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Why UnitedHealth (UNH) Stands Tall Amid All the Noise

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UnitedHealth Group Inc. (UNH - Free Report) , a leading player of the medical health maintenance organization has always lived up to the high standards that has set. The company has been able to beat all kinds of industry odds to emerge as a winner. Its share price says it all.

Let’s take a look at how the company’s share price shaped up in various scenarios. Since the passage of Obamacare in Mar 2010 –– the most significant reform that the industry faced in recent times –– the stock has gained 395.1% to date, easily outperforming the gain of 265% clocked by the Zacks categorized Medical Health Maintainence Organisation industry. It also stayed ahead of the other players in the industry such as Aetna Inc. , Humana Inc. (HUM - Free Report) , Cigna Corp. (CI - Free Report) , Anthem Inc. that saw gains of 261.1%, 324.6%, 284.7% and 129.8% respectively during the same timeframe.

The reform put a bridle on players in the form of a number of provisions – such as provision of coverage for pre-existing disease, limit on raising premium rates, maintenance of minimum medical ratios which were not so friendly in terms of business. The company, however, could turn the tide in its favor by expanding its health services segment, named Optum, which was outside the purview of the health care reform act. Since the passage of the ACA, the segment has seen rapid organic and inorganic growth. The segment is expected to generate nearly 30–40% operating income over the longer term.  

Post Obamacare, the company also diversified geographically by acquiring Amil in Brazil. Other strengths of the company are its growing book of Medicaid and Medicare Advantage (MA) business, increasing ACO footprint and growing international presence, which helps it to control expense, and a solid balance sheet, which leads to efficient capital management.

While it’s not that the company did not face any rough patch with the reform,  it was quick to take a retaliatory action. UnitedHealth stubbed its toes with losses from the individual public exchange business (loss of $850 million expected in 2017) and decided to exit 31 public exchanges out of 34 it was present in.

By diversifying its revenues, the company has made itself a relatively "safe" stock in an increasingly uncertain industry driven by the Trump administration and pending changes that he might bring in. This is also evident by the share price movement.

The stock of UnitedHealth has gained 13.8% since the election of the new president, once again outshining gains of 5.2%, 12.5%, 1.7% and 7.7% witnessed by other players such as Aetna, Anthem, Cigna and Humana respectively. The Zacks categorized Medical Health Maintainence Organisation industry has logged a gain of 13% in the same timeframe.

Going forward, the stock is expected to maintain its upward trajectory given the positive sentiments surrounding the stock in view of the recent strong earnings guidance issued for 2017.

UnitedHealth carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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