UnitedHealth Group Company Top Insiders
UNH Stock | USD 494.70 1.60 0.32% |
Under 60% of UnitedHealth Group's corporate insiders are selling. The analysis of insiders' sentiment of trading UnitedHealth Group Incorporated stock suggests that many insiders are alarmed at this time. UnitedHealth Group employs about 440 K people. The company is managed by 38 executives with a total tenure of roughly 282 years, averaging almost 7.0 years of service per executive, having 11578.95 employees per reported executive.
Andrew Witty CEO Group President, Chief Executive Officer, Executive Vice President, Director |
Steven Nelson CEO Executive Vice President CEO of UnitedHealthcare |
UnitedHealth Group's Insider Buying Vs Selling
40
Selling | Buying |
Latest Trades
2024-03-08 | Erin Mcsweeney | Disposed 1236 @ 483.48 | View | ||
2024-02-23 | Thomas E Roos | Disposed 858 @ 525.79 | View | ||
2023-12-12 | Kevin Hern | Acquired @ 545.66 | |||
2023-12-05 | Stephen J Hemsley | Disposed 66081 @ 550.39 | View | ||
2023-12-04 | John R. Curtis | Disposed @ 548.28 | |||
2023-10-24 | Greg Stanton | Disposed @ 524.95 | |||
2023-10-17 | Stephen J Hemsley | Disposed 121515 @ 540.58 | View | ||
2023-10-16 | Erin Mcsweeney | Disposed 4498 @ 544.28 | View | ||
2023-10-03 | Markwayne Mullin | Acquired @ 509.47 | |||
2023-09-28 | Robert J. Wittman | Disposed @ 510.27 | |||
2023-09-26 | Greg Stanton | Acquired @ 505.62 | |||
2023-09-22 | Shelley Moore Capito | Acquired @ 506.29 | |||
2023-09-21 | Pete Ricketts | Disposed @ 501.06 | |||
2023-09-19 | Kevin Hern | Acquired @ 480.66 | |||
2023-09-13 | Markwayne Mullin | Acquired @ 479.84 | |||
2023-09-11 | C. Scott Franklin | Disposed @ 479.38 | |||
2023-07-19 | Andrew Witty | Disposed 4000 @ 506.19 | View | ||
2023-07-12 | Daniel S. Goldman | Disposed @ 451.87 | |||
2023-06-27 | Kevin Hern | Acquired @ 482.69 | |||
2023-06-21 | John R. Curtis | Acquired @ 476.76 |
Monitoring UnitedHealth Group's insider sentiment can offer insights into its future performance, as insiders often have access to more information about their company's operations, financial health, and upcoming initiatives than the general public. However, it's essential to note that insider trading is regulated by securities laws, and insiders are required to disclose their trades publicly to ensure transparency and prevent unfair advantages based on non-public information.
Acquired vs Disposed
Filed vs Not Filed
Insider sentiment refers to the collective sentiment or feeling of UnitedHealth Group's insiders - typically its officers, directors, and beneficial owners holding more than a certain percentage of the company's stock - about the future prospects of UnitedHealth Group Incorporated. This sentiment is often gauged based on the trading activities of these insiders. If insiders are purchasing more shares of their own company, it may be interpreted as a bullish sentiment, indicating that they believe UnitedHealth Group's stock will rise in value. Conversely, if insiders are selling shares, it might be seen as bearish, suggesting they expect the stock price to drop.
UnitedHealth |
UnitedHealth Group's Workforce Through the Years
Please note that employee historical analysis has become an increasingly important factor for investors assessing the risk associated with UnitedHealth Group's future performance. Based on our forecasts, it is anticipated that UnitedHealth will maintain a workforce of under 440000 employees by April 2024.UnitedHealth Group's latest congressional trading
Congressional trading in companies like UnitedHealth Group, is subject to rigorous scrutiny to prevent conflicts of interest and insider trading. This is governed by multiple SEC regulations which were established to foster transparency and deter members of Congress from leveraging non-public information for personal gain. This oversight helps maintain public trust and ensures that investments in UnitedHealth Group by those in governmental positions are based on the same information available to the general public.
2023-12-04 | Representative John Curtis | Disposed Under $15K | Verify | ||
2023-10-24 | Representative Greg Stanton | Disposed Under $15K | Verify | ||
2023-09-22 | Senator Shelley M Capito | Acquired Under $15K | Verify | ||
2023-09-21 | Senator John P Ricketts | Acquired $100K to $250K | Verify | ||
2023-09-11 | Representative C. Scott Franklin | Disposed $15K to $50K | Verify | ||
2023-02-28 | Representative Jonathan Jackson | Disposed $15K to $50K | Verify | ||
2022-08-05 | Representative Dan Newhouse | Acquired Under $15K | Verify | ||
2022-07-07 | Representative David B. McKinley | Disposed Under $15K | Verify | ||
2021-02-16 | Representative Peter Meijer | Disposed Under $15K | Verify | ||
2020-12-31 | Senator Shelley Moore Capito | Acquired Under $15K | Verify | ||
2020-10-22 | Representative Katherine M. Clark | Disposed Under $15K | Verify | ||
2020-05-18 | Representative Dean Phillips | Disposed Under $15K | Verify | ||
2020-03-23 | Representative Francis Rooney | Acquired Under $15K | Verify | ||
2020-03-18 | Representative Gilbert Cisneros | Disposed Under $15K | Verify | ||
2020-01-02 | Representative Lloyd K. Smucker | Disposed $15K to $50K | Verify | ||
2019-12-18 | Representative John B. Larson | Disposed Under $15K | Verify | ||
2019-04-16 | Representative Alan S. Lowenthal | Disposed $66386 g | Verify | ||
2019-02-15 | Representative Donna Shalala | Disposed Under $15K | Verify | ||
2018-06-04 | Senator Susan M. Collins | Acquired Under $15K | Verify | ||
2017-01-11 | Senator Sheldon Whitehouse | Acquired $15K to $50K | Verify |
UnitedHealth Group Management Team Effectiveness
The company has Return on Asset of 0.0779 % which means that on every $100 spent on assets, it made $0.0779 of profit. This is way below average. In the same way, it shows a return on shareholders' equity (ROE) of 0.2499 %, implying that it generated $0.2499 on every 100 dollars invested. UnitedHealth Group's management efficiency ratios could be used to measure how well UnitedHealth Group manages its routine affairs as well as how well it operates its assets and liabilities. The UnitedHealth Group's current Return On Equity is estimated to increase to 0.26, while Return On Capital Employed is projected to decrease to 0.15. As of now, UnitedHealth Group's Total Current Assets are increasing as compared to previous years. The UnitedHealth Group's current Intangible Assets is estimated to increase to about 16 B, while Non Currrent Assets Other are projected to decrease to under 10.9 B.The UnitedHealth Group's current Common Stock Shares Outstanding is estimated to increase to about 1.2 B. The UnitedHealth Group's current Net Income Applicable To Common Shares is estimated to increase to about 24.3 B
UnitedHealth Group Workforce Comparison
UnitedHealth Group Incorporated is rated first in number of employees category among related companies. The total workforce of Health Care industry is at this time estimated at about 549,139. UnitedHealth Group totals roughly 440,000 in number of employees claiming about 80% of equities under Health Care industry.
UnitedHealth Group Profit Margins
The company has Net Profit Margin of 0.06 %, which implies that it may need a different competitive strategy as even a very small decline in it revenue may erase profits and result in a net loss. This is way below average. In the same way, it shows Net Operating Margin of 0.08 %, which entails that for every 100 dollars of revenue, it generated $0.08 of operating income.Current Value | Last Year | Change From Last Year | 10 Year Trend | ||||||
---|---|---|---|---|---|---|---|---|---|
Gross Profit Margin | 0.29 | 0.2448 |
|
| |||||
Net Profit Margin | 0.0433 | 0.0602 |
|
| |||||
Operating Profit Margin | 0.0606 | 0.0871 |
|
| |||||
Pretax Profit Margin | 0.0562 | 0.0783 |
|
| |||||
Return On Assets | 0.0582 | 0.0804 |
|
| |||||
Return On Equity | 0.26 | 0.2522 |
|
|
UnitedHealth Group Insider Trading History
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific UnitedHealth Group insiders, such as employees or executives, is commonly permitted as long as it does not rely on UnitedHealth Group's material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases, UnitedHealth Group insiders must file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Buy/Sell Ratio | # Purchases Trades | # Sales Trades | Total Shares Purchased | Total Shares Sold | |
---|---|---|---|---|---|
2024-03-01 | 1.1395 | 49 | 43 | 285,576 | 221,040 |
2023-12-01 | 2.3077 | 30 | 13 | 194,094 | 425,917 |
2023-09-01 | 4.5 | 27 | 6 | 2,252 | 121,106 |
2023-06-01 | 3.0 | 30 | 10 | 24,809 | 22,874 |
2023-03-01 | 2.0667 | 62 | 30 | 250,837 | 47,831 |
2022-12-01 | 2.6 | 26 | 10 | 12,402 | 47,445 |
2022-09-01 | 1.9 | 19 | 10 | 145,608 | 254,258 |
2022-06-01 | 1.625 | 26 | 16 | 4,222 | 200,702 |
2022-03-01 | 1.075 | 43 | 40 | 258,876 | 90,881 |
2021-12-01 | 1.7143 | 24 | 14 | 25,808 | 234,673 |
2021-09-01 | 1.625 | 26 | 16 | 82,324 | 484,645 |
2021-06-01 | 1.0385 | 27 | 26 | 41,033 | 475,979 |
2021-03-01 | 1.1081 | 41 | 37 | 342,175 | 297,287 |
2020-12-01 | 0.9655 | 28 | 29 | 104,395 | 675,683 |
2020-09-01 | 2.1538 | 28 | 13 | 136,434 | 498,287 |
2020-06-01 | 4.1667 | 25 | 6 | 4,256 | 101,776 |
2020-03-01 | 1.0208 | 49 | 48 | 609,364 | 301,078 |
2019-12-01 | 2.2308 | 29 | 13 | 139,268 | 412,068 |
2019-09-01 | 3.1111 | 28 | 9 | 6,584 | 33,944 |
2019-06-01 | 1.6316 | 31 | 19 | 45,622 | 456,867 |
2019-03-01 | 1.0833 | 52 | 48 | 698,990 | 351,987 |
2018-12-01 | 1.8824 | 32 | 17 | 1,679,817 | 2,140,840 |
2018-09-01 | 2.0952 | 44 | 21 | 128,340 | 163,678 |
2018-06-01 | 3.1667 | 38 | 12 | 123,716 | 65,846 |
2018-03-01 | 1.0462 | 68 | 65 | 631,972 | 287,249 |
2017-12-01 | 1.7 | 34 | 20 | 421,955 | 255,427 |
2017-09-01 | 1.8889 | 34 | 18 | 66,039 | 189,103 |
2017-06-01 | 1.7778 | 32 | 18 | 206,050 | 239,469 |
2017-03-01 | 1.3214 | 37 | 28 | 135,384 | 150,109 |
2016-12-01 | 1.9 | 19 | 10 | 25,157 | 107,436 |
2016-09-01 | 4.0 | 20 | 5 | 15,027 | 50,990 |
2016-06-01 | 1.3333 | 24 | 18 | 86,241 | 288,283 |
2016-03-01 | 2.3636 | 26 | 11 | 139,004 | 93,047 |
2015-12-01 | 4.0 | 20 | 5 | 42,065 | 33,410 |
2015-09-01 | 2.5714 | 18 | 7 | 24,604 | 81,020 |
2015-06-01 | 3.3333 | 20 | 6 | 31,284 | 42,523 |
2015-03-01 | 1.2083 | 29 | 24 | 91,801 | 198,129 |
2014-12-01 | 1.6364 | 18 | 11 | 15,109 | 147,500 |
2014-09-01 | 1.7059 | 29 | 17 | 70,702 | 180,600 |
2014-06-01 | 5.5 | 22 | 4 | 28,286 | 31,300 |
2014-03-01 | 1.1379 | 33 | 29 | 334,844 | 327,119 |
2013-12-01 | 2.2308 | 29 | 13 | 63,850 | 125,395 |
2013-09-01 | 2.8571 | 20 | 7 | 17,682 | 165,000 |
2013-06-01 | 1.4118 | 24 | 17 | 147,765 | 335,582 |
2013-03-01 | 1.3636 | 30 | 22 | 212,783 | 283,350 |
2012-12-01 | 1.6071 | 45 | 28 | 466,456 | 537,619 |
2012-09-01 | 2.3636 | 26 | 11 | 92,880 | 204,791 |
2012-06-01 | 1.3889 | 25 | 18 | 49,184 | 172,304 |
2012-03-01 | 0.9286 | 52 | 56 | 1,169,531 | 1,582,370 |
2011-12-01 | 1.7778 | 32 | 18 | 244,765 | 559,811 |
2011-09-01 | 13.5 | 27 | 2 | 127,420 | 11,971 |
2011-06-01 | 1.1481 | 31 | 27 | 432,861 | 861,385 |
2011-03-01 | 0.9556 | 43 | 45 | 480,747 | 681,507 |
2010-12-01 | 1.4667 | 22 | 15 | 104,804 | 201,171 |
2010-09-01 | 2.2857 | 16 | 7 | 32,385 | 41,560 |
2010-06-01 | 2.4 | 24 | 10 | 40,480 | 150,790 |
2010-03-01 | 1.5 | 24 | 16 | 510,224 | 174,698 |
2009-12-01 | 0.9167 | 11 | 12 | 105,591 | 251,449 |
2009-09-01 | 1.0 | 9 | 9 | 55,000 | 85,102 |
2009-06-01 | 1.4 | 14 | 10 | 57,217 | 343,023 |
2009-03-01 | 5.4 | 27 | 5 | 665,810 | 42,861 |
2008-12-01 | 12.0 | 12 | 1 | 37,860 | 110,000 |
2008-09-01 | 2.0 | 16 | 8 | 143,529 | 282,602 |
2008-06-01 | 2.0714 | 29 | 14 | 910,879 | 76,000 |
2008-03-01 | 4.6667 | 14 | 3 | 106,700 | 44,000 |
2007-12-01 | 0.1228 | 14 | 114 | 86,800 | 341,600 |
2007-09-01 | 1.125 | 9 | 8 | 27,731 | 451,900 |
2007-06-01 | 0.7381 | 31 | 42 | 1,403,355 | 1,014,940 |
2007-03-01 | 4.5 | 9 | 2 | 69,390 | 240,000 |
2006-12-01 | 0.6957 | 16 | 23 | 1,527,990 | 2,798,328 |
2006-09-01 | 9.0 | 9 | 1 | 32,630 | 120,000 |
2006-06-01 | 2.0 | 18 | 9 | 787,970 | 300,700 |
2006-03-01 | 2.2 | 11 | 5 | 107,200 | 139,600 |
2005-12-01 | 5.0 | 15 | 3 | 327,870 | 16,035 |
2005-09-01 | 1.6667 | 15 | 9 | 245,964 | 375,048 |
2005-06-01 | 3.4 | 17 | 5 | 307,650 | 115,200 |
2005-03-01 | 0.6383 | 30 | 47 | 705,748 | 1,340,736 |
2004-12-01 | 0.9375 | 15 | 16 | 577,110 | 470,094 |
2004-09-01 | 0.9048 | 19 | 21 | 198,710 | 282,000 |
2004-06-01 | 0.7083 | 17 | 24 | 176,590 | 1,048,000 |
2004-03-01 | 1.5 | 15 | 10 | 278,372 | 857,332 |
2003-12-01 | 1.3529 | 23 | 17 | 567,830 | 800,460 |
2003-09-01 | 1.8333 | 11 | 6 | 93,180 | 170,400 |
2003-06-01 | 2.0 | 4 | 2 | 2,030 | 85,000 |
UnitedHealth Group Notable Stakeholders
An UnitedHealth Group stakeholder refers to an individual interested in an outcome of the business. Different stakeholders have different interests, and companies such as UnitedHealth Group often face trade-offs trying to please all of them. UnitedHealth Group's stakeholders can have a positive or negative influence on the entity's direction, and there are a lot of executives involved in getting UnitedHealth Group's stock to the level that pleases all shareholders. Keeping track of the stakeholders is a great way to stay on top of things affecting its ongoing price.
Andrew Witty | Group President, Chief Executive Officer, Executive Vice President, Director | Profile | |
Dirk McMahon | President and Chief Operating Officer; Chief Executive Officer of UnitedHealthcare | Profile | |
Steven Nelson | Executive Vice President CEO of UnitedHealthcare | Profile | |
David Wichmann | Chief Executive Officer, Director | Profile | |
Richard Burke | Independent Chairman of the Board | Profile | |
Stephen Hemsley | Non-Executive Chairman of the Board | Profile | |
Larry Renfro | Vice Chairman and CEO of Optum | Profile | |
John Rex | Chief Financial Officer, Executive Vice President | Profile | |
DEllen Wilson | Executive Vice President - Human Capital | Profile | |
Thomas Roos | Senior Vice President, Chief Accounting Officer | Profile | |
Marianne Short | Executive Vice President, Chief Legal Officer | Profile | |
Gail Wilensky | Independent Director | Profile | |
Timothy | Independent Director | Profile | |
Valerie Rice | Independent Director | Profile | |
William McNabb | Independent Director | Profile | |
John Noseworthy | Independent Director | Profile | |
Robert Darretta | Independent Director | Profile | |
William Ballard | Independent Director | Profile | |
Glenn Renwick | Independent Director | Profile | |
Michele Hooper | Lead Independent Director | Profile | |
Timothy Flynn | Independent Director | Profile | |
Rodger Lawson | Independent Director | Profile | |
Kenneth Shine | Independent Director | Profile | |
Edson Bueno | Director | Profile | |
Terry Clark | Executive Officer | Profile | |
Sir Witty | CEO Director | Profile | |
Zachary Sopcak | Senior Relations | Profile | |
Jennifer Smoter | Senior Officer | Profile | |
Rupert Bondy | Ex Officer | Profile | |
Sandeep Dadlani | Executive Officer | Profile | |
Frances Jacobs | IR Contact Officer | Profile | |
Matthew Friedrich | Executive Vice President Chief Legal Officer | Profile | |
D Wilson | Executive Vice President - Human Capital | Profile | |
F McNabb | Independent Director | Profile | |
Paul Garcia | Independent Director | Profile | |
Patricia Lewis | Chief Human Resource Officer, Executive Vice President | Profile | |
Brian Thompson | Executive UnitedHealthcare | Profile | |
James Barry | Director Pennsylvania | Profile |
About UnitedHealth Group Management Performance
The success or failure of an entity such as UnitedHealth Group often depends on how effective the management is. UnitedHealth Group management team is responsible for propelling the future growth in the right direction and administering and controlling the business activities and accounting for the results. Ineffective management usually contributes to failure in the company's future performance for all stakeholders equally, but most importantly, for investors. So it is important to measure the effectiveness of UnitedHealth management before purchasing its stock. In many ways, it's all about finding the answer to one important question - Are they doing the right thing right now? How would we assess whether the UnitedHealth management is utilizing all available resources in the best possible way? Also, how well is the company doing relative to others in its sector and the market as a whole? The answer can be found by analyzing a few important fundamental indicators such as return on assets and return on equity.
Last Reported | Projected for 2024 | ||
Return On Capital Employed | 0.18 | 0.15 | |
Return On Assets | 0.08 | 0.06 | |
Return On Equity | 0.25 | 0.26 |
The data published in UnitedHealth Group's official financial statements usually reflect UnitedHealth Group's business processes, product offerings, services, and other fundamental events. But there are other numbers, ratios, or fundamental indicators derived from these statements that are easier to understand and visualize within the underlying realities that drive quantitative information of UnitedHealth Group. For example, before you start analyzing numbers published by UnitedHealth accountants, it's critical to develop an understanding of what UnitedHealth Group's liquidity, profitability, and earnings quality are in the context of the Health Care Providers & Services space in which it operates.
Please note, the presentation of UnitedHealth Group's financial position, as portrayed in its financial statements, is often influenced by management's estimates, judgments, and sometimes even manipulations. In the best case, UnitedHealth Group's management is honest, while the outside auditors are strict and uncompromising. Whatever the case, the imprecision that can be found in UnitedHealth Group's accounting process means that the reasonable investor should take a skeptical approach toward the financial statement analysis of UnitedHealth Group Incorporated. Please utilize our Beneish M Score to check the likelihood of UnitedHealth Group's management manipulating its earnings.
UnitedHealth Group Workforce Analysis
Traditionally, organizations such as UnitedHealth Group use manpower efficiency calculations for various incentive schemes, employee appraisal, or as an initiative to improve the processes. However, it can also be used by investors to make long-term investment decisions. The trends in the profit per employee or revenue per employee are measured by net income or revenue divided by the current number of full-time employees over a given time interval. Because workforce needs differ across sectors, these ratios could be used to compare UnitedHealth Group within its industry.UnitedHealth Group Manpower Efficiency
Return on UnitedHealth Group Manpower
Revenue Per Employee | 844.6K | |
Revenue Per Executive | 9.8B | |
Net Income Per Employee | 50.9K | |
Net Income Per Executive | 589M |
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in UnitedHealth Group Incorporated. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Complementary Tools for UnitedHealth Stock analysis
When running UnitedHealth Group's price analysis, check to measure UnitedHealth Group's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy UnitedHealth Group is operating at the current time. Most of UnitedHealth Group's value examination focuses on studying past and present price action to predict the probability of UnitedHealth Group's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move UnitedHealth Group's price. Additionally, you may evaluate how the addition of UnitedHealth Group to your portfolios can decrease your overall portfolio volatility.
Stocks Directory Find actively traded stocks across global markets | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
FinTech Suite Use AI to screen and filter profitable investment opportunities |
Is UnitedHealth Group's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of UnitedHealth Group. If investors know UnitedHealth will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about UnitedHealth Group listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.16 | Dividend Share 7.29 | Earnings Share 23.87 | Revenue Per Share 400.455 | Quarterly Revenue Growth 0.141 |
The market value of UnitedHealth Group is measured differently than its book value, which is the value of UnitedHealth that is recorded on the company's balance sheet. Investors also form their own opinion of UnitedHealth Group's value that differs from its market value or its book value, called intrinsic value, which is UnitedHealth Group's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because UnitedHealth Group's market value can be influenced by many factors that don't directly affect UnitedHealth Group's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between UnitedHealth Group's value and its price as these two are different measures arrived at by different means. Investors typically determine if UnitedHealth Group is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, UnitedHealth Group's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.