Harbor Capital Advisors Increases Stake in Chemed Corporation by 1.1%
Harbor Capital Advisors Inc. has raised its stake in Chemed Corporation (NYSE: CHE) by 1.1% during the second quarter of 2023, according to data from HoldingsChannel.com. The investment firm now holds 3,363 shares of Chemed, having acquired an additional 35 shares over the quarter, bringing the total value of its holdings to approximately $1.64 million.
Other significant investors have also adjusted their positions in Chemed. Bessemer Group Inc. increased its holdings by 14.2% in the first quarter, acquiring a total of 950 shares valued at $585,000 after purchasing an additional 118 shares. Similarly, DAVENPORT & Co LLC entered the picture by acquiring a new stake valued at $265,000 during the same period.
Jump Financial LLC made a notable entry with a new stake worth $2.78 million, while Mather Group LLC boosted its holdings by 53.3%, now owning 161 shares valued at $99,000. Park Place Capital Corp also significantly increased its stake by 71.2%, acquiring an additional 1,486 shares, which brought its total holdings to 3,572 shares valued at around $2.20 million. Collectively, institutional investors and hedge funds own approximately 95.85% of Chemed’s stock.
Chemed Corporation’s Market Performance and Dividend Announcement
Chemed’s shares opened at $458.39 on Friday, reflecting a slight increase of 0.2%. The company has a market capitalization of $6.68 billion and price-to-earnings (P/E) ratio of 23.57. Over the past year, the stock has seen a low of $408.42 and a high of $623.60. The firm recently declared a quarterly dividend of $0.60, which was paid on August 29, 2023. This represents an annualized dividend of $2.40 and a yield of 0.5%, up from the previous quarterly dividend of $0.50. Chemed’s current dividend payout ratio stands at 12.34%.
Insider Transactions and Analyst Ratings
In related news, Chemed’s Director, Patrick P. Grace, sold 150 shares on September 9, 2023, at an average price of $463.39, totaling $69,508.50. Following this transaction, Grace owns 3,397 shares valued at approximately $1.57 million. Conversely, Director George J. Walsh III acquired 200 shares on August 4, 2023, at an average price of $417.10, totaling $83,420. This purchase increased his holdings to 3,523 shares valued at about $1.47 million.
Analysts have recently updated their ratings for Chemed. Bank of America reduced its price target from $610.00 to $595.00, maintaining a “buy” rating. Jefferies Financial Group upgraded Chemed from a “hold” to a “buy” rating, raising its price objective from $490.00 to $550.00. Royal Bank of Canada lowered its price target from $640.00 to $589.00 while also setting an “outperform” rating. Oppenheimer decreased its price target from $650.00 to $580.00, maintaining an “outperform” rating.
According to MarketBeat.com, the consensus rating for Chemed is currently a “buy,” with an average target price of $578.50.
Chemed Corporation provides hospice and palliative care services primarily in the United States. The company operates through its VITAS and Roto-Rooter segments, offering plumbing, drain cleaning, and related services to both residential and commercial clients through various channels, including company-owned branches and independent contractors.
