Bank of Nova Scotia Reduces Stock Position in Chemed Corporation (NYSE:CHE)

Bank of Nova Scotia lessened its stake in shares of Chemed Corporation (NYSE:CHE) by 13.3% in the first quarter, HoldingsChannel reports. The firm owned 4,200 shares of the company’s stock after selling 642 shares during the quarter. Bank of Nova Scotia’s holdings in Chemed were worth $2,584,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Commerce Bank grew its holdings in Chemed by 246.6% in the 1st quarter. Commerce Bank now owns 5,216 shares of the company’s stock valued at $3,210,000 after buying an additional 3,711 shares during the period. Bayforest Capital Ltd purchased a new stake in Chemed in the 1st quarter valued at about $616,000. Mackenzie Financial Corp grew its holdings in Chemed by 1.4% in the 1st quarter. Mackenzie Financial Corp now owns 4,694 shares of the company’s stock valued at $2,888,000 after buying an additional 65 shares during the period. LPL Financial LLC grew its holdings in Chemed by 12.7% in the 1st quarter. LPL Financial LLC now owns 10,527 shares of the company’s stock valued at $6,477,000 after buying an additional 1,185 shares during the period. Finally, Inspire Advisors LLC purchased a new stake in Chemed in the 1st quarter valued at about $221,000. Hedge funds and other institutional investors own 95.85% of the company’s stock.

Insider Buying and Selling

In related news, EVP Spencer S. Lee sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $577.99, for a total transaction of $866,985.00. Following the transaction, the executive vice president directly owned 14,627 shares of the company’s stock, valued at approximately $8,454,259.73. The trade was a 9.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director George J. Walsh III purchased 200 shares of Chemed stock in a transaction that occurred on Monday, August 4th. The shares were bought at an average cost of $417.10 per share, for a total transaction of $83,420.00. Following the completion of the transaction, the director directly owned 3,523 shares in the company, valued at $1,469,443.30. This represents a 6.02% increase in their position. The disclosure for this purchase can be found here. 3.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CHE has been the subject of several recent analyst reports. Wall Street Zen cut Chemed from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Bank of America reduced their price objective on Chemed from $708.00 to $650.00 and set a “buy” rating on the stock in a research note on Monday, June 30th. Royal Bank Of Canada reduced their price objective on Chemed from $640.00 to $589.00 and set an “outperform” rating on the stock in a research note on Thursday, July 31st. Jefferies Financial Group started coverage on Chemed in a research note on Friday, July 25th. They issued a “hold” rating and a $500.00 price objective on the stock. Finally, Oppenheimer reduced their price objective on Chemed from $650.00 to $580.00 and set an “outperform” rating on the stock in a research note on Thursday, July 31st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Chemed presently has an average rating of “Moderate Buy” and a consensus target price of $579.75.

Chemed Price Performance

NYSE CHE opened at $428.47 on Thursday. The business’s 50-day simple moving average is $500.05 and its 200-day simple moving average is $550.13. The firm has a market capitalization of $6.24 billion, a P/E ratio of 22.03, a P/E/G ratio of 2.36 and a beta of 0.46. Chemed Corporation has a 1-year low of $408.42 and a 1-year high of $623.60.

Chemed (NYSE:CHE) last released its quarterly earnings results on Tuesday, July 29th. The company reported $4.27 EPS for the quarter, missing the consensus estimate of $6.02 by ($1.75). The company had revenue of $618.80 million for the quarter, compared to analyst estimates of $650.60 million. Chemed had a return on equity of 25.83% and a net margin of 11.56%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $5.47 earnings per share. On average, equities research analysts expect that Chemed Corporation will post 21.43 EPS for the current fiscal year.

Chemed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 11th will be given a dividend of $0.60 per share. This is a boost from Chemed’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.40 annualized dividend and a yield of 0.6%. Chemed’s dividend payout ratio is presently 10.28%.

About Chemed

Chemed Corporation provides hospice and palliative care services to patients through a network of physicians, registered nurses, home health aides, social workers, clergy, and volunteers primarily in the United States. The company operates in VITAS and Roto-Rooter segments. It offers plumbing, drain cleaning, excavation, water restoration, and other related services to residential and commercial customers through company-owned branches, independent contractors, and franchisees.