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Chemed Corp.

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Chemed delivered a strong third-quarter 2015, exceeding the Zacks Consensus Estimate for earnings and revenues. Despite issues related to admission coding changes, we are encouraged by the strong segmental performances. The company’s two key operating metrics – admissions and average daily census grew well in the quarter. We are also impressed with Chemed’s sound capital deployment policy to return value to investors through share buybacks and dividend. Nonetheless, headwinds like seasonality in business, competitive landscape and dependence on government mandate are intimidating.

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