Chemed (NYSE:CHE) Announces Quarterly Earnings Results, Misses Expectations By $0.41 EPS

Chemed (NYSE:CHE) released its quarterly earnings results on Wednesday. The company reported $4.68 earnings per share for the quarter, missing the consensus estimate of $5.09 by ($0.41), reports. Chemed had a net margin of 12.36% and a return on equity of 31.69%. The company had revenue of $589.23 million for the quarter, compared to analysts’ expectations of $587.18 million. Chemed updated its FY24 guidance to $23.30-23.70 EPS and its FY 2024 guidance to 23.300-23.700 EPS.

Chemed Stock Down 7.2 %

Shares of NYSE:CHE opened at $573.34 on Friday. Chemed has a 52-week low of $492.84 and a 52-week high of $654.62. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 2.48 and a beta of 0.42. The business has a 50-day moving average price of $623.76 and a 200-day moving average price of $590.54.

Chemed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Monday, February 26th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend was Friday, February 23rd. Chemed’s dividend payout ratio is presently 8.61%.

Insider Transactions at Chemed

In related news, CFO Michael D. Witzeman sold 2,650 shares of Chemed stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $643.14, for a total transaction of $1,704,321.00. Following the completion of the transaction, the chief financial officer now directly owns 2,882 shares in the company, valued at $1,853,529.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Brian C. Judkins sold 11,158 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $645.00, for a total value of $7,196,910.00. Following the completion of the sale, the vice president now directly owns 1,422 shares in the company, valued at $917,190. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael D. Witzeman sold 2,650 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $643.14, for a total value of $1,704,321.00. Following the sale, the chief financial officer now owns 2,882 shares of the company’s stock, valued at $1,853,529.48. The disclosure for this sale can be found here. Insiders sold a total of 15,808 shares of company stock worth $10,184,531 over the last three months. 3.32% of the stock is currently owned by insiders.

Institutional Trading of Chemed

Large investors have recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Chemed in the 1st quarter valued at $26,000. GAMMA Investing LLC purchased a new stake in Chemed in the 4th quarter valued at $37,000. Larson Financial Group LLC purchased a new stake in Chemed in the 3rd quarter valued at $44,000. Principal Securities Inc. purchased a new stake in Chemed in the 4th quarter valued at $51,000. Finally, Legacy Financial Group LLC purchased a new stake in Chemed in the 3rd quarter valued at $48,000. 95.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CHE has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their target price on Chemed from $604.00 to $712.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. Oppenheimer increased their target price on Chemed from $625.00 to $650.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th.

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.