<p><strong>聯合健康集團</strong>(UNH -0.01%) 多年來一直是一隻穩健的股息增長股票。一般來説，由於股票價值的上升，其收益率一直相對較低。儘管這家醫療保險巨頭不斷提高股息，但其收益率並沒有特別高或引人注目。</p>
<p>然而，隨着聯合健康的股票近期出現暴跌，這種情況發生了變化。在本週交易開始時，該股票的收益率約為 3.5%——接近 <strong>標準普爾 500</strong> 指數平均值 1.2% 的三倍。這對於聯合健康來説並不典型。對於股息投資者來説，現在是否是加倉這隻被打壓股票的理想時機？</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>圖片來源：Getty Images。</p>
<h2>聯合健康的收益率通常低於 2%</h2>
<p>過去投資聯合健康股票的主要原因是其顯著的增長以及在醫療行業中扮演的關鍵角色。儘管其股息在增長，但由於聯合健康的收益率通常不高，因此這並沒有提供很大的購買激勵。</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>數據來源：YCharts。</p>
<p>由於投資者對其在醫療改革和成本上升背景下的增長前景感到擔憂，聯合健康的股票今年已經損失了一半的價值。這一價值的急劇下降對其收益率產生了相反的影響。</p>
<p>這是因為，在其他條件相同的情況下，股價下跌意味着投資者以更便宜的價格獲得相同的股息，從而導致收益率上升。儘管收益率的上升可能引發警報，但股息看起來仍然完全安全，因為聯合健康的派息比率低於 40% 的收益。</p>
<p>然而，股票的暴跌可能還沒有結束。</p>
<h2>聯合健康繼續面臨高成本和不確定性</h2>
<p>儘管聯合健康今年繼續擴大業務，銷售額也有所增加，但問題在於利用率和成本的上升。在最近結束的季度中，該公司的銷售額同比增長 13%，達到 1116 億美元，略高於分析師預期的 1115 億美元。但調整後的每股收益為 4.08 美元，遠低於華爾街預期的 4.48 美元。</p>
<p>公司今年還經歷了首席執行官的更換。（安德魯·維蒂辭職，前首席執行官斯蒂芬·赫姆斯利接任。）</p>
<p>一些投資者可能會將其視為積極的變化，考慮到涉及該業務的所有動盪，包括司法部對其賬單做法的調查。但這也是在決定是否投資該股票時需要考慮的另一個因素。管理層的更換可能有助於改變下跌股票的方向，但也可能預示着未來面臨重大挑戰，這可能難以應對。</p>
<h2>現在投資聯合健康集團股票合適嗎？</h2>
<p>聯合健康的股票交易價格大幅折扣——不到其過去收益的 11 倍。相比之下，標準普爾 500 指數的平均股票交易的市盈率約為 25 倍。顯然，目前購買該股票的猶豫不決，因為投資者擔心這可能是該業務漫長而艱難的道路——而且最糟糕的情況可能仍在後頭。</p>
<p>沒有保證這就是底部，聯合健康的股票也可能進一步下跌。但其當前價格可能值得購買，因為它已經大幅折扣，預期極低。</p>
<p>聯合健康可能正經歷利用率上升和成本增加，但我相信市場對最近幾個月的負面新聞反應過度。如果你耐心並願意長期持有，這家公司可能是一隻值得購買的好股票，尤其是考慮到其高收益率。</p>

聯合健康

<p>聯合健康的股息收益率已達到約 3.5%，顯著高於標準普爾 500 指數的平均水平 1.2%。這一增長歸因於股票價值的急劇下降，今年由於對增長前景和成本上升的擔憂，股價已下跌了一半。儘管面臨挑戰，包括首席執行官的更換和持續的調查，公司仍然保持穩定的股息，派息比率低於 40%。該股票的市盈率較低，表明對於願意應對當前不確定性的長期投資者來説，可能是一個不錯的買入機會</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>聯合健康集團</strong>(UNH -0.01%) 多年來一直是一隻穩健的股息增長股票。一般來説，由於股票價值的上升，其收益率一直相對較低。儘管這家醫療保險巨頭不斷提高股息，但其收益率並沒有特別高或引人注目。</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，隨着聯合健康的股票近期出現暴跌，這種情況發生了變化。在本週交易開始時，該股票的收益率約為 3.5%——接近 <strong>標準普爾 500</strong> 指數平均值 1.2% 的三倍。這對於聯合健康來説並不典型。對於股息投資者來説，現在是否是加倉這隻被打壓股票的理想時機？</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>圖片來源：Getty Images。</p>
</div><h2>UnitedHealth's yield has generally been less than 2%</h2>
<div class="lb-trans"><h2>聯合健康的收益率通常低於 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>過去投資聯合健康股票的主要原因是其顯著的增長以及在醫療行業中扮演的關鍵角色。儘管其股息在增長，但由於聯合健康的收益率通常不高，因此這並沒有提供很大的購買激勵。</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>數據來源：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>由於投資者對其在醫療改革和成本上升背景下的增長前景感到擔憂，聯合健康的股票今年已經損失了一半的價值。這一價值的急劇下降對其收益率產生了相反的影響。</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>這是因為，在其他條件相同的情況下，股價下跌意味着投資者以更便宜的價格獲得相同的股息，從而導致收益率上升。儘管收益率的上升可能引發警報，但股息看起來仍然完全安全，因為聯合健康的派息比率低於 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，股票的暴跌可能還沒有結束。</p>
</div><h2>UnitedHealth continues to battle high costs and uncertainty</h2>
<div class="lb-trans"><h2>聯合健康繼續面臨高成本和不確定性</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>儘管聯合健康今年繼續擴大業務，銷售額也有所增加，但問題在於利用率和成本的上升。在最近結束的季度中，該公司的銷售額同比增長 13%，達到 1116 億美元，略高於分析師預期的 1115 億美元。但調整後的每股收益為 4.08 美元，遠低於華爾街預期的 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>公司今年還經歷了首席執行官的更換。（安德魯·維蒂辭職，前首席執行官斯蒂芬·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>一些投資者可能會將其視為積極的變化，考慮到涉及該業務的所有動盪，包括司法部對其賬單做法的調查。但這也是在決定是否投資該股票時需要考慮的另一個因素。管理層的更換可能有助於改變下跌股票的方向，但也可能預示着未來面臨重大挑戰，這可能難以應對。</p>
</div><h2>Is UnitedHealth Group stock a good buy right now?</h2>
<div class="lb-trans"><h2>現在投資聯合健康集團股票合適嗎？</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>聯合健康的股票交易價格大幅折扣——不到其過去收益的 11 倍。相比之下，標準普爾 500 指數的平均股票交易的市盈率約為 25 倍。顯然，目前購買該股票的猶豫不決，因為投資者擔心這可能是該業務漫長而艱難的道路——而且最糟糕的情況可能仍在後頭。</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>沒有保證這就是底部，聯合健康的股票也可能進一步下跌。但其當前價格可能值得購買，因為它已經大幅折扣，預期極低。</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>聯合健康可能正經歷利用率上升和成本增加，但我相信市場對最近幾個月的負面新聞反應過度。如果你耐心並願意長期持有，這家公司可能是一隻值得購買的好股票，尤其是考慮到其高收益率。</p>
</div>

聯合健康的股息收益率達到歷史新高。現在是否應該購買這隻股票？