Berkshire Hathaway sold its entire 5 million-share position in UnitedHealth, triggering a premarket decline in the insurer’s stock.
UnitedHealth Group (UNH) shares fell over 3% in premarket trading after Berkshire Hathaway disclosed it exited its entire stake in the health insurer. The conglomerate sold more than 5 million shares in the last quarter, according to a 13F filing released under new CEO Greg Abel.
UnitedHealth has been executing a turnaround plan to address declining profits and regulatory pressures. Despite beating earnings expectations and raising its full-year profit forecast in April, the stock remains sensitive to shifts in major shareholder positions. Year-to-date, UNH is up 19% after a January sell-off tied to Medicare Advantage policy changes.
Berkshire also adjusted other holdings, increasing its stake in Alphabet (GOOGL, GOOG) while exiting its Amazon (AMZN) investment.