UnitedHealth Group Inc. (NYSE: UNH) Director Edson Bueno, earlier this month, bough 8,416,905 shares of UNH common stock.
Bueno is also the CEO of Brazilian healthcare organization Amil Participacoes. He was appointed director of UNH this year following the acquisition of a 90% stake in Amil by UNH. The takeover still requires the approval of the Brazilian government.
UNH shares fell sharply in trading on Wednesday. The stock fell 3.78% to finish the day at $54.26 on above average volume of 13.82 million.
Year-to-date, UNH shares have gained 7.06%, underperforming the S&P 500.
Last month, UNH reported its third-quarter financial results. For the third quarter of 2012, UNH reported consolidated revenue of $27.3 billion, representing an increase of 8% over the same period in the previous year. The company’s earnings from operations for the quarter were $2.6 billion. Net earnings for the quarter were $1.6 billion, or $1.50 per share.
Adjusted cash flow from operations for the quarter was $2.4 billion.
UNH also raised its outlook for 2012 net earnings. The company now expects full-year net earnings to be between $5.20 per share and $5.25 per share. Cash flow from operations for the full-year is expected to be approximately $7 billion.
Stephen J. Hemsley, President and CEO of UnitedHealth, said that UNH’s results were again well balanced across the company’s business groups. Hemsley said that the company continues to focus on day-to-day execution on behalf of all those it serves throughout healthcare, while innovating and strengthening its products and services and broadening its sources of growth for the long-term.
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