Azzad Asset Management Inc. ADV Invests $690,000 in Laboratory Co. of America Holdings (NYSE:LH)

Azzad Asset Management Inc. ADV acquired a new position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,963 shares of the medical research company's stock, valued at approximately $690,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Graney & King LLC acquired a new position in Laboratory Co. of America during the 4th quarter worth approximately $26,000. Human Investing LLC acquired a new position in shares of Laboratory Co. of America during the fourth quarter worth $39,000. Heck Capital Advisors LLC purchased a new position in shares of Laboratory Co. of America in the fourth quarter valued at $44,000. SBI Securities Co. Ltd. acquired a new stake in Laboratory Co. of America during the 4th quarter valued at $52,000. Finally, Deseret Mutual Benefit Administrators increased its stake in Laboratory Co. of America by 28.2% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 232 shares of the medical research company's stock worth $53,000 after buying an additional 51 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.

Laboratory Co. of America Stock Performance

LH stock traded up $2.83 on Monday, reaching $263.95. The company's stock had a trading volume of 652,879 shares, compared to its average volume of 637,136. The company has a market capitalization of $22.09 billion, a P/E ratio of 29.93, a price-to-earnings-growth ratio of 1.71 and a beta of 0.81. The firm has a fifty day moving average of $240.58 and a two-hundred day moving average of $239.46. Laboratory Co. of America Holdings has a 52 week low of $198.07 and a 52 week high of $264.02. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30.

Laboratory Co. of America (NYSE:LH - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the firm earned $3.68 EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts predict that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.09%. Laboratory Co. of America's dividend payout ratio is 33.29%.

Insider Activity at Laboratory Co. of America

In other news, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $24,614,818.26. This represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kerrii B. Anderson sold 500 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $260.00, for a total transaction of $130,000.00. Following the completion of the sale, the director now owns 12,666 shares of the company's stock, valued at approximately $3,293,160. The trade was a 3.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,092 shares of company stock worth $2,971,820 in the last quarter. 0.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on LH shares. Piper Sandler restated a "neutral" rating and set a $280.00 target price (up from $260.00) on shares of Laboratory Co. of America in a research note on Tuesday, May 6th. Robert W. Baird raised their price objective on Laboratory Co. of America from $253.00 to $267.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Barclays upped their target price on 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. Wall Street Zen downgraded shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Redburn Atlantic began coverage on shares of Laboratory Co. of America in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.00.

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.