Contravisory Investment Management Inc. Acquires New Position in Laboratory Co. of America Holdings (NYSE:LH)

Contravisory Investment Management Inc. purchased a new position in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,215 shares of the medical research company's stock, valued at approximately $283,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Graney & King LLC acquired a new stake in shares of Laboratory Co. of America during the 4th quarter worth approximately $26,000. Human Investing LLC acquired a new stake in shares of Laboratory Co. of America during the 4th quarter worth approximately $39,000. Heck Capital Advisors LLC acquired a new stake in shares of Laboratory Co. of America during the 4th quarter worth approximately $44,000. SBI Securities Co. Ltd. acquired a new stake in shares of Laboratory Co. of America during the 4th quarter worth approximately $52,000. Finally, Deseret Mutual Benefit Administrators grew its position in shares of 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. Institutional investors own 95.94% of the company's stock.

Insider Buying and Selling

In related news, EVP Amy B. Summy sold 758 shares of the business's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $231.67, for a total value of $175,605.86. Following the transaction, the executive vice president now directly owns 5,302 shares of the company's stock, valued at approximately $1,228,314.34. The trade was a 12.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the transaction, the chief executive officer now directly owns 98,962 shares in the company, valued at $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,592 shares of company stock valued at $2,841,820. 0.84% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Redburn Atlantic assumed coverage on shares of Laboratory Co. of America in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price objective for the company. 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. Robert W. Baird raised 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 lifted their price target 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. Finally, Truist Financial lifted their price target on shares of Laboratory Co. of America from $274.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Laboratory Co. of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $272.92.

Laboratory Co. of America Stock Up 0.7%

NYSE:LH traded up $1.77 on Friday, hitting $253.92. The stock had a trading volume of 442,869 shares, compared to its average volume of 637,325. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.30 and a current ratio of 1.44. The stock has a market cap of $21.25 billion, a P/E ratio of 28.79, a price-to-earnings-growth ratio of 1.71 and a beta of 0.81. Laboratory Co. of America Holdings has a 1 year low of $192.38 and a 1 year high of $258.59. The firm's fifty day simple moving average is $237.30 and its two-hundred day simple moving average is $238.80.

Laboratory Co. of America (NYSE:LH - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.73 by $0.11. The firm had revenue of $3.35 billion during 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%. The company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $3.68 EPS. Analysts predict that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.13%. Laboratory Co. of America's dividend payout ratio (DPR) is 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.