The Healius (ASX:HLS) share price hit a new 5-year high today

Let’s take a look at today’s share price action from the Aussie healthcare company.

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Healius Ltd (ASX: HLS) shares finished today’s session in the green, after setting a new 5-year high during intraday trading. The Healius share price jumped to an intraday high of $4.73, before retracing back down to close at $4.67 — 1.74% higher for the day.

Let’s take a look at some of today’s share price action for the Australian healthcare company.

Market insights from today’s session

The Healius share price climbed more than 3% from the open during today’s session, beating the previous 52-week high it set on 30 June.

Trading was flat in the first hour of activity, however, the share price action began around 11:00 a.m, with a move from $4.59 to $4.73 intraday, before trending sideways and then slightly lower at the close.

Today’s gains marked the highest level for Healius shares since mid-2015.

Trading volume today came in at around 2.5 million shares exchanging hands, which was well above the 20-day average volume-at-time (AVAT).

What could be behind today’s gains?

Whilst there was no market-sensitive information specific to the company released today, on 5 July investment banking giant Macquarie increased its price target by ~3% to $4.85 in an equity research report.

The ratings upgrade came following a similar update from JP Morgan on 30 June. In that report, the broker called for a $4.75 price target, which Healius shares almost hit today.

Further, a block trade of 2.14 million Healius shares, which equals 0.4% of the float, was traded today at a value of $10.1 million.

This caps off two block trades for Healius shares over the last two weeks. Block trades can impact a company’s share price through their large volume and order flow.

Healius share price snapshot

Finishing in the green over the previous 5 days, the Healius share price has extended its run year to date, posting gains of 25% since the start of the year.

Over the past 12 months, Healius shares have returned around 51%, outpacing the 22% returns of the S&P/ASX 200 Index (ASX: XJO) over the same period.

At the current market price, Healius has a market capitalisation of around $2.9 billion with a dividend yield of around 1.95%.

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Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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