Addus HomeCare EVP sells shares worth $272,250
Roberton James Stevenson, Executive Vice President and Chief HR Officer at Addus HomeCare Corp (NASDAQ:), a healthcare services provider with a market capitalization of $2.2 billion and impressive year-to-date returns of 32%, recently executed a series of stock transactions. According to InvestingPro data, the company maintains strong financial health with a “GREAT” overall rating. On December 9, Stevenson sold 2,250 shares of Addus HomeCare at a price of $121 per share, amounting to a total sale value of $272,250.
Additionally, Stevenson exercised stock options to acquire 2,250 shares at a price of $90.87 per share, with the total value of these acquisitions reaching $204,457. Following these transactions, Stevenson holds 10,217 shares directly.
In other recent news, Addus HomeCare Corporation reported a robust financial performance for the third quarter of 2024. The company’s total revenue increased by 7% to reach $289.8 million, and adjusted earnings per share rose by 13% to $1.30. In addition, Addus HomeCare revealed plans to acquire Gentiva Personal Care operations, a move expected to significantly enhance its market presence and contribute an additional $280 million in annualized revenues.
The acquisition of Gentiva Personal Care is projected to make Addus the largest personal care provider in Texas and extend its operations into several other states. This strategic acquisition aligns with Addus HomeCare’s growth objectives and is anticipated to close in the fourth quarter of 2024.
CEO Dirk Allison expressed confidence in the growth opportunities for home-based care, while CFO Brian Poff shared expectations for rate increases to normalize in the coming years. Addus HomeCare is also set to benefit from upcoming reimbursement rate increases across its service segments, including a 5.5% increase for personal care services in Illinois, set to take effect in January 2025.
These recent developments underscore Addus HomeCare’s strong financial health and strategic initiatives aimed at growth and expansion in the home care industry. The company’s financial performance and strategic acquisitions indicate a promising trajectory moving forward.
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