Cadence Capital Management LLC Boosts Holdings in Health Insurance Innovations Inc (HIIQ)
Cadence Capital Management LLC raised its holdings in shares of Health Insurance Innovations Inc (NASDAQ:HIIQ) by 7.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 46,269 shares of the financial services provider’s stock after purchasing an additional 3,324 shares during the period. Cadence Capital Management LLC’s holdings in Health Insurance Innovations were worth $1,154,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. purchased a new position in Health Insurance Innovations during the 2nd quarter valued at about $113,000. Advisors Asset Management Inc. purchased a new position in Health Insurance Innovations during the 3rd quarter valued at about $142,000. Nationwide Fund Advisors purchased a new position in Health Insurance Innovations during the 2nd quarter valued at about $149,000. Chicago Equity Partners LLC purchased a new position in Health Insurance Innovations during the 3rd quarter valued at about $158,000. Finally, First Trust Advisors LP purchased a new position in Health Insurance Innovations during the 3rd quarter valued at about $171,000. 64.05% of the stock is currently owned by institutional investors and hedge funds.
HIIQ has been the topic of a number of research reports. Canaccord Genuity reissued a “buy” rating and set a $39.00 target price on shares of Health Insurance Innovations in a research report on Monday, October 16th. Northland Securities reissued a “buy” rating and set a $37.00 target price on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. Zacks Investment Research upgraded shares of Health Insurance Innovations from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a report on Tuesday, October 17th. Cantor Fitzgerald restated a “buy” rating and issued a $38.00 price target on shares of Health Insurance Innovations in a report on Wednesday, November 1st. Finally, BidaskClub cut shares of Health Insurance Innovations from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Health Insurance Innovations presently has a consensus rating of “Buy” and an average target price of $33.83.
Health Insurance Innovations announced that its board has approved a share repurchase program on Monday, October 16th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, CTO Sheldon Wang sold 5,000 shares of Health Insurance Innovations stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $28.30, for a total value of $141,500.00. Following the completion of the sale, the chief technology officer now directly owns 109,001 shares in the company, valued at approximately $3,084,728.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 62,464 shares of company stock valued at $1,605,100 over the last quarter. 30.00% of the stock is owned by company insiders.
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About Health Insurance Innovations
Health Insurance Innovations, Inc is a developer, distributor and cloud-based administrator of individual and family health insurance plans (IFPs) and supplemental products, which include short-term medical (STM) insurance plans, and guaranteed-issue and underwritten hospital indemnity plans. The Company also develops, distributes and administers supplemental products, which include a range of additional insurance and non-insurance products, such as pharmacy benefit cards, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans, and life insurance policies that are purchased as supplements to IFP.
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