sign up for Yahoo Finance Daily Movers

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