SP Asset Management Buys 210 Shares of Laboratory Co. of America Holdings (NYSE:LH)

SP Asset Management boosted its stake in Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 1.4% in the first quarter, HoldingsChannel reports. The firm owned 15,530 shares of the medical research company’s stock after acquiring an additional 210 shares during the period. SP Asset Management’s holdings in Laboratory Co. of America were worth $4,095,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LH. Norges Bank bought a new stake in Laboratory Co. of America in the fourth quarter valued at about $297,582,000. BlackRock Inc. increased its holdings in shares of Laboratory Co. of America by 6.8% in the fourth quarter. BlackRock Inc. now owns 8,274,410 shares of the medical research company’s stock worth $2,599,903,000 after acquiring an additional 524,578 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Laboratory Co. of America by 1,092.8% in the fourth quarter. International Assets Investment Management LLC now owns 240,131 shares of the medical research company’s stock worth $290,000 after acquiring an additional 220,000 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Laboratory Co. of America by 11.5% in the fourth quarter. Alliancebernstein L.P. now owns 1,488,164 shares of the medical research company’s stock worth $467,596,000 after acquiring an additional 152,947 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of Laboratory Co. of America by 89.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 301,238 shares of the medical research company’s stock worth $94,652,000 after acquiring an additional 142,042 shares in the last quarter. Institutional investors own 92.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on LH shares. Credit Suisse Group decreased their price objective on Laboratory Co. of America from $312.00 to $308.00 and set an “outperform” rating for the company in a report on Monday, August 1st. Truist Financial decreased their price objective on Laboratory Co. of America from $350.00 to $320.00 in a report on Friday, April 29th. Robert W. Baird increased their price target on Laboratory Co. of America from $295.00 to $297.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company reduced their price target on Laboratory Co. of America from $290.00 to $235.00 and set an “equal weight” rating for the company in a research report on Monday, April 25th. Finally, Mizuho cut their price objective on Laboratory Co. of America from $354.00 to $323.00 in a research report on Wednesday, May 4th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Laboratory Co. of America presently has a consensus rating of “Moderate Buy” and an average target price of $299.75.

Laboratory Co. of America Stock Performance

Shares of NYSE LH traded up $2.28 during trading hours on Friday, reaching $254.67. 588,509 shares of the stock were exchanged, compared to its average volume of 602,161. The stock’s fifty day simple moving average is $241.12 and its 200 day simple moving average is $256.43. Laboratory Co. of America Holdings has a 52 week low of $212.40 and a 52 week high of $317.17. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.74 and a current ratio of 1.90. The firm has a market capitalization of $23.61 billion, a price-to-earnings ratio of 12.19 and a beta of 1.03.

Laboratory Co. of America (NYSE:LHGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The medical research company reported $4.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.60 by $0.35. Laboratory Co. of America had a return on equity of 22.39% and a net margin of 12.67%. The company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the company posted $6.13 EPS. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. Sell-side analysts predict that Laboratory Co. of America Holdings will post 20.21 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Thursday, August 18th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.13%. The ex-dividend date is Wednesday, August 17th. Laboratory Co. of America’s payout ratio is presently 13.78%.

Insiders Place Their Bets

In other Laboratory Co. of America news, CFO Glenn A. Eisenberg sold 32,100 shares of Laboratory Co. of America stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total transaction of $8,151,474.00. Following the transaction, the chief financial officer now directly owns 52,158 shares of the company’s stock, valued at approximately $13,245,002.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Glenn A. Eisenberg sold 32,100 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total value of $8,151,474.00. Following the transaction, the chief financial officer now directly owns 52,158 shares of the company’s stock, valued at approximately $13,245,002.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Peter J. Wilkinson sold 2,576 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $258.40, for a total value of $665,638.40. Following the completion of the transaction, the chief accounting officer now directly owns 1,887 shares in the company, valued at $487,600.80. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Laboratory Co. of America Company Profile

(Get Rating)

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

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Institutional Ownership by Quarter for Laboratory Co. of America (NYSE:LH)

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