Welch Capital Partners LLC NY Reduces Stake in InnovAge Holding Corp. $INNV

Welch Capital Partners LLC NY lessened its holdings in InnovAge Holding Corp. (NASDAQ:INNV) by 50.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 200,501 shares of the company’s stock after selling 203,600 shares during the period. InnovAge accounts for about 0.4% of Welch Capital Partners LLC NY’s portfolio, making the stock its 11th biggest position. Welch Capital Partners LLC NY’s holdings in InnovAge were worth $1,608,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. CIBC Asset Management Inc acquired a new stake in InnovAge during the 4th quarter valued at approximately $57,000. Invesco Ltd. acquired a new stake in shares of InnovAge in the fourth quarter worth $57,000. Deutsche Bank AG increased its stake in shares of InnovAge by 15.1% in the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company’s stock worth $66,000 after acquiring an additional 1,679 shares during the period. Kathmere Capital Management LLC purchased a new position in shares of InnovAge during the fourth quarter worth $69,000. Finally, Bank of America Corp DE raised its holdings in shares of InnovAge by 42.4% during the fourth quarter. Bank of America Corp DE now owns 19,945 shares of the company’s stock worth $78,000 after purchasing an additional 5,936 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

InnovAge Stock Performance

InnovAge stock opened at $11.50 on Monday. The firm has a market cap of $1.56 billion, a PE ratio of -127.78 and a beta of 0.36. InnovAge Holding Corp. has a 12 month low of $3.13 and a 12 month high of $12.64. The stock’s 50 day simple moving average is $9.18 and its two-hundred day simple moving average is $8.12. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.26.

InnovAge (NASDAQ:INNV) last posted its earnings results on Tuesday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.28). InnovAge had a negative net margin of 1.22% and a negative return on equity of 4.73%. The firm had revenue of $251.94 million during the quarter, compared to analyst estimates of $234.34 million. Analysts anticipate that InnovAge Holding Corp. will post 0.07 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on INNV. Weiss Ratings lowered shares of InnovAge from a “hold (c-)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Zacks Research lowered InnovAge from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Wall Street Zen cut InnovAge from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, InnovAge presently has a consensus rating of “Sell” and a consensus target price of $7.00.

About InnovAge

InnovAge Holdings, Inc (NASDAQ:INNV) is a healthcare services company that specializes in caring for seniors through the Program of All-Inclusive Care for the Elderly (PACE). Designed for individuals who are eligible for both Medicare and Medicaid, the PACE model integrates medical care, social services and long-term care—delivered primarily in participants’ homes and community-based centers. InnovAge’s approach centers on interdisciplinary care teams that coordinate everything from primary and specialty medical services to nutritional counseling and recreational activities.

The company’s core offerings include comprehensive in-home assessments, physician and nursing services, physical and occupational therapy, prescription medication management, and transportation to medical appointments.