UnitedHealth's leadership is showcasing confidence in the company's prospects as newly appointed CEO, Stephen Hemsley, makes a bold financial commitment. Hemsley has invested $25 million in the company by purchasing 86,700 shares at an average price of $288.57 each. This strategic move comes in the wake of a substantial 20% decline in UNH's stock price, coinciding with ongoing Department of Justice investigations.
After taking over the leadership of the Eden Prairie, Minnesota-based healthcare firm on Tuesday, abruptly replacing former CEO Andrew Witty, Hemsley added 86.7K UnitedHealth shares on Friday for $288.57 apiece on average.
Hemsley, who previously led the company from 2016 to 2017, has boosted his company holdings by ~8% to ~1.1M shares through the transaction valued at just above $25M, according to a regulatory filing submitted late Friday.
Meanwhile, UnitedHealth’s CFO John Rex has joined insider buying, adding about 17.2K UNH shares for $291.12 apiece on Friday, increasing his stake by ~9% to ~210.6K shares, in a deal valued at roughly $5M.
Their transactions followed several purchases by three UnitedHealth directors, who bought over $1.6M worth of UNH shares on Wednesday and Thursday as the stock fell amid its sudden CEO transition and a report about a DoJ criminal probe against the company.
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