Synovus Financial Corp Raises Stock Holdings in Chemed Corporation $CHE

Key Points

• Synovus Financial Corp increased its stake in Chemed Corporation by 47.9%, acquiring an additional 592 shares and bringing its total holdings to 1,827 shares, valued at approximately $1,124,000.
• Chemed's stock is currently priced at $447.00, down by 2.0%, with a 12-month low of $408.42 and a high of $623.60.
• The company recently announced a quarterly dividend increase from $0.50 to $0.60, which will be paid on August 29th, indicating a positive outlook for shareholders.

Synovus Financial Corp boosted its holdings in Chemed Corporation (NYSE:CHE - Free Report) by 47.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,827 shares of the company's stock after purchasing an additional 592 shares during the quarter. Synovus Financial Corp's holdings in Chemed were worth $1,124,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in Chemed by 14.2% in the first quarter. Bessemer Group Inc. now owns 950 shares of the company's stock valued at $585,000 after purchasing an additional 118 shares during the last quarter. DAVENPORT & Co LLC acquired a new stake in Chemed during the first quarter worth about $265,000. Mather Group LLC. increased its stake in Chemed by 53.3% during the first quarter. Mather Group LLC. now owns 161 shares of the company's stock worth $99,000 after acquiring an additional 56 shares during the last quarter. Park Place Capital Corp increased its stake in Chemed by 71.2% during the first quarter. Park Place Capital Corp now owns 3,572 shares of the company's stock worth $2,198,000 after acquiring an additional 1,486 shares during the last quarter. Finally, Synergy Asset Management LLC increased its stake in Chemed by 108.4% during the first quarter. Synergy Asset Management LLC now owns 3,049 shares of the company's stock worth $1,876,000 after acquiring an additional 1,586 shares during the last quarter. 95.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Bank of America dropped their price target on Chemed from $708.00 to $650.00 and set a "buy" rating for the company in a research note on Monday, June 30th. Oppenheimer dropped their price target on Chemed from $650.00 to $580.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Royal Bank Of Canada dropped their price target on Chemed from $640.00 to $589.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Jefferies Financial Group assumed coverage on Chemed in a research note on Friday, July 25th. They set a "hold" rating and a $500.00 price target for the company. Finally, Wall Street Zen lowered Chemed from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $579.75.

Insider Transactions at Chemed

In related news, EVP Nicholas Michael Westfall sold 10,012 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $421.91, for a total value of $4,224,162.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director George J. Walsh III purchased 200 shares of Chemed stock in a transaction that occurred on Monday, August 4th. The stock was acquired at an average cost of $417.10 per share, with a total value of $83,420.00. Following the acquisition, the director directly owned 3,523 shares of the company's stock, valued at $1,469,443.30. The trade was 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 company insiders.

Chemed Stock Performance

Shares of CHE stock traded up $6.72 during trading hours on Monday, reaching $458.62. The company had a trading volume of 154,376 shares, compared to its average volume of 166,099. Chemed Corporation has a twelve month low of $408.42 and a twelve month high of $623.60. The company has a market capitalization of $6.68 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 2.52 and a beta of 0.46. The stock's fifty day simple moving average is $461.39 and its 200 day simple moving average is $536.52.

Chemed (NYSE:CHE - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $4.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.02 by ($1.75). Chemed had a net margin of 11.56% and a return on equity of 25.83%. The company had revenue of $618.80 million during the quarter, compared to analyst estimates of $650.60 million. During the same quarter last year, the business posted $5.47 EPS. Chemed's quarterly revenue was up 3.8% compared to the same quarter last year. Chemed has set its FY 2025 guidance at 22.000-22.300 EPS. As a group, equities analysts expect that Chemed Corporation will post 21.43 earnings per share for the current year.

Chemed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 11th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from Chemed's previous quarterly dividend of $0.50. The ex-dividend date was Monday, August 11th. Chemed's payout ratio is 12.34%.

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.