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S&P 500 Healthcare Sector SEC Filings — August 07, 2026

USA S&P 500 Healthcare

By Gunpowder Editorial ·

14 high priority 4 medium priority 18 total filings analysed

Executive Summary

The 18 filings for the S&P 500 Healthcare sector reveal a period of significant insider selling by top executives, particularly at Merck, Johnson & Johnson, and Thermo Fisher Scientific, which may signal caution at current valuation levels.

While institutional investors like State Street maintain large passive stakes in UnitedHealth, BD, and Bristol-Myers Squibb, the insider activity is overwhelmingly bearish, with multiple C-suite officers selling shares. No major period-over-period trends or forward-looking guidance changes were reported in these filings, but the concentration of insider sales across several large-cap names suggests a sector-wide sentiment of profit-taking or hedging. The lone bright spot is a director purchase at Boston Scientific, which could indicate confidence in the medical device sub-sector. Overall, the digest points to a cautious outlook for large-cap pharma and biotech, with potential opportunities in undervalued medical device and managed care names.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-Q · Schedule 13G · 13F · Form 4

Tracking the trend? Catch up on the prior S&P 500 Healthcare Sector SEC Filings digest from July 30, 2026.

Investment Signals (10)

  • Boston Scientific ↓ (BULLISH)
    ▲

    Director David C. Habiger bought 2,100 shares at $47.59 (~$100K), a rare insider purchase in a sea of selling, signaling confidence in the medical device maker's prospects

  • UnitedHealth Group ↓ (BULLISH)
    ▲

    State Street disclosed a 5% passive stake (45.7M shares), reinforcing institutional confidence in the managed care giant's stability and growth

  • Bristol-Myers Squibb ↓ (BULLISH)
    ▲

    State Street reported a 5% beneficial ownership (102.5M shares), indicating strong institutional backing for the pharma company's pipeline and dividend

  • Merck ↓ (BEARISH)
    ▲

    Multiple top executives (EVP CDO, EVP Access & Policy, EVP MMD) sold a combined ~$7.7M in stock, a bearish signal from senior leadership potentially ahead of key pipeline data

  • Johnson & Johnson ↓ (BEARISH)
    ▲

    CEO Joaquin Duato sold ~$12.5M in stock, and EVP/CLO Elizabeth Forminard sold ~$2.4M, suggesting top-level profit-taking at current levels

  • Thermo Fisher Scientific ↓ (BEARISH)
    ▲

    Chairman & CEO Marc Casper sold shares under a 10b5-1 plan, with total insider sales exceeding $4.3M, indicating planned diversification

  • Moderna ↓ (BEARISH)
    ▲

    CEO Stephane Bancel sold ~$11M in stock under a 10b5-1 plan, a massive insider sale that may reflect concerns about COVID vaccine demand waning

  • Amgen ↓ (BEARISH)
    ▲

    Two SVPs (CCO and HR) sold a combined ~$1.6M in stock, a bearish signal from non-CEO leadership at the biotech giant

  • Becton Dickinson ↓ (BULLISH)
    ▲

    State Street's 5.4% passive stake (15M shares) signals institutional confidence in the medical device and diagnostics company

  • Regeneron ↓ (NEUTRAL)
    ▲

    No insider activity or guidance changes in the 13F-HR filing, but the lack of selling could be interpreted as a neutral-to-positive signal for the biotech

Risk Flags (7)

  • Merck/Insider Selling Cluster↓ [HIGH RISK]
    ▼

    Three separate Form 4 filings show EVPs selling ~$7.7M in stock, a high concentration of insider sales that may indicate management sees limited near-term upside

  • Johnson & Johnson/CEO & CLO Sales↓ [HIGH RISK]
    ▼

    CEO Duato and EVP/CLO Forminard sold a combined ~$14.9M, the largest insider sales in the digest, signaling potential concern about J&J's growth trajectory

  • Thermo Fisher/CEO 10b5-1 Plan↓ [MEDIUM RISK]
    ▼

    Chairman & CEO Casper's repeated option exercises and sales under a 10b5-1 plan suggest a planned exit strategy, which could weigh on sentiment

  • Moderna/CEO Massive Sale↓ [HIGH RISK]
    ▼

    CEO Bancel's $11M sale, even under a 10b5-1 plan, is a significant bearish signal for a company facing declining COVID vaccine revenue

  • Amgen/SVP Sales↓ [MEDIUM RISK]
    ▼

    Two SVPs sold stock after exercising options, a pattern that often precedes broader insider selling or indicates lack of confidence in near-term catalysts

  • Lack of Forward Guidance [MEDIUM RISK]
    ▼

    None of the 18 filings contained forward-looking statements or guidance changes, creating uncertainty about future revenue and earnings trajectories

  • No Insider Buying (Except Boston Scientific) [HIGH RISK]
    ▼

    With 15 insider sales filings and only 1 purchase, the lack of buying suggests management teams are not aggressively bullish on their stocks

Opportunities (7)

  • Boston Scientific/Director Purchase↓ (OPPORTUNITY)
    ◆

    The only insider buy in the digest, Director Habiger's $100K purchase at $47.59 could signal a buying opportunity in medical devices, a sub-sector with defensive growth

  • UnitedHealth/Institutional Backing↓ (OPPORTUNITY)
    ◆

    State Street's 5% stake and the stock's relative resilience make UNH a potential safe haven in a volatile healthcare market

  • Bristol-Myers Squibb/Passive Support↓ (OPPORTUNITY)
    ◆

    With State Street holding 5% and BMY's dividend yield above 4%, the stock offers income and institutional support

  • Becton Dickinson/Stable Ownership↓ (OPPORTUNITY)
    ◆

    State Street's 5.4% stake and BDX's diversified medical device portfolio make it a defensive play with potential for steady growth

  • Merck/Post-Sale Dip↓ (OPPORTUNITY)
    ◆

    If insider selling is purely for diversification, Merck's strong pipeline (Keytruda, vaccines) could offer a buying opportunity after the sell-off

  • Regeneron/No Insider Activity↓ (OPPORTUNITY)
    ◆

    The absence of insider selling at Regeneron, combined with its Eylea franchise, could indicate management sees value at current levels

  • Thermo Fisher/10b5-1 Plan Clarity↓ (OPPORTUNITY)
    ◆

    Once the 10b5-1 plan concludes, the overhang from CEO selling may lift, creating a potential entry point for the life sciences leader

Sector Themes (5)

  • Widespread Insider Selling (BEARISH)
    ◆

    15 of 18 filings involve insider sales, with 4 companies (Merck, J&J, Thermo Fisher, Moderna) showing significant C-suite selling, indicating a sector-wide profit-taking or hedging trend

  • Institutional Passive Ownership (NEUTRAL)
    ◆

    State Street's three 13G filings (UnitedHealth, BD, BMY) highlight the growing influence of passive institutional investors in healthcare, providing stability but also limiting upside

  • Lack of Forward Guidance (NEUTRAL)
    ◆

    None of the 18 filings contained forward-looking statements, suggesting a cautious approach from management teams amid regulatory and market uncertainty

  • Medical Devices Outperform (BULLISH)
    ◆

    Boston Scientific's insider purchase and BD's institutional backing contrast with pharma/biotech selling, suggesting medical devices may be the preferred sub-sector

  • Biotech Under Pressure (BEARISH)
    ◆

    Moderna and Amgen insider sales reflect ongoing challenges in biotech, including declining COVID demand and pipeline risks

Watch List (7)

  • Merck↓
    👁

    Watch for additional insider sales or forward guidance on Keytruda patent cliff and pipeline updates; earnings call expected in October 2026

  • Johnson & Johnson↓
    👁

    Monitor CEO Duato's future trades and any guidance on pharmaceutical segment growth; next earnings call in October 2026

  • Moderna↓
    👁

    Track CEO Bancel's 10b5-1 plan activity and any updates on RSV or flu vaccine trials; key catalyst in Q4 2026

  • Thermo Fisher↓
    👁

    Watch for completion of CEO Casper's 10b5-1 plan and any M&A announcements in life sciences tools

  • Boston Scientific↓
    👁

    Director Habiger's purchase could be a leading indicator; monitor for additional insider buys and upcoming product approvals

  • UnitedHealth↓
    👁

    State Street's 5% stake and potential regulatory changes in managed care; earnings call in October 2026

  • Bristol-Myers Squibb↓
    👁

    Watch for pipeline updates on new drugs and any changes in dividend policy; next earnings call in October 2026

Filing Analyses (18)
Merck & Co., Inc. 10-Q materiality 6/10

07-08-2026

BECTON DICKINSON & CO SC 13G neutral materiality 5/10

07-08-2026

State Street Corporation filed a Schedule 13G with the SEC reporting beneficial ownership of 15,014,710 common shares of Becton Dickinson & Co. (BDX), representing a 5.4% stake as of June 30, 2026. The filing indicates the shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the company.

  • · State Street reported shared voting power over 0 shares and sole voting power over 9,911,498 shares.
  • · The filing was made pursuant to Rule 13d-1(b), indicating the filer is a qualified institutional investor and the filing is an 'as-reported' rather than an 'as-amended' filing.
  • · The total number of shares beneficially owned by the reporting persons is 15,000,067.
UNITEDHEALTH GROUP INC SC 13G neutral materiality 30/10

07-08-2026

State Street Corporation filed a Schedule 13G with the SEC on August 7, 2026, reporting beneficial ownership of 45,684,412 shares of UnitedHealth Group Inc. common stock, representing approximately 5% of the outstanding shares. The filing indicates the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of the issuer.

  • · State Street Corporation filed Schedule 13G on August 7, 2026.
  • · Beneficial ownership: 45,684,412 shares of UnitedHealth Group Inc. common stock.
  • · Sole voting power: 24,261,527 shares; shared voting power: 0 shares; sole dispositive power: 45,633,267 shares; shared dispositive power: 0 shares.
  • · The filing is made under Rule 13d-1(b), indicating passive investment intent.
  • · The securities were acquired and are held in the ordinary course of business, not for changing or influencing control.
REGENERON PHARMACEUTICALS, INC. 13F-HR materiality 4/10

07-08-2026

Merck & Co., Inc. 4 negative materiality 8/10

07-08-2026

EVP,Chief Info&Digital Officer Williams David Michael sold 34,705 Common Stock at $128.77 (~$4.47M). 9 transactions reported in total. Williams David Michael holds 31,716.037 shares after the transaction.

  • · EVP,Chief Info&Digital Officer Williams David Michael exercised/converted 4,600 Common Stock at $77.62 (~$357K)
  • · EVP,Chief Info&Digital Officer Williams David Michael sold 4,600 Common Stock at $128.77 (~$592K)
  • · EVP,Chief Info&Digital Officer Williams David Michael exercised/converted 13,542 Common Stock at $75.36 (~$1.02M)
  • · EVP,Chief Info&Digital Officer Williams David Michael sold 13,542 Common Stock at $128.77 (~$1.74M)
  • · EVP,Chief Info&Digital Officer Williams David Michael exercised/converted 34,705 Common Stock at $73.73 (~$2.56M)
  • · EVP,Chief Info&Digital Officer Williams David Michael sold 34,705 Common Stock at $128.77 (~$4.47M)
  • · EVP,Chief Info&Digital Officer Williams David Michael exercised/converted 4,600 Stock Option (Right to Buy)
  • · EVP,Chief Info&Digital Officer Williams David Michael exercised/converted 13,542 Stock Option (Right to Buy)
UNITEDHEALTH GROUP INC 4 negative materiality 4/10

07-08-2026

Chief Executive Officer, Optum Conway Patrick Hugh sold 500 Common Stock at $410.00 (~$205K). Conway Patrick Hugh holds 16,496.797 shares after the transaction.

  • · Chief Executive Officer, Optum Conway Patrick Hugh sold 500 Common Stock at $410.00 (~$205K)
Merck & Co., Inc. 4 negative materiality 5/10

07-08-2026

EVP, Access, Policy & Comms Guindo Chirfi sold 15,000 Common Stock at $131.00 (~$1.97M). Guindo Chirfi holds 46,613.127 shares after the transaction.

  • · EVP, Access, Policy & Comms Guindo Chirfi sold 15,000 Common Stock at $131.00 (~$1.97M)
BOSTON SCIENTIFIC CORP 4 positive materiality 4/10

07-08-2026

Director Habiger David C bought 2,100 Common Stock at $47.59 (~$99.9K). Habiger David C holds 17,160 shares after the transaction.

  • · Director Habiger David C bought 2,100 Common Stock at $47.59 (~$99.9K)
Moderna, Inc. 4 negative materiality 7/10

07-08-2026

Chief Executive Officer Bancel Stephane sold 187,044 Common Stock at $58.79 (~$11M). 10 transactions reported in total. Bancel Stephane holds 6,440,260 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Chief Executive Officer Bancel Stephane exercised/converted 499,246 Common Stock at $19.15 (~$9.56M)
  • · Chief Executive Officer Bancel Stephane sold 147,473 Common Stock at $56.21 (~$8.29M)
  • · Chief Executive Officer Bancel Stephane sold 124,838 Common Stock at $56.96 (~$7.11M)
  • · Chief Executive Officer Bancel Stephane sold 39,891 Common Stock at $58.12 (~$2.32M)
  • · Chief Executive Officer Bancel Stephane sold 187,044 Common Stock at $58.79 (~$11M)
  • · Chief Executive Officer Bancel Stephane exercised/converted 252,469 Common Stock at $19.15 (~$4.83M)
  • · Chief Executive Officer Bancel Stephane exercised/converted 370,853 Stock Option (Right to Buy)
  • · Chief Executive Officer Bancel Stephane exercised/converted 128,393 Stock Option (Right to Buy)
Merck & Co., Inc. 4 negative materiality 7/10

07-08-2026

EVP & Pres. MMD Maraldo David R. sold 9,709 Common Stock at $128.72 (~$1.25M). 9 transactions reported in total. Maraldo David R. holds 18,212.434 shares after the transaction.

  • · EVP & Pres. MMD Maraldo David R. exercised/converted 6,311 Common Stock at $73.73 (~$465K)
  • · EVP & Pres. MMD Maraldo David R. sold 6,311 Common Stock at $128.72 (~$812K)
  • · EVP & Pres. MMD Maraldo David R. exercised/converted 9,709 Common Stock at $87.10 (~$846K)
  • · EVP & Pres. MMD Maraldo David R. sold 9,709 Common Stock at $128.72 (~$1.25M)
  • · EVP & Pres. MMD Maraldo David R. exercised/converted 2,686 Common Stock at $84.71 (~$228K)
  • · EVP & Pres. MMD Maraldo David R. sold 2,686 Common Stock at $128.72 (~$346K)
  • · EVP & Pres. MMD Maraldo David R. exercised/converted 6,311 Stock Option (Right to Buy)
  • · EVP & Pres. MMD Maraldo David R. exercised/converted 9,709 Stock Option (Right to Buy)
THERMO FISHER SCIENTIFIC INC. 4 negative materiality 7/10

07-08-2026

Chairman & CEO CASPER MARC N exercised/converted 10,000 Common Stock at $309.63 (~$3.1M). 24 transactions reported in total. CASPER MARC N holds 9,608 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Chairman & CEO CASPER MARC N exercised/converted 10,000 Common Stock at $309.63 (~$3.1M)
  • · Chairman & CEO CASPER MARC N sold 157 Common Stock at $566.25 (~$88.9K)
  • · Chairman & CEO CASPER MARC N sold 130 Common Stock at $567.92 (~$73.8K)
  • · Chairman & CEO CASPER MARC N sold 105 Common Stock at $569.24 (~$59.8K)
  • · Chairman & CEO CASPER MARC N sold 53 Common Stock at $569.76 (~$30.2K)
  • · Chairman & CEO CASPER MARC N sold 135 Common Stock at $571.49 (~$77.2K)
  • · Chairman & CEO CASPER MARC N sold 431 Common Stock at $573.08 (~$247K)
  • · Chairman & CEO CASPER MARC N sold 1,186 Common Stock at $574.03 (~$681K)
THERMO FISHER SCIENTIFIC INC. 4 negative materiality 7/10

07-08-2026

Chairman & CEO CASPER MARC N exercised/converted 10,000 Common Stock at $309.63 (~$3.1M). 20 transactions reported in total. CASPER MARC N holds 4,608 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Chairman & CEO CASPER MARC N exercised/converted 10,000 Common Stock at $309.63 (~$3.1M)
  • · Chairman & CEO CASPER MARC N sold 480 Common Stock at $571.05 (~$274K)
  • · Chairman & CEO CASPER MARC N sold 1,631 Common Stock at $572.43 (~$934K)
  • · Chairman & CEO CASPER MARC N sold 2,545 Common Stock at $573.53 (~$1.46M)
  • · Chairman & CEO CASPER MARC N sold 1,617 Common Stock at $574.40 (~$929K)
  • · Chairman & CEO CASPER MARC N sold 2,164 Common Stock at $575.46 (~$1.25M)
  • · Chairman & CEO CASPER MARC N sold 480 Common Stock at $576.46 (~$277K)
  • · Chairman & CEO CASPER MARC N sold 451 Common Stock at $577.43 (~$260K)
THERMO FISHER SCIENTIFIC INC. 4 negative materiality 6/10

07-08-2026

Sr. VP and Chief HR Officer Britt Lisa P. sold 5,850 Common Stock at $580.00 (~$3.39M). Britt Lisa P. holds 14,784.148 shares after the transaction.

  • · Sr. VP and Chief HR Officer Britt Lisa P. exercised/converted 5,850 Common Stock at $309.63 (~$1.81M)
  • · Sr. VP and Chief HR Officer Britt Lisa P. sold 5,850 Common Stock at $580.00 (~$3.39M)
  • · Sr. VP and Chief HR Officer Britt Lisa P. exercised/converted 5,850 Stock Option (Right to Buy)
JOHNSON & JOHNSON 4 negative materiality 7/10

07-08-2026

CEO and Chairman of the Board Duato Joaquin sold 41,957 Common Stock at $258.06 (~$10.8M). Duato Joaquin holds 275,967 shares after the transaction.

  • · CEO and Chairman of the Board Duato Joaquin sold 41,957 Common Stock at $258.06 (~$10.8M)
  • · CEO and Chairman of the Board Duato Joaquin sold 6,523 Common Stock at $258.74 (~$1.69M)
JOHNSON & JOHNSON 4 negative materiality 7/10

07-08-2026

EVP, Chief Legal Officer Forminard Elizabeth sold 9,344 Common Stock at $257.76 (~$2.41M). 4 transactions reported in total. Forminard Elizabeth holds 16,994 shares after the transaction.

  • · EVP, Chief Legal Officer Forminard Elizabeth exercised/converted 9,344 Common Stock at $131.94 (~$1.23M)
  • · EVP, Chief Legal Officer Forminard Elizabeth sold 9,344 Common Stock at $257.76 (~$2.41M)
  • · EVP, Chief Legal Officer Forminard Elizabeth sold 6,574 Common Stock at $255.93 (~$1.68M)
  • · EVP, Chief Legal Officer Forminard Elizabeth exercised/converted 9,344 Employee Stock Options (Right to Buy)
AMGEN INC 4 negative materiality 6/10

07-08-2026

SVP & CCO Grygiel Nancy A. sold 1,970 Common Stock at $402.16 (~$792K). 6 transactions reported in total. Grygiel Nancy A. holds 7,340 shares after the transaction.

  • · SVP & CCO Grygiel Nancy A. exercised/converted 1,970 Common Stock at $177.46 (~$350K)
  • · SVP & CCO Grygiel Nancy A. sold 1,970 Common Stock at $402.16 (~$792K)
  • · SVP & CCO Grygiel Nancy A. exercised/converted 1,000 Common Stock at $177.31 (~$177K)
  • · SVP & CCO Grygiel Nancy A. sold 1,000 Common Stock at $402.16 (~$402K)
  • · SVP & CCO Grygiel Nancy A. exercised/converted 1,970 Nqso (Right to Buy)
  • · SVP & CCO Grygiel Nancy A. exercised/converted 1,000 Nqso (Right to Buy)
AMGEN INC 4 negative materiality 6/10

07-08-2026

SVP, Human Resources Miller Derek sold 2,069 Common Stock at $402.54 (~$833K). 6 transactions reported in total. Miller Derek holds 12,462 shares after the transaction.

  • · SVP, Human Resources Miller Derek exercised/converted 2,069 Common Stock at $162.60 (~$336K)
  • · SVP, Human Resources Miller Derek sold 2,069 Common Stock at $402.54 (~$833K)
  • · SVP, Human Resources Miller Derek exercised/converted 1,821 Common Stock at $177.46 (~$323K)
  • · SVP, Human Resources Miller Derek sold 1,821 Common Stock at $402.54 (~$733K)
  • · SVP, Human Resources Miller Derek exercised/converted 2,069 Nqso (Right to Buy)
  • · SVP, Human Resources Miller Derek exercised/converted 1,821 Nqso (Right to Buy)
BRISTOL MYERS SQUIBB CO SC 13G neutral materiality 5/10

07-08-2026

State Street Corporation filed a Schedule 13G with the SEC on August 7, 2026, disclosing beneficial ownership of 102,521,748 shares of Bristol-Myers Squibb Co. common stock as of June 30, 2026. This represents approximately 5.0% of the outstanding shares, making State Street a major shareholder. The filing indicates the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

  • · State Street has sole voting power over 64,032,454 shares and shared voting power over 102,408,940 shares.
  • · The filing is made under Rule 13d-1(b), indicating the filer is a passive institutional investor.
  • · State Street Corporation is a bank holding company (HC) and its subsidiaries act as investment advisers (IA).

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