California State Teachers Retirement System Sells 8,383 Shares of Laboratory Co. of America Holdings (NYSE:LH)

California State Teachers Retirement System cut its stake in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 141,897 shares of the medical research company's stock after selling 8,383 shares during the period. California State Teachers Retirement System owned about 0.17% of Laboratory Co. of America worth $32,540,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Graney & King LLC bought a new stake in shares of Laboratory Co. of America during the 4th quarter valued at $26,000. Geneos Wealth Management Inc. grew its position in shares of 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 valued at $39,000 after acquiring an additional 127 shares during the period. Human Investing LLC bought a new stake in shares of Laboratory Co. of America during the 4th quarter valued at $39,000. Heck Capital Advisors LLC bought a new stake in shares of Laboratory Co. of America during the 4th quarter valued at $44,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Laboratory Co. of America during the 4th quarter valued at $52,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Laboratory Co. of America Price Performance

LH stock traded down $1.23 during mid-day trading on Monday, hitting $247.74. The company had a trading volume of 415,565 shares, compared to its average volume of 635,497. The company has a market capitalization of $20.74 billion, a price-to-earnings ratio of 28.09, a P/E/G ratio of 1.71 and a beta of 0.82. Laboratory Co. of America Holdings has a 12-month low of $192.38 and a 12-month high of $258.59. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average price of $235.61 and a 200 day moving average price of $238.40.

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

Laboratory Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders 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 1.16%. Laboratory Co. of America's dividend payout ratio is 33.29%.

Insider Activity

In other news, CEO Adam H. Schechter sold 6,105 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the sale, the chief executive officer now directly owns 98,962 shares in the company, valued at approximately $24,614,818.26. This represents a 5.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $255.63, for a total transaction of $127,815.00. Following the sale, the director now owns 13,166 shares in the company, valued at $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. In the last three months, insiders have sold 10,092 shares of company stock worth $2,475,635. 0.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. 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. 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. 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 target price for the company. Finally, Citigroup raised shares of Laboratory Co. of America from a "neutral" rating to a "buy" rating and upped their target price for the stock from $250.00 to $300.00 in a report on Tuesday, March 4th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $272.92.

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.