UnitedHealth Stock
The managed care stock has been trading above or below multiple buy points in recent weeks, including 304.10. But UnitedHealth stock had been hitting resistance at its old highs, with an alternate entry of 306.81. On June 5, UNH stock closed above that old high for the first time.
The outperformance of UNH stock is reflected in its relative strength line. It is well above February levels, though it is just below its April 16 peak, amid the Covid-19 relief rally.
UnitedHealth stock has been leading a move among managed care stocks, which are showing strength as the coronavirus stock market rally rotates beyond big tech.
UNH stock has a strong IBD Composite Rating of 95 out of a possible 99. The Stock Checkup Tool shows earnings have grown by an average 22% over the past three years. This is good for such a big company, even though it is just below CAN SLIM requirements of 25%.
Its potent mix of stock market and earnings performance has seen it added to the Long-Term Leaders list.
After topping first quarter estimates with "minimal impact" from Covid-19, UnitedHealth maintained full-year earnings guidance, predicting positive and negative effects to roughly offset.
UnitedHealth is not a high-growth tech name, but that can be a plus. Its status as a Long-Term Leader and as a non-tech company means it can offer balance to a portfolio that is heavy on volatile growth stocks.
Reprint from Investor's Business Daily. All copyrights are reserved by the original author.
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