<p><strong>联合健康集团</strong>(UNH -0.01%) 多年来一直是一只稳健的股息增长股票。一般来说，由于股票价值的上升，其收益率一直相对较低。尽管这家医疗保险巨头不断提高股息，但其收益率并没有特别高或引人注目。</p>
<p>然而，随着联合健康的股票近期出现暴跌，这种情况发生了变化。在本周交易开始时，该股票的收益率约为 3.5%——接近 <strong>标准普尔 500</strong> 指数平均值 1.2% 的三倍。这对于联合健康来说并不典型。对于股息投资者来说，现在是否是加仓这只被打压股票的理想时机？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2ODUvYS1wZXJzb24tcmVjZWl2aW5nLWEtdmFjY2luZS1mcm9tLWEtbnVyc2UuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2ODUvYS1wZXJzb24tcmVjZWl2aW5nLWEtdmFjY2luZS1mcm9tLWEtbnVyc2UuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>联合健康的收益率通常低于 2%</h2>
<p>过去投资联合健康股票的主要原因是其显著的增长以及在医疗行业中扮演的关键角色。尽管其股息在增长，但由于联合健康的收益率通常不高，因此这并没有提供很大的购买激励。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c87067774a8dec23c1b74d2bad460574.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c87067774a8dec23c1b74d2bad460574.png"/></p>
<p>数据来源：YCharts。</p>
<p>由于投资者对其在医疗改革和成本上升背景下的增长前景感到担忧，联合健康的股票今年已经损失了一半的价值。这一价值的急剧下降对其收益率产生了相反的影响。</p>
<p>这是因为，在其他条件相同的情况下，股价下跌意味着投资者以更便宜的价格获得相同的股息，从而导致收益率上升。尽管收益率的上升可能引发警报，但股息看起来仍然完全安全，因为联合健康的派息比率低于 40% 的收益。</p>
<p>然而，股票的暴跌可能还没有结束。</p>
<h2>联合健康继续面临高成本和不确定性</h2>
<p>尽管联合健康今年继续扩大业务，销售额也有所增加，但问题在于利用率和成本的上升。在最近结束的季度中，该公司的销售额同比增长 13%，达到 1116 亿美元，略高于分析师预期的 1115 亿美元。但调整后的每股收益为 4.08 美元，远低于华尔街预期的 4.48 美元。</p>
<p>公司今年还经历了首席执行官的更换。（安德鲁·维蒂辞职，前首席执行官斯蒂芬·赫姆斯利接任。）</p>
<p>一些投资者可能会将其视为积极的变化，考虑到涉及该业务的所有动荡，包括司法部对其账单做法的调查。但这也是在决定是否投资该股票时需要考虑的另一个因素。管理层的更换可能有助于改变下跌股票的方向，但也可能预示着未来面临重大挑战，这可能难以应对。</p>
<h2>现在投资联合健康集团股票合适吗？</h2>
<p>联合健康的股票交易价格大幅折扣——不到其过去收益的 11 倍。相比之下，标准普尔 500 指数的平均股票交易的市盈率约为 25 倍。显然，目前购买该股票的犹豫不决，因为投资者担心这可能是该业务漫长而艰难的道路——而且最糟糕的情况可能仍在后头。</p>
<p>没有保证这就是底部，联合健康的股票也可能进一步下跌。但其当前价格可能值得购买，因为它已经大幅折扣，预期极低。</p>
<p>联合健康可能正经历利用率上升和成本增加，但我相信市场对最近几个月的负面新闻反应过度。如果你耐心并愿意长期持有，这家公司可能是一只值得购买的好股票，尤其是考虑到其高收益率。</p>

联合健康

<p>联合健康的股息收益率已达到约 3.5%，显著高于标准普尔 500 指数的平均水平 1.2%。这一增长归因于股票价值的急剧下降，今年由于对增长前景和成本上升的担忧，股价已下跌了一半。尽管面临挑战，包括首席执行官的更换和持续的调查，公司仍然保持稳定的股息，派息比率低于 40%。该股票的市盈率较低，表明对于愿意应对当前不确定性的长期投资者来说，可能是一个不错的买入机会</p>

<p><strong>UnitedHealth Group</strong>(UNH -0.01%) has been a solid dividend growth stock for years. Generally, its yield has been fairly low, due to the stock's rising value. Even as the healthcare insurance giant has grown its dividend, its yield hasn't been particularly high or noteworthy.</p>
<div class="lb-trans"><p><strong>联合健康集团</strong>(UNH -0.01%) 多年来一直是一只稳健的股息增长股票。一般来说，由于股票价值的上升，其收益率一直相对较低。尽管这家医疗保险巨头不断提高股息，但其收益率并没有特别高或引人注目。</p>
</div><p>However, with shares of UnitedHealth in a tailspin of late, that's changed. Entering trading this week, the stock's yield was around 3.5% -- close to three times the <strong>S&amp;P 500</strong> average of 1.2%. That's not typical for UnitedHealth. Could this be an ideal time for dividend investors to load up on this beaten-down stock?</p>
<div class="lb-trans"><p>然而，随着联合健康的股票近期出现暴跌，这种情况发生了变化。在本周交易开始时，该股票的收益率约为 3.5%——接近 <strong>标准普尔 500</strong> 指数平均值 1.2% 的三倍。这对于联合健康来说并不典型。对于股息投资者来说，现在是否是加仓这只被打压股票的理想时机？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2ODUvYS1wZXJzb24tcmVjZWl2aW5nLWEtdmFjY2luZS1mcm9tLWEtbnVyc2UuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828685%2Fa-person-receiving-a-vaccine-from-a-nurse.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>UnitedHealth's yield has generally been less than 2%</h2>
<div class="lb-trans"><h2>联合健康的收益率通常低于 2%</h2>
</div><p>The big reason for investing in UnitedHealth stock in the past has been its sheer growth and the key role it plays in the healthcare industry. Its dividend, while it has been growing, was a nice bonus but didn't offer a huge incentive to buy the stock, given that UnitedHealth's yield was generally not that high.</p>
<div class="lb-trans"><p>过去投资联合健康股票的主要原因是其显著的增长以及在医疗行业中扮演的关键角色。尽管其股息在增长，但由于联合健康的收益率通常不高，因此这并没有提供很大的购买激励。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c87067774a8dec23c1b74d2bad460574.png" alt="" original-src="https://media.ycharts.com/charts/c87067774a8dec23c1b74d2bad460574.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>UnitedHealth stock has lost half of its value this year as investors became worried about its prospects for growth amid healthcare reform and rising costs. That drastic decline in value has had the opposite effect on its yield.</p>
<div class="lb-trans"><p>由于投资者对其在医疗改革和成本上升背景下的增长前景感到担忧，联合健康的股票今年已经损失了一半的价值。这一价值的急剧下降对其收益率产生了相反的影响。</p>
</div><p>This happens because, with all things being equal, a drop in share price means investors are collecting the same dividend for a cheaper price, resulting in a higher yield. While a rising yield might raise alarm bells, the dividend still looks completely safe, as UnitedHealth's payout ratio is less than 40% of earnings.</p>
<div class="lb-trans"><p>这是因为，在其他条件相同的情况下，股价下跌意味着投资者以更便宜的价格获得相同的股息，从而导致收益率上升。尽管收益率的上升可能引发警报，但股息看起来仍然完全安全，因为联合健康的派息比率低于 40% 的收益。</p>
</div><p>However, the stock's tailspin may not be over just yet.</p>
<div class="lb-trans"><p>然而，股票的暴跌可能还没有结束。</p>
</div><h2>UnitedHealth continues to battle high costs and uncertainty</h2>
<div class="lb-trans"><h2>联合健康继续面临高成本和不确定性</h2>
</div><p>Although UnitedHealth continued to grow its business this year and sales increased, the problem has been rising utilization rates and costs. During its most recent quarter, which ended on June 30, the company's sales rose by 13% year over year to $111.6 billion, which came in slightly higher than analyst expectations of $111.5 billion. But adjusted earnings per share of $4.08 were nowhere near Wall Street projections of $4.48.</p>
<div class="lb-trans"><p>尽管联合健康今年继续扩大业务，销售额也有所增加，但问题在于利用率和成本的上升。在最近结束的季度中，该公司的销售额同比增长 13%，达到 1116 亿美元，略高于分析师预期的 1115 亿美元。但调整后的每股收益为 4.08 美元，远低于华尔街预期的 4.48 美元。</p>
</div><p>The company also saw a change in CEO this year. (Andrew Witty resigned, and previous CEO, Stephen Hemsley, took over.)</p>
<div class="lb-trans"><p>公司今年还经历了首席执行官的更换。（安德鲁·维蒂辞职，前首席执行官斯蒂芬·赫姆斯利接任。）</p>
</div><p>Some investors may see it as a positive change given all the turmoil involving the business, including the Department of Justice investigating its billing practices. But it's yet another factor to consider when deciding whether to invest in the stock. A change in management may help alter the direction of a falling stock, but it also may point to significant challenges ahead, which may be difficult to navigate.</p>
<div class="lb-trans"><p>一些投资者可能会将其视为积极的变化，考虑到涉及该业务的所有动荡，包括司法部对其账单做法的调查。但这也是在决定是否投资该股票时需要考虑的另一个因素。管理层的更换可能有助于改变下跌股票的方向，但也可能预示着未来面临重大挑战，这可能难以应对。</p>
</div><h2>Is UnitedHealth Group stock a good buy right now?</h2>
<div class="lb-trans"><h2>现在投资联合健康集团股票合适吗？</h2>
</div><p>UnitedHealth stock trades at a steep discount -- less than 11 times its trailing earnings. By comparison, the average S&amp;P 500 stock trades at a price-to-earnings multiple of around 25. There's clearly a great deal of hesitance in buying the stock right now, as investors are fearful that this may be a long and difficult path ahead for the business -- and perhaps the worst may still be to come.</p>
<div class="lb-trans"><p>联合健康的股票交易价格大幅折扣——不到其过去收益的 11 倍。相比之下，标准普尔 500 指数的平均股票交易的市盈率约为 25 倍。显然，目前购买该股票的犹豫不决，因为投资者担心这可能是该业务漫长而艰难的道路——而且最糟糕的情况可能仍在后头。</p>
</div><p>There's no guarantee that this is the bottom, and UnitedHealth's stock can't go even lower. But its current price might make it worth buying, as it's already heavily discounted and expectations are incredibly low.</p>
<div class="lb-trans"><p>没有保证这就是底部，联合健康的股票也可能进一步下跌。但其当前价格可能值得购买，因为它已经大幅折扣，预期极低。</p>
</div><p>UnitedHealth may be experiencing a surge in utilization rates and higher costs, but I believe the market has overreacted to a lot of bad press in recent months. The company is a potentially good stock to buy if you're patient and willing to hang on for the long haul, especially given its high yield.</p>
<div class="lb-trans"><p>联合健康可能正经历利用率上升和成本增加，但我相信市场对最近几个月的负面新闻反应过度。如果你耐心并愿意长期持有，这家公司可能是一只值得购买的好股票，尤其是考虑到其高收益率。</p>
</div>

联合健康的股息收益率达到历史新高。现在是否应该购买这只股票？