GetCoattail Research — HUM is the Medicare Advantage insurer that just recovered the quality rating its earnings story runs on — 95% of its members in four-star-or-better plans for 2027 — and jumped 11.6% in a day. The filings describe a register that split in the second quarter, while the price was more than doubling: the two tracked superinvestors who hold it both cut, the full market added 159 filers and 17,735,444 shares, insiders have recorded two purchases and one sale across the whole parsed record, Congress has no row for this stock at all, and the borrow has fallen 55.0% from its June peak.
Start with the narrative. On Thursday, October 8, 2026, the Centers for Medicare & Medicaid Services released its 2027 Medicare Advantage Star Ratings, and Humana said 95% of its Medicare Advantage members will be in plans rated four stars or higher for 2027 — against 25% of members in four-star-or-higher plans for 2025, as reported at the time. The company's largest contract, H5216, covering about 2 million members, moved from 3.5 stars to 4 stars, back above the threshold that unlocks quality bonus payments; the 2027 ratings feed payments in 2028, not in the current year. Shares rose 11.6% on Friday, October 9, closing at $431.87. Analysts moved the same week: Cantor Fitzgerald upgraded the stock to Overweight on October 7 and raised its target from $300 to $460, and on October 9 Baird upgraded it to Outperform and raised its target from $390 to $596 while Barclays raised its target from $515 to $582, keeping Overweight. A MarketBeat count on October 10 put the consensus at Moderate Buy — 20 Buy ratings, 11 Hold and one Sell — with an average target of $445.74. Underneath the ratings story sits a mixed quarter: on July 29, Humana posted second-quarter revenue of $40.87 billion, up 26.2%, with GAAP earnings of $5.73 a share and adjusted earnings of $7.61, affirmed its full-year adjusted guidance of at least $9.00 a share — a figure it reaffirmed again on October 9 — and cut its GAAP guidance from at least $8.36 to at least $6.52. Our own price file, which ends October 2, closes HUM at $388.36 — down 5.2% from its 252-session closing high of $409.80 set on September 11, 2026, up 51.6% year to date, and up 137.3% from its 252-session closing low of $163.67 set on March 12, 2026. The next scheduled tests are the third-quarter report on November 6 and a virtual investor update on December 10.
Now the filings. For HUM — the fifty-fifth Filing Tape audit — the tape shows a two-name tracked cohort that trimmed into the strongest quarter in this price file, a broad register that grew on both counts over the same three months, a 5% register whose largest historical row now prints zero, an insider record with three open-market transactions in total, a congressional lens with no row in any collection, and a borrow that peaked in mid-June and has fallen for five straight settlements.
Lens 1: the superinvestors — two holders, both of them cutting
We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 2 held HUM long — no option rows — totalling 15,343,516 shares worth $6,094,751,426. The direction count, on the collection's own labels, is two decreases and nothing else — no new positions, no increases, no unchanged rows — and the collection's exit list holds no HUM row at all. The cohort total moved from 16,851,655 shares at March 31, across two filing rows, to 15,343,516 at June 30, also across two rows, a change of -8.95%, a difference of -1,508,139 shares.
Both holders are value managers, and the larger one is most of the register. Dodge & Cox Funds holds 10,940,380 shares worth $4,345,737,744, a 2.28% portfolio weight, flagged decreased by 3.9% — 71.3% of the tracked cohort's HUM shares. Richard Pzena - Pzena Investment Management holds 4,403,136 shares worth $1,749,013,682, a 5.13% weight, flagged decreased by 19.5%. Per-holder quarter changes matched by filing continuity agree with the collection's own labels for both continuing holders: Dodge & Cox moved from 11,380,673 shares at March 31 to 10,940,380 at June 30, and Pzena from 5,470,982 to 4,403,136. The cohort's implied price, $397.22 per share, sits exactly on the June 30 close of $397.22. The price rose from $173.39 at March 31 to $397.22 at June 30, a change of +129.1% — this register held 8.95% fewer shares at the end of that rise than at the start of it, and neither holder added.
Lens 2: institutions — 159 more filers, 17.7 million more shares
Zoom out to the whole 13F market and the register grew on both counts, in the opposite direction from the tracked cohort. At June 30, 2026, 933 institutions reported positions, up 159 from 774 at March 31 (+20.54%), and 923 of them reported long positions. Reported shares rose 17.68%, from 100,295,359 to 118,030,803 shares — 17,735,444 more shares than the prior quarter. Reported aggregate value rose 166.70% to $48,965,845,392; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology). Here the implied value per share, $414.86, sits 4.4% above the June 30 close of $397.22 — a gap, printed as found, and one more reason to headline the share count rather than the dollars: the value increase mostly restates the quarter's price move, while the share count rose 17.68% and the filer count rose by 159 in the same quarter in which the two tracked superinvestors cut 8.95%.
Lens 3: the 5% register — seven filings, and the Vanguard hand-off again
Our full parse holds seven SC 13D/G filings for HUM — two SC 13G filings and five SC 13G/A amendments, and no SC 13D of any kind in the parsed set, seven reporting-person rows across four names, the most recent filed May 14, 2026. The largest rows belong to The Vanguard Group, and they trace the hand-off pattern this series keeps meeting. In an SC 13G/A filed January 8, 2025, The Vanguard Group prints 12,829,185 shares (10.65%) as of December 31, 2024, rising in an SC 13G/A filed July 29, 2025 to 14,199,071 shares (11.76%) as of June 30, 2025 — the register's maximum — before printing 0 shares (0.0%) as of March 13, 2026 in an SC 13G/A filed March 27, 2026. In an SC 13G filed April 30, 2026, Vanguard Capital Management prints 9,068,300 shares (7.55%) as of March 31, 2026. Dodge & Cox appears twice on this register as well as on the superinvestor lens: 10,198,040 shares (8.5%) as of December 31, 2024 in an SC 13G filed February 13, 2025, then 11,380,673 shares (9.5%) as of March 31, 2026 in an SC 13G/A filed May 14, 2026 — the register's most recent filing, printed on the March register, before the second-quarter trim the 13F lens records. The remaining row is BlackRock, Inc.: 9,309,848 shares (7.7%) as of March 31, 2025, in an SC 13G/A filed April 17, 2025. That is the whole 5% register in our parsed coverage: seven filings, all index- or institution-complex paper, and no activist paper at all. Read as filed — the rows are reported exactly as filed, never summed — the register describes passive complexes re-papering their stakes, plus one tracked holder's March position.
Lens 4: insiders — two purchases and one sale in the whole parsed record
The parsed Form 4 record holds 87 filings through October 2, 2026. Across the whole record, open-market purchases total exactly 2 transactions, totalling 7,340 shares and $1,646,999.61, by two buyers, both of them recorded as officer purchases. Sales total exactly 1 transaction, totalling 3,703 shares and $948,925.23, by a single seller and recorded as an officer sale. The last year holds 48 filings and one purchase — 810 shares for $150,016.05, an officer purchase — and no sales at all: the record's only sale is more than a year old. The last 90 days hold 4 filings and likewise no purchases and no sales. Our site's insider aggregate, compiled as of October 12 over its 90-day window, carries no HUM row at all; we report that absence as printed rather than merging the two collections. We assign no motives to any of it; a tape with three open-market transactions in total is the fact.
Lens 5: Congress — no row in any of the three aggregates
Across the congressional record we maintain, HUM does not appear — and we report that as an absence, not as a zero. The combined record (as of October 3, 2026) carries no HUM row at all. The House aggregate (as of October 3, 2026) likewise carries no HUM row, and the Senate aggregate (as of October 1, 2026) carries no HUM row either. So this lens is blank in all three collections we maintain: there is no combined line to quote, no member count and no transaction count, because the aggregates print nothing for this issuer. We do not convert that absence into a claim that no member of Congress has ever traded the stock; the finding is narrower — in the Senate and House records as this site maintains them, there is no HUM row.
Lens 6: short interest — 2,847,303 shares, and a peak left behind in June
FINRA's files carry the borrow across 137 settlements, from January 15, 2021. As of September 15, 2026 — the most recent settlement — 2,847,303 HUM shares were sold short, with days-to-cover of 3.29. The latest step was down: the reading fell 8.49% from the prior settlement's 3,111,476 shares on August 31, 2026. The level sits far below the top of the series because the top is recent and higher: the peak is 6,323,340 shares on June 15, 2026, a fact we verified by taking the maximum across the whole series, and the latest reading sits 55.0% below it — the borrow peaked two weeks before the June 30 snapshot the 13F lenses hold, and has fallen in each of the five settlements since the end of June. Against September 15, 2025 the latest reading is down 30.2% from 4,078,437 shares. Against the fundamentals file's 120,826,000 shares outstanding, that is 2.36% of the share count. The June 30, 2026 settlement — the date the 13F lenses snapshot — printed 4,327,430 shares, above the present. The recent settlements run 4,251,822 on July 15, then 3,659,421, 3,361,629, 3,111,476 and 2,847,303. The series minimum is 1,065,017 shares on November 30, 2021; the series' own first settlement, on January 15, 2021, printed 4,675,759 shares — above the latest reading.
The borrow peaked in mid-June, at the top of the quarter the price more than doubled in — and it has been falling ever since, through the October headlines' approach.
The gap, stated plainly
The narrative describes an insurer whose quality rating — the input that decides its 2028 bonus payments — snapped back in one release: 95% of Medicare Advantage members in four-star-or-better plans for 2027, its largest contract back at 4 stars, a stock up 11.6% in a day to $431.87, and targets raised within the week to $460, $582 and $596 against a Moderate Buy consensus averaging $445.74. The tracked superinvestors held 15,343,516 shares at June 30 across two holders, having cut 8.95% in a quarter when the price rose 129.1%, with two decreases, no new positions, no increases and no exits, and with Dodge & Cox at 71.3% of the cohort after trimming its own stake 3.9%. The full market moved the other way: 118,030,803 reported shares, up 17,735,444, across 933 filers — 159 more than the prior quarter. The 5% register printed seven filings, all index- or institution-complex paper: The Vanguard Group at 11.76% on a June 2025 date and then at zero, Vanguard Capital Management at 7.55%, Dodge & Cox at 9.5% on the March register, BlackRock at 7.7%. Insiders, across 87 parsed filings, recorded two purchases totalling $1,646,999.61 — one of them inside the last year — against one sale totalling $948,925.23, more than a year old. Congress registers nothing at all: no row in any of the three aggregates. And the borrow stands at 2,847,303 shares — down 30.2% year over year and 55.0% below the series record it set on June 15, 2026, at 3.29 days to cover. One plausible reading is that the registers are describing different HUM stories on different clocks: the broad register spent the second quarter adding filers and shares into a doubling price, the two tracked value managers spent it trimming, the insider tape holds three transactions in total, the congressional tape holds none, and short sellers built their largest borrow of this series into the June peak and then spent five settlements unwinding it — a build and unwind that both finished before the October ratings release existed as news. The record supports each clause separately; it does not say which register is right, and it cannot — the tracked cohort's whole position is a June 30 snapshot of 15,343,516 shares, taken after the borrow peaked and months before the star ratings were published.
What would change the picture
Nothing above is a recommendation. It is a record. These are the filings that would change the description:
- 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The tracked cohort held 15,343,516 shares at June 30 across two holders, after a -8.95% move built from two decreases and nothing else. Whether Dodge & Cox's 10,940,380 shares — 71.3% of the cohort — are trimmed again, held, or added to after the October ratings release is the first thing the next register will answer, and whether Pzena's 4,403,136 shares survive a second straight cut is the second.
- 2. A third insider purchase — or a second sale. The parsed record holds exactly 2 purchase transactions and exactly 1 sale transaction, with one purchase inside the last year and the only sale older than a year. Any further open-market transaction in either direction would materially change a three-transaction tape; another year of silence would leave it as it is.
- 3. An original SC 13D, or a non-index 13G. The 5% register in our parsed coverage holds seven filings, all of them BlackRock, Vanguard-complex or Dodge & Cox paper. A first 13D in the parsed set — any filer declaring an active stake — or a 13G from outside those complexes would change this lens from re-papered passive holdings into something else.
- 4. Whether the borrow keeps falling. Short interest stands at 2,847,303 shares, down 30.2% in a year and 55.0% below the June 15, 2026 series record of 6,323,340, after five straight lower settlements. The settlements that will print the star-ratings headlines have not been published yet: a reading back above the June record would restart the build, and continued declines would extend the unwind.
- 5. Whether the broad register and the cohort converge. The full market added 17,735,444 reported shares (+17.68%) and 159 filers in the second quarter, while the tracked cohort cut 1,508,139 shares (-8.95%). A second straight quarter of opposite directions would widen the split between the two long registers this audit describes; a quarter in which both move the same way would close it.
Until one of those prints, the record describes a stock held by two of our 83 tracked superinvestors — 15,343,516 shares, cut 8.95% in the quarter its price rose 129.1%, with one holder at 71.3% — whose full market added 17,735,444 reported shares and 159 filers, whose insiders have recorded two purchases and one sale across the whole parsed record, whose congressional register holds no row in any collection, and whose borrow has fallen 55.0% from the series record it set in June — all of it snapshot at June 30, before the ratings release that made the story.
Related reading: Seven of 83: One Holder Is 78.8% of the Superinvestors' UPS Stake. Short Interest Set a Series Record in August. — Filing Tape #54; Two of 83: One Holder Is 79.1% of the Superinvestors' Constellation Energy Stake. Its Insiders Have Bought Once. — Filing Tape (CEG); Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1. HUM's own page: Humana Inc. (HUM) on GetCoattail.
Methodology and data notes
- Superinvestor lens: 83 managers collected directly from SEC EDGAR Form 13F (managers_13f collection), positions as of June 30, 2026; HUM identified by CUSIP 444859102. Two distinct managers hold long positions totalling 15,343,516 shares; both reported rows are long (no put or call rows); the direction count on the collection's labels is two decreased, and the collection's exit list contains no HUM row. Quarter-to-quarter cohort totals (16,851,655 shares at March 31 across two filing rows; 15,343,516 shares at June 30 across two filing rows; change -8.95%) are from the site pipeline's holdings files on the same CUSIP basis in both quarters, and the pipeline's second-quarter share and value totals match the EDGAR collection's long totals exactly (differences of 0 shares and $0). Per-holder quarter changes are matched by filing continuity across the two pipeline files and agree with the EDGAR collection's own percentage labels for both continuing holders. Dodge & Cox's share of the cohort is 71.3% = 10,940,380 / 15,343,516.
- Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the CUSIP; 923 reported long positions out of 933 filers). HUM reports under the single CUSIP 444859102, and the backfill fixtures' by-CUSIP row for that CUSIP matches the by-ticker row exactly (933 filers; 118,030,803 shares; $48,965,845,392 reported; 774 prior filers; $18,359,986,270 prior reported value). The by-ticker file's entered/exited fields (865 and 706, a net of +159 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($48,965,845,392 over 118,030,803 shares) implies $414.86 per share against a June 30, 2026 close of $397.22 in our price file, a gap of +4.4% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
- Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (87 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total exactly 2 across the parsed record (7,340 shares, $1,646,999.61, two buyers, both of them officer purchases) — one of them in the last year (810 shares, $150,016.05) and zero in the 90-day window. Sale transactions total exactly 1 across the record (3,703 shares, $948,925.23, one seller, recorded as an officer sale); the last year (48 filings) and the 90-day window (4 filings) hold none. The site's insider aggregate (compiled as of October 12, 2026, 90-day window) carries no HUM row, and this audit reports that absence exactly as printed, without merging the two collections. "Purchases" in this audit is scoped to this parsed record, whose 87 filings are the coverage stated here.
- 13D/G lens: full-parse SC 13D/G parsed filings (7 filings matching issuer CIK 49071 on CUSIP 444859102, 7 reporting-person rows across 4 names: two SC 13G filings and five SC 13G/A amendments, no SC 13D filings), filings through May 14, 2026. The site aggregation's by-ticker file carries the same totals (7 filings, 4 reporters, latest filing May 14, 2026, maximum 11.76%, total reported 66,985,117 shares), so the aggregate and the parse agree here. The Vanguard Group's rows (12,829,185 shares at 10.65% as of December 31, 2024, filed January 8, 2025; 14,199,071 shares at 11.76% as of June 30, 2025, filed July 29, 2025; 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026), Dodge & Cox's rows (10,198,040 shares at 8.5% as of December 31, 2024, filed February 13, 2025; 11,380,673 shares at 9.5% as of March 31, 2026, filed May 14, 2026), BlackRock, Inc.'s row (9,309,848 shares at 7.7% as of March 31, 2025, filed April 17, 2025) and Vanguard Capital Management's row (9,068,300 shares at 7.55% as of March 31, 2026, filed April 30, 2026) are reported as filed, under the reporting-person names exactly as they appear. No rows are summed in the article, because aggregation totals across these rows would add different dates together. No reason for any change is asserted — the filings themselves are the record. The parsed coverage for this issuer holds these seven filings; a 5% holder that has not filed in the covered window would not appear here.
- Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries no HUM row; the House aggregate (as of October 3, 2026) carries no HUM row; and the Senate aggregate (as of October 1, 2026) carries no HUM row. This audit reports the absence exactly as found in all three collections and does not convert it into transaction counts: an absent row is not the same statement as a row printing zero, and no member-level claim is made from it.
- Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers 137 settlements from January 15, 2021 (4,675,759 shares) to September 15, 2026. The latest reading is 2,847,303 shares on September 15, 2026, which sits 55.0% below the series maximum of 6,323,340 shares on June 15, 2026 (verified by a maximum query over the series, not read off the latest row), down 30.2% from the September 15, 2025 reading of 4,078,437 and down 8.49% from the prior settlement (3,111,476 on August 31, 2026). The series minimum is 1,065,017 shares on November 30, 2021. FINRA publishes each settlement about two weeks after the fact, so the October 8, 2026 ratings release is not yet in this series. The share-count ratio (2.36%) uses the fundamentals file's shares-outstanding figure below.
- Fundamentals note: our fundamentals collection carries HUM's revenue of $129,664,000,000 labelled fiscal 2025, its net income of $1,188,000,000 labelled fiscal 2025, and its assets of $48,909,000,000 labelled fiscal 2025. The file is marked ok for this name, with no missing fields: shares outstanding of 120,826,000 (labelled 2025 in the file, sourced in the file to a weighted-average share count — the file notes that no measured shares-outstanding figure was available) and a file-computed market value of $48,846,325,692.57. The file's price for the name is $404.27 as of October 6, 2026; our daily-close file ends October 2, 2026 at $388.36, and we keep the two files' figures separate rather than blending them.
- Prices: our own daily-close file for HUM through October 2, 2026 ($388.36 close, +51.6% year to date on that file; 252-session closing high $409.80 on September 11, 2026; 252-session closing low $163.67 on March 12, 2026; closes of $173.39 at March 31, 2026 and $397.22 at June 30, 2026, a second-quarter change of +129.1%; change from June 30 to October 2 of -2.2% ((388.36 / 397.22) − 1)). The drawdown from the 252-session closing high is -5.2%, the gain from the 252-session closing low is +137.3%, and the series in our price file begins June 1, 2021. The October 9, 2026 share reaction is outside this file and is cited from press reports only, as stated in the text.
- Market context sources: Seeking Alpha / TradingView weekly trending summary, October 11, 2026 (HUM trending item, up about 12% in the week ended October 9 — checked October 13, 2026); the 2027 Star Ratings reporting (CMS release October 8, 2026, and Humana's statement that 95% of its Medicare Advantage members are in plans rated four stars or higher for 2027, against 25% for 2025; the largest contract H5216, covering about 2 million members, moving from 3.5 stars to 4 stars; the 2027 ratings determining 2028 quality bonus payments; shares up 11.6% to close at $431.87 on October 9, 2026 — as reported by multiple outlets in October 2026); the company's second-quarter results (released July 29, 2026; revenue $40.87 billion, up 26.2%; GAAP earnings $5.73 a share; adjusted earnings $7.61 a share; full-year adjusted guidance of at least $9.00 affirmed and GAAP guidance cut from at least $8.36 to at least $6.52 — company release as reported by multiple outlets); the October 9 reaffirmation of the at-least-$9.00 adjusted guidance (as reported October 2026); the analyst actions (Cantor Fitzgerald, Overweight upgrade, target $300 to $460, October 7, 2026; Baird, Outperform upgrade, target $390 to $596, October 9, 2026; Barclays, Overweight maintained, target $515 to $582, October 9, 2026 — as reported October 2026); the consensus detail (Moderate Buy: 20 Buy, 11 Hold, one Sell; average target $445.74 — MarketBeat data as reported October 10, 2026); the third-quarter report date (November 6, 2026 — company calendar as reported October 2026) and the virtual investor update (December 10, 2026 — as reported October 2026). Figures we could not confirm against two sources were left out.
- HUM is in the GetCoattail stock-page universe: Humana Inc. (HUM) stock page. Series data: hum_lens_data.csv · hum_short_interest_series.csv. Earlier audits: UPS · Constellation Energy · IREN.
Past patterns are not a promise of future results. For education only — not investment advice.
This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.
Revision history
- v1.0 — October 13, 2026: first publication.