Adage Capital Partners GP L.L.C. Acquires Shares of 42,644 Laboratory Co. of America Holdings (NYSE:LH)

Adage Capital Partners GP L.L.C. acquired a new stake in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 42,644 shares of the medical research company's stock, valued at approximately $9,779,000. Adage Capital Partners GP L.L.C. owned approximately 0.05% of Laboratory Co. of America at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Graney & King LLC acquired a new position in Laboratory Co. of America in the fourth quarter worth $26,000. Fortitude Family Office LLC raised its holdings in shares of Laboratory Co. of America by 312.5% in the fourth quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company's stock valued at $30,000 after buying an additional 100 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Laboratory Co. of America by 309.8% during the 4th quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company's stock worth $39,000 after buying an additional 127 shares in the last quarter. Human Investing LLC bought a new stake in Laboratory Co. of America during the 4th quarter worth about $39,000. Finally, Heck Capital Advisors LLC acquired a new stake in Laboratory Co. of America in the 4th quarter valued at about $44,000. 95.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Laboratory Co. of America

In other Laboratory Co. of America news, CMO Amy B. Summy sold 226 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $250.40, for a total transaction of $56,590.40. Following the completion of the sale, the chief marketing officer now owns 4,544 shares of the company's stock, valued at $1,137,817.60. This trade represents a 4.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $255.63, for a total transaction of $127,815.00. Following the completion of the transaction, the director now owns 13,166 shares in the company, valued at approximately $3,365,624.58. This represents a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,258 shares of company stock valued at $3,518,177. 0.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on LH shares. Citigroup upgraded Laboratory Co. of America from a "neutral" rating to a "buy" rating and raised their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. Evercore ISI upgraded Laboratory Co. of America from an "in-line" rating to an "outperform" rating and boosted their target price for the stock from $260.00 to $265.00 in a research report on Tuesday, January 7th. Truist Financial cut their price target on shares of Laboratory Co. of America from $285.00 to $274.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. StockNews.com cut shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Finally, Jefferies Financial Group lifted their price target on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $267.85.

Laboratory Co. of America Stock Up 2.7 %

LH traded up $6.61 during trading hours on Friday, hitting $247.89. 854,928 shares of the company's stock were exchanged, compared to its average volume of 728,086. 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 Holdings has a 1-year low of $191.97 and a 1-year high of $258.59. The stock's 50-day moving average is $234.39 and its two-hundred day moving average is $235.62. The stock has a market cap of $20.74 billion, a price-to-earnings ratio of 28.11, a PEG ratio of 1.71 and a beta of 0.82.

Laboratory Co. of America (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. During the same quarter last year, the company earned $3.68 EPS. Laboratory Co. of America's revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side analysts predict that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.16%. Laboratory Co. of America's dividend payout ratio is currently 33.29%.

Laboratory Co. of America Profile

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