UNH options: $33M premium turnover into 2026-08-14; largest line UNH261016C00410000 $6MUNH 期权异动：期权成交额约 $33M，到期 2026-08-14，最大合约 UNH261016C00410000 约 $6M
Options Flow Snapshot
On August 14, 2026, UnitedHealth Group (UNH) posted concentrated options activity, with the nearest standard expiration being August 14, 2026. Total option volume reached 43,518 contracts, with total premium turnover of ~$33 million, equal to 2.4% of the underlying stock’s daily dollar volume. The largest active contract was UNH261016C00410000: a October 16, 2026 call option with a $410 strike price, totaling 4,088 contracts with ~$6 million in premium turnover. The underlying stock traded at $399.29 that day, with an at-the-money (ATM) implied price move of ~1.2%. Near-the-money call average implied volatility (IV) was 76.6%, while put average IV was 44.6%, creating a 32.04 percentage point call-over-put IV skew. The call-to-put volume ratio was 1.20, with 544 near-the-money contracts observed.
Signal Read-Through
This activity represents concentrated call option positioning with a significant upside volatility skew, meaning market participants have built large bullish call positions, with pricing for upside price movement far exceeding downside pricing. Notably, the largest contract is a two-month out-of-cycle option, not a same-day expiry event-driven contract, indicating the positioning reflects a medium-term price outlook rather than a short-term catalyst.
Fundamental and Event Cross-Check
This options activity aligns with recent public fundamentals: UNH beat second-quarter 2026 earnings and revenue estimates on July 16, 2026, with EPS of $6.38 vs. consensus $4.94 and revenue above market forecasts. On August 7, 2026, Optum CEO Patrick Hugh Conway sold 500 UNH shares at a $410 strike price, matching the largest call option’s strike. Institutional holdings stood at 82.7% of float as of December 31, 2025, with 3,389 institutional holders, an increase of 77 from prior periods.
Follow-Up Markers
Key items to monitor include changes in open interest for the $410 October 2026 call option, and the underlying stock’s progress toward the $410 strike price. This signal only reflects current options market pricing structure, and does not confirm actual large-scale capital inflows, nor does it guarantee the stock will reach the $410 strike or deliver the expected implied price move.
期权成交结构
2026年8月14日，联合健康集团（UNH）出现集中期权成交信号：当日标准到期日为2026年8月14日，总期权成交量达43518手，总权利金成交额约3300万美元，期权权利金占当日股票成交额的2.4%。其中最大单笔活跃合约为UNH261016C00410000，即2026年10月16日到期、行权价410美元的看涨期权，成交量4088手，权利金成交额约600万美元。当日标的股票价格为399.29美元，平值期权隐含波动幅度约1.2%，价内/价外附近合约的平均看涨期权隐含波动率为76.6%，看跌期权为44.6%，看涨看跌隐含波动率偏斜达32.04个百分点，看涨看跌成交量比为1.20，共观测到544份价内价外附近合约。
信号含义
该信号属于看涨期权集中持仓叠加显著上行波动率偏斜的结构，反映市场参与者在UNH上集中布局看涨头寸，对标的股价上行空间的定价显著高于下行。值得注意的是，最大活跃合约为2个月后到期的远月期权，而非当日到期的短期事件驱动期权，说明布局并非针对单一短期事件，而是中期股价走势预期。
基本面与事件交叉验证
本信号可与公开基本面交叉验证：UNH在2026年7月16日公布的第二季度财报中，每股收益达6.38美元，超出市场预期的4.94美元，营收也超出市场预期。2026年8月7日，公司Optum部门CEO Patrick Hugh Conway减持500股公司股票，成交价为410美元，与上述看涨期权的行权价一致。截至2025年12月31日，UNH 82.7%的流通股由机构持有，机构总数达3389家，较此前增加77家。
后续关注
后续需关注两点：一是该行权价410美元、2026年10月16日到期的看涨期权的持仓变化，包括平仓、加仓或行权情况；二是UNH股价向410美元靠拢的进度。本信号仅反映期权市场当前的定价结构，无法证明实际大额资金进场，也无法预测股价最终是否会达到行权价或实现预期波动。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。