Bank of New York Mellon Corp Purchases New Shares in HealthEquity, Inc. $HQY

Key Points

• Bank of New York Mellon initiated a sizable HealthEquity position in the second quarter, purchasing 666,260 shares valued at approximately $60.2 million, or about 0.8% of the company. Institutional investors collectively own 99.55% of HQY.
• Analyst sentiment remains favorable: HealthEquity has a consensus “Moderate Buy” rating and an average price target of $110.93, with BTIG recently raising its target to $115.
• HealthEquity recently exceeded quarterly expectations, reporting $1.24 in earnings per share versus the $1.11 consensus estimate and $354.64 million in revenue, up 7.2% year over year.

Bank of New York Mellon Corp purchased a new position in HealthEquity, Inc. (NASDAQ:HQY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 666,260 shares of the company's stock, valued at approximately $60,177,000. Bank of New York Mellon Corp owned approximately 0.80% of HealthEquity as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fifth Third Wealth Advisors LLC raised its stake in HealthEquity by 4.2% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 2,872 shares of the company's stock valued at $240,000 after purchasing an additional 116 shares during the last quarter. Truist Financial Corp grew its stake in HealthEquity by 4.9% during the 4th quarter. Truist Financial Corp now owns 2,537 shares of the company's stock valued at $232,000 after acquiring an additional 119 shares in the last quarter. Fiduciary Trust Co grew its stake in HealthEquity by 3.4% during the 3rd quarter. Fiduciary Trust Co now owns 3,669 shares of the company's stock valued at $348,000 after acquiring an additional 120 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of HealthEquity by 24.4% during the 3rd quarter. Larson Financial Group LLC now owns 628 shares of the company's stock worth $60,000 after purchasing an additional 123 shares during the last quarter. Finally, Merit Financial Group LLC boosted its position in shares of HealthEquity by 8.9% during the 3rd quarter. Merit Financial Group LLC now owns 2,112 shares of the company's stock valued at $200,000 after acquiring an additional 172 shares during the last quarter. 99.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at HealthEquity

In other HealthEquity news, EVP Michael Henry Fiore sold 2,354 shares of the business's stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $95.00, for a total value of $223,630.00. Following the sale, the executive vice president directly owned 52,244 shares in the company, valued at approximately $4,963,180. The trade was a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 7,966 shares of company stock valued at $756,770. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of HealthEquity from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Weiss Ratings upgraded shares of HealthEquity from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 5th. Barrington Research reaffirmed an "outperform" rating and set a $110.00 price target on shares of HealthEquity in a research report on Friday, May 22nd. BTIG Research upped their price objective on shares of HealthEquity from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of HealthEquity in a research report on Tuesday, May 26th. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $110.93.

HealthEquity Stock Performance

NASDAQ:HQY opened at $104.42 on Thursday. The firm's 50 day moving average is $97.77 and its two-hundred day moving average is $87.71. The company has a market cap of $8.73 billion, a P/E ratio of 39.11, a P/E/G ratio of 1.77 and a beta of 0.21. HealthEquity, Inc. has a fifty-two week low of $72.76 and a fifty-two week high of $107.62. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.46.

HealthEquity (NASDAQ:HQY - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.13. HealthEquity had a return on equity of 14.75% and a net margin of 17.25%.The firm had revenue of $354.64 million during the quarter, compared to analyst estimates of $352.02 million. The business's revenue for the quarter was up 7.2% on a year-over-year basis. Analysts expect that HealthEquity, Inc. will post 3.92 EPS for the current year.

HealthEquity Company Profile

HealthEquity, Inc NASDAQ: HQY is a leading administrator of consumer-directed health accounts and related benefit solutions in the United States. Founded in 2002 and headquartered in Draper, Utah, the company specializes in health savings accounts (HSAs) and offers complementary services such as flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), COBRA administration and commuter benefits. Through its technology-driven platform, HealthEquity enables employers, health plans and individuals to streamline account management, improve cost transparency and encourage more informed healthcare spending.

Serving millions of members across all 50 states, HealthEquity leverages an open-architecture ecosystem that integrates with health plans, payroll providers and financial institutions.

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