UnitedHealth shares rose 4% to $395.19 after third-quarter 2026 adjusted EPS of $4.69 beat the $4.15 consensus, and management raised its full-year adjusted EPS outlook to at least $20.50. The medical care ratio improved to 88.4% from 89.9%, but this included $610 million of net favorable prior period reserve development, which the article notes may not repeat. Optum Health posted operating earnings of $735 million versus $41 million a year earlier after exiting value-based care markets, though its revenue fell 10%. Membership fell to 48.3 million from 50.1 million and total revenue dipped 0.4% to $112.69 billion, while Medicare Advantage enrollment has dropped by 935,000 since year-end 2025. Elevance Health and Humana each rose about 2%, and $5 billion in share buybacks through September 30 is cited as supporting the bull case.
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