UnitedHealth Group (UNH) Stock Update – November 30, 2025: Fresh Valuation Warnings, New Buyers, and Persistent Regulatory Risk

UnitedHealth Group Incorporated (NYSE: UNH) heads into the final weeks of 2025 as one of the most watched – and most controversial – stocks in the Dow. As of the last trading session on Friday, November 28, UnitedHealth closed around $329.77 per share, implying a market capitalization of roughly $299 billion. ^[1]

That price comes after a brutal year: UNH’s year‑to‑date return is around –34.6% and its one‑year total shareholder return is about –44.8%, according to fresh analysis published today by Simply Wall St. ^[2] Yet, in the last week the stock has actually risen about 3%, putting it back on traders’ radar just as new institutional buying and a wave of research notes collide with lingering legal and policy overhangs. ^[3]

Below is a rundown of the current UNH news flow as of November 30, 2025, plus the context that’s shaping how investors interpret it.

1. Price Snapshot: Where UNH Stands Going Into December

Last close (Nov 28, 2025): about $329.77 per share. ^[4]
Market cap: just under $300 billion, placing UnitedHealth among the world’s most valuable healthcare companies and a mega‑cap component of the Dow Jones Industrial Average and the S&P 500. ^[5]
Trend: shares are down roughly 7.2% since the Q3 earnings release, significantly underperforming the S&P 500 over that period. ^[6]
Longer‑term damage: year‑to‑date –34.6%; one‑year total shareholder return –44.8%. ^[7]

In other words, UNH is currently trading like a blue‑chip stock whose halo has been knocked clean off but not yet shattered.

2. Today’s Fresh Coverage (30.11.2025): Valuation, Flows and Sentiment

2.1 Valuation Check: “Is Recent Weakness an Opportunity?”

This morning, Simply Wall St published a new breakdown of UnitedHealth’s recent performance and valuation. The key points: ^[8]

The share price fell 7.2% over the last month, but rebounded 6.4% over the last 90 days, capturing some of the recent bounce.
Despite the short‑term lift, long‑term momentum is still weak, with –34.6% year‑to‑date and –44.8% one‑year total return.
The article frames UNH as a business with powerful fundamentals but a market that is clearly repricing its risk profile.

The takeaway: today’s valuation call doesn’t scream “fallen angel bargain” or “terminal decline” – it reads more like a warning label: cheap for a reason, but maybe too cheap if the worst‑case scenarios don’t play out.

2.2 QuiverQuant: UNH Up 3% This Week and Heavily Tracked

QuiverQuant’s update in the last 24 hours notes that UNH stock rose about 3% this week and has been the second most‑searched ticker on their platform, out of 50 tracked tickers. ^[9]

Their data also highlights the still‑bullish stance from Wall Street:

Bernstein: “Outperform” with a $440 price target (Oct 30).
UBS: “Buy”, target $430 (Oct 29).
Piper Sandler: “Overweight”, target $417 (Oct 29).
RBC Capital: “Outperform”, target $408 (Oct 29).
A series of prior “Buy” and “Overweight” ratings through October from Goldman Sachs, Jefferies and others. ^[10]

So even as the stock looks bruised, the analyst chorus is still more “this hurts but it shouldn’t be this cheap” than “abandon ship.”

2.3 New 13F‑Style Moves: Fresh Buying From Smaller Institutions

A new MarketBeat filing alert today highlights that Pursue Wealth Partners LLC recently purchased 8,066 shares of UnitedHealth, adding to its position. ^[11]

That update lands right after yesterday’s note that Quadrature Capital Ltd boosted its UNH position, reinforcing the idea that some active managers are quietly adding into weakness rather than exiting completely. ^[12]

These are not Berkshire‑scale moves, but alongside Berkshire Hathaway’s previously disclosed new stake in UNH back in August, they fit a broader pattern: some sophisticated investors clearly still want exposure to UnitedHealth, even amid the noise. ^[13]

3. The Q3 2025 Earnings Backdrop: Solid Operations, Ugly Stock Reaction

Most of the current commentary is still orbiting around UnitedHealth’s Q3 2025 earnings and what they imply for 2026 and beyond.

In its official release, UnitedHealth reported: ^[14]

Revenue: about $113.2 billion, up 12% year‑on‑year.
GAAP EPS:$2.59; adjusted EPS:$2.92, beating consensus estimates.
Medical care ratio (MCR):89.9%, matching guidance but elevated versus more placid years.
Raised full‑year 2025 guidance to at least $14.90 in GAAP EPS and $16.25 in adjusted EPS.

Zacks’ recap from November 27 summarized the paradox neatly: earnings beat expectations, but shares have still lost about 7.2% since that report, as investors fret over high medical costs and policy risk. ^[15]

Trefis added more pessimistic color last week, warning that UNH has suffered two separate 30%+ drawdowns within a couple of months in recent years, arguing that the stock is not immune to another sharp leg down if conditions worsen. ^[16]

So today’s articles are largely re‑processing that: operational performance looks resilient; the market still doesn’t fully trust it.

4. Regulatory and Legal Overhang: The Big Shadow on UNH

The most important context for any November 30 update is that regulatory, legal and political risk have become the core of the UNH bear case.

4.1 DOJ Investigation Into Medicare Practices

Back in July, UnitedHealth disclosed that it had proactively contacted the U.S. Department of Justice after media reports about investigations into aspects of its Medicare participation, and that it is now complying with formal criminal and civil requests. The company emphasized that it has “full confidence” in its practices and is cooperating fully. ^[17]

A follow‑up feature earlier this month in Disruption Banking asks bluntly whether the DOJ probe is still active. It cites a Health Affairs study suggesting that UnitedHealthcare pays Optum‑owned practices materially more than outside practices, with the gap widening in markets where UnitedHealth has strong market share – a structure that fuels antitrust and anti‑steering concerns. ^[18]

The article also notes that since the summer, the DOJ has been publicly quiet – no indictments, no charging documents so far – which leaves investors in an uncomfortable limbo: the risk hasn’t gone away, it’s just not quantifiable yet.

4.2 Medicare Advantage Cuts: Dropping a Million Seniors

On November 19, MarketWatch coverage highlighted UnitedHealth’s plan to drop around 1 million Medicare Advantage members, a move the company framed as pruning unprofitable plans and resetting its risk profile after a rough period for the Medicare book. ^[19]

Separate reporting on UnitedHealth scaling back Medicare Advantage offerings, affecting at least 180,000 seniors in 2026, underscores how aggressively the insurer is reshaping its portfolio after soaring medical costs and tighter Star Ratings. ^[20]

From a stock‑market perspective, these cuts are a double‑edged scalpel:

They may improve margins and capital efficiency, especially if they dump high‑cost, low‑margin members.
They also invite political backlash and feed the narrative that major insurers are managing earnings by shrinking access for vulnerable populations.

4.3 Lawsuits: Hospitals, Investors and the Class‑Action Machine

The legal noise around UNH hasn’t gone quiet either:

Ballad Health, a regional health system, has filed a federal lawsuit accusing UnitedHealth of overstating patient illness levels and denying necessary care in a way that manipulated Medicare Advantage payments. ^[21]
A separate securities class action alleges that UnitedHealth misled investors in ways that inflated profits, with lawyers arguing that the company “prioritized profit over patients” and failed to fully disclose risks. ^[22]

These cases are still in early stages, but they add to the perception that UnitedHealth’s vertically integrated empire – combining UnitedHealthcare insurance with Optum’s provider and pharmacy units – is drawing serious legal scrutiny.

5. Buyback Pause, Berkshire Vote of Confidence and the Bull Case

The more optimistic side of today’s discourse leans heavily on capital allocation and long‑term demand for healthcare.

5.1 “Buy Before the Buybacks Resume”

A widely shared Seeking Alpha article from November 20 argues that the market is misreading UnitedHealth’s share buyback pause as a sign of distress. The author contends that: ^[23]

The real issue is a regulatory capital constraint, not outright liquidity risk.
Improving Medicare Star Ratings and exits from certain PPO products should restore margins and free up capital.
When deleveraging and regulatory capital issues are resolved, share repurchases could restart sooner than the market expects, providing a powerful support for EPS growth and the stock price.

In short, the article frames today’s depressed share price as an opportunity ahead of a later capital‑return “unlock.”

5.2 Big‑Money Signals: Berkshire In, Tepper Out (Mostly)

On the “who owns this thing” front, 2025 has been noisy:

Berkshire Hathaway disclosed a new position in UnitedHealth over the summer, giving the stock a classic Warren Buffett halo as a high‑quality cash‑generating business at a discount. ^[24]
More recently, billionaire David Tepper’s hedge fund cut roughly 92% of its UNH position, rotating into other opportunities. ^[25]

Add today’s smaller buying from Pursue Wealth Partners and recent additions from Quadrature Capital, and you get a strangely symmetrical picture: some large, sophisticated players are exiting, while others are building positions. That’s exactly what a market in price discovery looks like.

6. How All This Fits Together for UNH on November 30, 2025

Putting today’s news in context:

The stock: trading around $330 with a ~$299 billion market cap, still deeply down on the year but showing short‑term stabilization and a modest weekly bounce. ^[26]
The bulls focus on:
- Double‑digit revenue growth and an earnings beat in Q3. ^[27]
- Raised full‑year guidance and potential future buyback resumption. ^[28]
- Enduring demand for healthcare, Optum’s scale, and ongoing institutional interest (including Berkshire). ^[29]
The bears emphasize:
- Persistent elevated medical costs and a volatile medical care ratio. ^[30]
- A live DOJ investigation, new research on potentially anticompetitive payment patterns, and a growing pile of lawsuits. ^[31]
- The fact that the market has already taken nearly half the company’s equity value in the last year, and history shows UNH can fall fast when sentiment breaks. ^[32]

Today’s articles don’t fundamentally change that tug‑of‑war – but they sharpen it:

Simply Wall St and Zacks stress that the valuation now bakes in real fear. ^[33]
QuiverQuant and MarketBeat highlight renewed interest and buying activity, plus a still‑bullish analyst backdrop. ^[34]
Prior features on the buyback pause, Medicare Advantage cuts, and DOJ risk explain why that fear exists in the first place. ^[35]

For investors, the November 30 story is not a neat “buy” or “sell” headline. It’s a reminder that UNH has migrated from “boring compounder” to “high‑beta policy stock” – still extraordinarily profitable, but now tightly coupled to Washington, regulators, and judges.

Anyone considering the stock needs to think not just about earnings models and P/E multiples, but about how comfortable they are underwriting legal and political tail risk. That’s where today’s news really points.

UnitedHealth Group Stock is SURGING! (UNH Stock Analysis!)