Cary Street Partners Financial LLC Makes New Investment in Laboratory Co. of America Holdings (NYSE:LH)

Cary Street Partners Financial LLC acquired a new position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 16,354 shares of the medical research company's stock, valued at approximately $3,750,000.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in Laboratory Co. of America by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock valued at $458,334,000 after buying an additional 39,255 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Laboratory Co. of America by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,930,395 shares of the medical research company's stock valued at $431,405,000 after buying an additional 167,137 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Laboratory Co. of America by 2.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,916,505 shares of the medical research company's stock worth $437,357,000 after acquiring an additional 51,045 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Laboratory Co. of America by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,822,964 shares of the medical research company's stock valued at $418,042,000 after purchasing an additional 41,898 shares during the last quarter. Finally, FMR LLC increased its position in Laboratory Co. of America by 2.2% during the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock valued at $371,688,000 after buying an additional 34,429 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insider Activity

In other Laboratory Co. of America news, CEO Adam H. Schechter sold 6,121 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $244.62, for a total transaction of $1,497,319.02. Following the sale, the chief executive officer now owns 86,445 shares in the company, valued at approximately $21,146,175.90. The trade was a 6.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Amy B. Summy sold 226 shares of the firm's stock in a transaction dated 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 transaction, the chief marketing officer now owns 4,544 shares of the company's stock, valued at approximately $1,137,817.60. The trade was a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,987 shares of company stock worth $4,171,895. 0.84% of the stock is owned by company insiders.

Laboratory Co. of America Stock Down 1.2 %

LH traded down $3.00 on Friday, reaching $245.76. The company's stock had a trading volume of 583,379 shares, compared to its average volume of 639,717. Laboratory Co. of America Holdings has a 1 year low of $191.97 and a 1 year high of $258.59. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30. The stock has a market cap of $20.57 billion, a price-to-earnings ratio of 27.86, a price-to-earnings-growth ratio of 1.71 and a beta of 0.82. The business's 50 day moving average is $233.68 and its 200 day moving average is $236.98.

Laboratory Co. of America (NYSE:LH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.11. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. Laboratory Co. of America's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.68 earnings per share. As a group, research analysts forecast that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.17%. Laboratory Co. of America's dividend payout ratio (DPR) is 33.29%.

Analyst Ratings Changes

Several analysts recently commented on LH shares. StockNews.com lowered Laboratory Co. of America from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Truist Financial cut their price objective on Laboratory Co. of America from $285.00 to $274.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Redburn Atlantic assumed coverage on shares of Laboratory Co. of America in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price objective for the company. Piper Sandler reiterated a "neutral" rating and set a $280.00 price target (up previously from $260.00) on shares of Laboratory Co. of America in a report on Tuesday, May 6th. Finally, Robert W. Baird raised their target price on Laboratory Co. of America from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.38.

Laboratory Co. of America Company Profile

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