UnitedHealth draws DOJ probe, Berkshire exit

Berkshire Hathaway’s sale of its entire UnitedHealth stake put fresh attention on the health insurer this week after a regulatory filing showed the position was gone as of March 31. UnitedHealth shares fell more than 2% on Monday, May 18, after Berkshire’s filing was disclosed, according to Reuters. The move landed against an existing federal investigation that UnitedHealth disclosed in July 2025, when it said it was complying with criminal and civil requests from the U.S. Department of Justice. Public reporting available as of May 19, 2026 did not add new detail on the scope or findings of that DOJ matter. ### What exactly did Berkshire disclose? Berkshire Hathaway said in its latest 13F filing that it held no UnitedHealth shares as of March 31, 2026, ending a position it had first disclosed in August 2025. Reuters reported Berkshire had bought about 5 million shares last year, when UnitedHealth stock had been under pressure and investors viewed the purchase as a vote of confidence. (money.usnews.com) May 18 trading reflected that change. Reuters reported UnitedHealth shares fell more than 2% on Monday after the filing, while Yahoo Finance said the stock declined about 2% from the prior Thursday close after Berkshire’s exit became public. ### Why did Berkshire’s sale draw so much attention? (money.usnews.com) Berkshire’s stock moves often influence other investors because the conglomerate is closely watched for signals on corporate fundamentals and market positioning. Bill Stone, chief investment officer at Glenview Trust Company, told Reuters that Berkshire’s stock moves “tend to have an impact on stocks whether it was Warren Buffett behind the change or not.” (money.usnews.com) Greg Abel, who became Berkshire’s chief executive at the start of 2026, oversaw a broader first-quarter portfolio reshuffle that also included exits from Amazon, Visa and Mastercard, according to Reuters and Yahoo Finance. Reuters cited Morningstar analyst Julie Utterback as saying the UnitedHealth sale likely reflected roster changes at Berkshire more than a new judgment on UnitedHealth itself. (money.usnews.com) ### What is known about the DOJ probe? UnitedHealth said in a July 24, 2025 SEC filing that it was complying with formal criminal and civil requests from the Department of Justice after earlier media reports about a probe into its Medicare practices. The company said at the time that it had “full confidence” in its practices and was working cooperatively with the department. (money.usnews.com) ABC News reported on July 24, 2025 that The Wall Street Journal had previously reported DOJ scrutiny tied to possible Medicare fraud, along with other investigations involving antitrust issues and Medicare billing practices. As of the May 19, 2026 market coverage tied to Berkshire’s exit, the publicly cited reports did not describe new allegations, findings or charges. That is an inference from the absence of added detail in the May 19 coverage, not a statement by the DOJ. (abcnews.com) ### How had UnitedHealth been performing before this? Reuters reported UnitedHealth stock was up about 20% so far in 2026 after falling more than 30% in 2025, when it was the worst performer in the Dow Jones Industrial Average. Yahoo Finance separately put the year-to-date gain at 18.5% in a May 19 article. (abcnews.com) April results had given investors a more positive operating update. Reuters reported UnitedHealth raised its annual profit forecast and beat Wall Street expectations for first-quarter earnings and revenue, while James Harlow of Novare Capital Management told Reuters that Berkshire’s exit did not diminish “the operational turnaround that’s underway.” (money.usnews.com) ### What comes next for investors and regulators to watch? UnitedHealth has not publicly detailed any new DOJ milestone in the reporting tied to Berkshire’s exit, so the next formal update is likely to come through a company filing, court action or Justice Department announcement. Berkshire’s next portfolio snapshot will appear in a future 13F filing, while UnitedHealth’s own disclosures remain the clearest place to watch for any change in the status of the federal investigation. (money.usnews.com) (abcnews.com)