Vestcor Inc Increases Holdings in HealthEquity, Inc. (NASDAQ:HQY)

Key Points

• Vestcor Inc significantly increased its holdings in HealthEquity, Inc. by 296.2% during the 1st quarter, owning a total of 19,655 shares valued at approximately $1.74 million.
• Several large investors have also increased their stakes, with notable increases from FMR LLC and Brown Advisory Inc., suggesting strong interest from institutional investors.
• Analysts have set new price targets for HealthEquity, with Deutsche Bank raising its target to $115 and Bank of America to $125, reflecting a generally positive outlook on the stock.

Vestcor Inc grew its holdings in shares of HealthEquity, Inc. (NASDAQ:HQY - Free Report) by 296.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,655 shares of the company's stock after purchasing an additional 14,694 shares during the quarter. Vestcor Inc's holdings in HealthEquity were worth $1,737,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. FMR LLC increased its position in shares of HealthEquity by 2.4% during the 4th quarter. FMR LLC now owns 5,415,800 shares of the company's stock valued at $519,646,000 after purchasing an additional 125,684 shares during the last quarter. Geode Capital Management LLC increased its holdings in HealthEquity by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 2,089,398 shares of the company's stock worth $200,522,000 after acquiring an additional 10,421 shares during the last quarter. Brown Advisory Inc. increased its holdings in HealthEquity by 12.0% in the 4th quarter. Brown Advisory Inc. now owns 2,086,026 shares of the company's stock worth $200,154,000 after acquiring an additional 224,016 shares during the last quarter. Invesco Ltd. increased its holdings in HealthEquity by 0.8% in the 4th quarter. Invesco Ltd. now owns 1,624,773 shares of the company's stock worth $155,897,000 after acquiring an additional 12,425 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in HealthEquity by 11.7% in the 4th quarter. Northern Trust Corp now owns 1,155,043 shares of the company's stock worth $110,826,000 after acquiring an additional 121,001 shares during the last quarter. 99.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on HQY. Deutsche Bank Aktiengesellschaft lifted their price objective on HealthEquity from $98.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. KeyCorp decreased their price objective on HealthEquity from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Bank of America lifted their price objective on HealthEquity from $110.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Wall Street Zen raised HealthEquity from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Finally, Barrington Research lifted their price objective on HealthEquity from $112.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, HealthEquity currently has an average rating of "Buy" and a consensus price target of $118.55.

HealthEquity Stock Down 1.8%

Shares of NASDAQ HQY opened at $97.00 on Friday. HealthEquity, Inc. has a 52 week low of $65.01 and a 52 week high of $116.65. The business has a 50-day simple moving average of $101.33 and a two-hundred day simple moving average of $98.33. The company has a quick ratio of 4.06, a current ratio of 4.06 and a debt-to-equity ratio of 0.50. The company has a market cap of $8.39 billion, a P/E ratio of 70.80, a P/E/G ratio of 1.53 and a beta of 0.49.

HealthEquity (NASDAQ:HQY - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.16. The firm had revenue of $330.80 million during the quarter, compared to the consensus estimate of $322.25 million. HealthEquity had a return on equity of 11.01% and a net margin of 9.80%. During the same quarter last year, the company posted $0.80 EPS. Research analysts anticipate that HealthEquity, Inc. will post 2.32 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Elimelech Rosner sold 58,000 shares of HealthEquity stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $112.56, for a total transaction of $6,528,480.00. Following the completion of the sale, the executive vice president owned 75,689 shares in the company, valued at approximately $8,519,553.84. This trade represents a 43.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jon Kessler sold 97,767 shares of HealthEquity stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $112.05, for a total value of $10,954,792.35. Following the sale, the director owned 75,000 shares of the company's stock, valued at approximately $8,403,750. This trade represents a 56.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 291,744 shares of company stock worth $32,705,007. 1.50% of the stock is currently owned by insiders.

HealthEquity Profile

HealthEquity, Inc provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, receive personalized benefit information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts.

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