Granite Investment Advisors LLC purchased a new stake in Chemed Co. (NYSE:CHE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,250 shares of the company’s stock, valued at approximately $304,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CHE. JPMorgan Chase & Co. raised its position in shares of Chemed by 111.5% in the third quarter. JPMorgan Chase & Co. now owns 182,551 shares of the company’s stock valued at $36,125,000 after buying an additional 96,237 shares in the last quarter. Eaton Vance Management acquired a new position in Chemed during the fourth quarter valued at approximately $19,967,000. Old Mutual Global Investors UK Ltd. raised its position in Chemed by 173.5% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 95,212 shares of the company’s stock valued at $19,237,000 after purchasing an additional 60,399 shares in the last quarter. BlackRock Inc. raised its position in Chemed by 2.4% during the fourth quarter. BlackRock Inc. now owns 2,079,274 shares of the company’s stock valued at $505,307,000 after purchasing an additional 49,135 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Chemed during the fourth quarter valued at approximately $9,296,000. Institutional investors own 94.63% of the company’s stock.
Shares of Chemed Co. (NYSE CHE) traded up $2.35 on Wednesday, reaching $282.75. 69,868 shares of the company’s stock traded hands, compared to its average volume of 103,646. The firm has a market capitalization of $4,530.00, a P/E ratio of 52.71 and a beta of 1.10. Chemed Co. has a 1-year low of $178.44 and a 1-year high of $285.00. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17.
Chemed (NYSE:CHE) last posted its earnings results on Wednesday, February 14th. The company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.27 by $0.05. The firm had revenue of $428.35 million for the quarter, compared to analysts’ expectations of $423.83 million. Chemed had a net margin of 5.89% and a return on equity of 30.04%. The company’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.10 earnings per share.
Chemed announced that its board has authorized a share repurchase program on Tuesday, March 6th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 19th. Shareholders of record on Monday, February 26th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 23rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.40%. Chemed’s payout ratio is presently 21.05%.
In other Chemed news, insider Kevin J. Mcnamara sold 6,000 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $258.00, for a total transaction of $1,548,000.00. Following the sale, the insider now owns 140,049 shares of the company’s stock, valued at $36,132,642. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Naomi C. Dallob sold 1,050 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $257.00, for a total transaction of $269,850.00. Following the sale, the vice president now directly owns 6,649 shares in the company, valued at approximately $1,708,793. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.
Several research analysts have commented on the stock. Oppenheimer boosted their price objective on shares of Chemed from $270.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Royal Bank of Canada restated a “hold” rating and set a $258.00 price objective on shares of Chemed in a research report on Friday, February 16th. Finally, ValuEngine downgraded shares of Chemed from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $261.33.
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Chemed Corporation purchases, operates and divests subsidiaries engaged in various business activities. The Company operates through two segments: the VITAS segment (VITAS) and the Roto-Rooter segment (Roto-Rooter). The Company’s VITAS provides hospice and palliative care services to its patients through a network of physicians, registered nurses, home health aides, social workers, clergy and volunteers.
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