Laboratory Co. of America (NYSE:LH) Price Target Raised to $290.00

Laboratory Co. of America (NYSE:LH) had its target price increased by Truist Financial from $274.00 to $290.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the medical research company’s stock.

Other analysts have also recently issued reports about the company. Redburn Atlantic assumed coverage on Laboratory Co. of America in a research note on Wednesday, April 2nd. They set a “buy” rating and a $276.00 target price for the company. Robert W. Baird increased their price objective on shares of Laboratory Co. of America from $253.00 to $267.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 30th. Barclays boosted their price objective on shares of Laboratory Co. of America from $240.00 to $250.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. StockNews.com cut Laboratory Co. of America from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Finally, Piper Sandler reissued a “neutral” rating and issued a $280.00 price target (up previously from $260.00) on shares of Laboratory Co. of America in a research note on Tuesday, May 6th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Laboratory Co. of America presently has an average rating of “Moderate Buy” and a consensus price target of $270.62.

Laboratory Co. of America Price Performance

Shares of LH stock opened at $242.41 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.67. Laboratory Co. of America has a 12-month low of $191.97 and a 12-month high of $258.59. The firm has a fifty day moving average of $233.32 and a 200-day moving average of $237.31. The firm has a market capitalization of $20.29 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 1.71 and a beta of 0.82.

Laboratory Co. of America (NYSE:LH) last posted its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.73 by $0.11. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period in the previous year, the firm earned $3.68 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Laboratory Co. of America will post 16.01 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.19%. Laboratory Co. of America’s dividend payout ratio (DPR) is 33.29%.

Insider Activity

In related news, CEO Adam H. Schechter sold 6,105 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the sale, the chief executive officer now directly owns 98,962 shares in the company, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Amy B. Summy sold 226 shares of Laboratory Co. of America stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $250.40, for a total value of $56,590.40. Following the transaction, the chief marketing officer now owns 4,544 shares of the company’s stock, valued at $1,137,817.60. The trade was a 4.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,971 shares of company stock valued at $4,193,073. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Laboratory Co. of America

A number of large investors have recently added to or reduced their stakes in LH. Norges Bank acquired a new position in shares of Laboratory Co. of America in the fourth quarter valued at $239,811,000. Select Equity Group L.P. boosted its holdings in shares of Laboratory Co. of America by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company’s stock worth $365,985,000 after buying an additional 959,981 shares during the period. Amundi grew its stake in Laboratory Co. of America by 344.9% in the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company’s stock valued at $263,161,000 after buying an additional 870,903 shares during the last quarter. GAMMA Investing LLC raised its holdings in Laboratory Co. of America by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company’s stock valued at $188,450,000 after acquiring an additional 807,539 shares during the period. Finally, Madison Investment Advisors LLC acquired a new stake in Laboratory Co. of America during the fourth quarter worth approximately $123,415,000. Institutional investors own 95.94% of the company’s stock.

About Laboratory Co. of America

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.