Welch Capital Partners LLC NY Makes New $1.62 Million Investment in InnovAge Holding Corp. $INNV

Key Points

• Welch Capital Partners LLC NY acquired 136,408 InnovAge shares worth approximately $1.62 million, representing about 0.10% of the company and 0.3% of the firm’s portfolio.
• Institutional ownership stands at 12.26%, with several major firms—including Deutsche Bank, Bank of America, and JPMorgan—also increasing their positions.
• Analyst sentiment remains cautious: InnovAge has an average “Reduce” rating and a $10.00 price target, despite KeyCorp upgrading the stock to “overweight” with a $13 target.

Welch Capital Partners LLC NY purchased a new stake in InnovAge Holding Corp. (NASDAQ:INNV - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 136,408 shares of the company's stock, valued at approximately $1,616,000. InnovAge comprises approximately 0.3% of Welch Capital Partners LLC NY's portfolio, making the stock its 12th biggest holding. Welch Capital Partners LLC NY owned approximately 0.10% of InnovAge at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Invesco Ltd. bought a new stake in shares of InnovAge in the 4th quarter valued at about $57,000. CIBC Asset Management Inc bought a new position in InnovAge during the fourth quarter worth about $57,000. Deutsche Bank AG increased its position in InnovAge by 15.1% during the fourth quarter. Deutsche Bank AG now owns 12,775 shares of the company's stock worth $66,000 after buying an additional 1,679 shares during the last quarter. Bank of America Corp DE increased its position in 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 buying an additional 5,936 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in InnovAge by 26.0% in the third quarter. JPMorgan Chase & Co. now owns 15,993 shares of the company's stock valued at $83,000 after buying an additional 3,305 shares during the period. Institutional investors own 12.26% of the company's stock.

Wall Street Analysts Forecast Growth

INNV has been the topic of a number of recent analyst reports. Wall Street Zen lowered InnovAge from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of InnovAge in a research report on Thursday, August 13th. Finally, KeyCorp upgraded shares of InnovAge from a "sector weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a report on Friday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, InnovAge currently has an average rating of "Reduce" and an average price target of $10.00.

InnovAge Price Performance

INNV stock opened at $10.96 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.26. InnovAge Holding Corp. has a 12 month low of $3.51 and a 12 month high of $12.64. The firm has a market cap of $1.49 billion, a P/E ratio of -121.78 and a beta of 0.39. The company's 50-day moving average price is $10.96 and its two-hundred day moving average price is $9.06.

InnovAge Profile

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.

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