After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* When our analyst team has a stock tip, it can pay to listen. With Trupanion carving out a niche in this growing market, shareholders are excited about its prospects to capture more market share.
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That could easily lead to more business for Trupanion, which, in turn, should generate even more profits over the long run.īased, in part, on the boosts to these rates, Trupanion reiterated its belief that it will be able to report positive free cash flow by the fourth quarter of 2023, as spending cuts and greater operational efficiency should offset an expected 15% rise in veterinary-care costs year over year. Yet as the costs of going to the vet increase, it's likely that more pet owners will turn to insurance products to try to lessen their own personal contributions. Trupanion noted that the increases were necessary because of the rising cost of veterinary care, particularly in those two large markets. Similarly, in New York, Trupanion got approval for an even bigger 18% rate increase, supplementing a 6% boost to rates approved in November 2022. On the West Coast, California insurance regulators approved a rate increase of over 12%, coming just seven months after a previously approved increase of 8% last November. The latest updates from Trupanion involved rate filings in the states of California and New York. The pet insurance provider reported favorable resolutions of rate requests in a pair of key markets. Shares of Trupanion got an even bigger boost in the after-hours session, climbing 13%. Yet 3M is optimistic that it can move on as it plans to end all manufacturing of PFAS chemicals by the end of 2025.
The settlement is still subject to court approval. Speculation at that time had led to a larger 8% jump in the stock price, but investors seem even more pleased with the actual terms of the deal.
The news was largely anticipated, with reports earlier in June of a possible settlement in the range of the actual financial amount. 3M will make contributions over the next 13 years that amount to a present value of $10.3 billion.
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The proposed settlement would provide funding for water suppliers to install PFAS treatment technologies, both in places where there are existing problems and for water suppliers that could detect PFAS in the future. The company agreed to a costly settlement in class action litigation, but investors are hopeful that 3M can move forward from here without further controversy.ģM faced claims from numerous public water suppliers across the nation that sought compensation for prospective remediation of per- and polyfluoroalkyl substances (PFAS) contamination.
Shares of 3M climbed 5% in the after-hours session late Thursday afternoon.
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