M&T Bank Corp Reduces Stock Holdings in Chemed Co. (NYSE:CHE)

M&T Bank Corp lessened its position in shares of Chemed Co. (NYSE:CHE) by 13.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 843 shares of the company’s stock after selling 129 shares during the quarter. M&T Bank Corp’s holdings in Chemed were worth $507,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Cape Cod Five Cents Savings Bank lifted its holdings in shares of Chemed by 2.6% in the third quarter. Cape Cod Five Cents Savings Bank now owns 6,439 shares of the company’s stock valued at $3,870,000 after purchasing an additional 162 shares in the last quarter. MML Investors Services LLC lifted its stake in Chemed by 3.9% in the 3rd quarter. MML Investors Services LLC now owns 1,457 shares of the company’s stock valued at $876,000 after buying an additional 55 shares in the last quarter. XTX Topco Ltd grew its holdings in Chemed by 111.5% during the 3rd quarter. XTX Topco Ltd now owns 2,843 shares of the company’s stock valued at $1,709,000 after buying an additional 1,499 shares during the last quarter. National Bank of Canada FI purchased a new position in Chemed during the third quarter worth $1,496,000. Finally, Glen Eagle Advisors LLC raised its holdings in shares of Chemed by 57.8% in the third quarter. Glen Eagle Advisors LLC now owns 486 shares of the company’s stock worth $292,000 after acquiring an additional 178 shares during the last quarter. 95.85% of the stock is currently owned by hedge funds and other institutional investors.

Chemed Price Performance

NYSE CHE opened at $524.90 on Wednesday. The company has a 50-day moving average of $569.94 and a 200-day moving average of $564.90. Chemed Co. has a 12 month low of $523.33 and a 12 month high of $654.62. The company has a market cap of $7.90 billion, a P/E ratio of 26.52, a P/E/G ratio of 2.32 and a beta of 0.46.

Chemed (NYSE:CHE) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $5.64 EPS for the quarter, missing the consensus estimate of $5.76 by ($0.12). The company had revenue of $606.18 million for the quarter, compared to analyst estimates of $612.22 million. Chemed had a return on equity of 27.86% and a net margin of 12.69%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period last year, the company posted $5.32 EPS. As a group, equities research analysts anticipate that Chemed Co. will post 21.43 EPS for the current year.

Chemed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Monday, November 18th. Chemed’s dividend payout ratio (DPR) is presently 10.11%.

Insiders Place Their Bets

In other news, Director George J. Walsh III sold 400 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $597.47, for a total value of $238,988.00. Following the completion of the sale, the director now owns 3,046 shares of the company’s stock, valued at $1,819,893.62. This represents a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin J. Mcnamara sold 2,000 shares of Chemed stock in a transaction on Monday, November 25th. The shares were sold at an average price of $572.77, for a total transaction of $1,145,540.00. Following the transaction, the chief executive officer now owns 101,735 shares in the company, valued at $58,270,755.95. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,132 shares of company stock worth $3,003,502 over the last three months. 3.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CHE shares. Royal Bank of Canada cut their target price on shares of Chemed from $697.00 to $633.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. StockNews.com upgraded shares of Chemed from a “hold” rating to a “buy” rating in a research report on Saturday, November 30th.

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.