UnitedHealth Surges After Buffett, Tepper Bet on Turnaround (2)

UnitedHealth Group Inc. shares jumped after funds piled into the company, which has been hampered by a federal probe into its business practices and weakening results.

Warren Buffett’s Berkshire Hathaway Inc. was among the investors, buying5 million shares in the second quarter, according to a filing. David Tepper’s Appaloosa Management LP also invested, boosting its holdings of the health insurance giant by 2.3 million shares.

The investments were a welcome reprieve for a company that had seen its stock fall 46% this year. The shares rose as much as 12.65% Friday, the most since March of ...