GAMMA Investing LLC Boosts Stake in Laboratory Co. of America Holdings (NYSE:LH)

GAMMA Investing LLC raised its position in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 37,334.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 809,702 shares of the medical research company's stock after acquiring an additional 807,539 shares during the period. GAMMA Investing LLC owned approximately 0.97% of Laboratory Co. of America worth $188,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Laboratory Co. of America during the fourth quarter valued at $239,811,000. Select Equity Group L.P. lifted its holdings in Laboratory Co. of America by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after buying an additional 959,981 shares in the last quarter. Amundi boosted its position in Laboratory Co. of America by 344.9% in the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company's stock valued at $263,161,000 after buying an additional 870,903 shares during the period. Madison Investment Advisors LLC bought a new position in Laboratory Co. of America in the 4th quarter worth about $123,415,000. Finally, Alliancebernstein L.P. increased its position in shares of Laboratory Co. of America by 59.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock worth $234,160,000 after acquiring an additional 380,624 shares during the period. Institutional investors own 95.94% of the company's stock.

Laboratory Co. of America Stock Performance

Laboratory Co. of America stock traded down $0.20 during mid-day trading on Thursday, reaching $254.17. 161,517 shares of the company traded hands, compared to its average volume of 634,595. The firm's fifty day moving average is $236.48 and its two-hundred day moving average is $238.59. The company has a market capitalization of $21.27 billion, a price-to-earnings ratio of 28.81, a price-to-earnings-growth ratio of 1.71 and a beta of 0.82. Laboratory Co. of America Holdings has a fifty-two week low of $192.38 and a fifty-two week 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.

Laboratory Co. of America (NYSE:LH - Get Free Report) last released its 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 firm had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm earned $3.68 EPS. The firm's revenue was up 5.3% on a year-over-year basis. On average, equities research analysts expect 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Investors 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 1.13%. Laboratory Co. of America's dividend payout ratio is currently 33.29%.

Analyst Ratings Changes

LH has been the topic of several research analyst reports. Wall Street Zen cut Laboratory Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Redburn Atlantic assumed coverage on Laboratory Co. of America in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Robert W. Baird lifted their price objective on Laboratory Co. of America from $253.00 to $267.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Jefferies Financial Group upped their price objective on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the stock a "buy" rating in a research note on Thursday, February 6th. Finally, Piper Sandler reissued a "neutral" rating and set a $280.00 target price (up previously from $260.00) on shares of Laboratory Co. of America in a research report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Laboratory Co. of America has a consensus rating of "Moderate Buy" and an average target price of $272.92.

Insider Buying and Selling

In related news, CAO Peter J. Wilkinson sold 829 shares of Laboratory Co. of America stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the transaction, the chief accounting officer now directly owns 2,054 shares in the company, valued at approximately $497,602.04. This trade represents a 28.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Amy B. Summy sold 758 shares of the business's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $231.67, for a total value of $175,605.86. Following the completion of the transaction, the executive vice president now directly owns 5,302 shares of the company's stock, valued at $1,228,314.34. The trade was a 12.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,592 shares of company stock worth $2,347,820. 0.84% of the stock is owned by company insiders.

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.