GAMMA Investing LLC raised its holdings in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 37,334.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 809,702 shares of the medical research company's stock after acquiring an additional 807,539 shares during the quarter. GAMMA Investing LLC owned 0.97% of Laboratory Co. of America worth $188,450,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of LH. Geode Capital Management LLC raised its stake in shares of 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 worth $458,334,000 after buying an additional 39,255 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Laboratory Co. of America by 9.5% in 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 during the period. Allspring Global Investments Holdings LLC grew its holdings in Laboratory Co. of America by 2.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,916,505 shares of the medical research company's stock valued at $437,357,000 after buying an additional 51,045 shares during the period. Bank of New York Mellon Corp grew its holdings in Laboratory Co. of America by 2.4% in the 4th 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 buying an additional 41,898 shares during the period. Finally, FMR LLC lifted its stake in shares of Laboratory Co. of America by 2.2% in the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock valued at $371,688,000 after purchasing an additional 34,429 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.
Insider Activity at Laboratory Co. of America
In related news, CEO Adam H. Schechter sold 6,105 shares of the company's stock in a transaction on 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 represents a 5.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the transaction, the chief accounting officer now owns 2,054 shares of the company's stock, valued at approximately $497,602.04. The trade was a 28.75% 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. Corporate insiders own 0.84% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on LH shares. Wall Street Zen lowered Laboratory Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Robert W. Baird boosted their price target on 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. Piper Sandler reissued a "neutral" rating and set a $280.00 price target (up from $260.00) on shares of Laboratory Co. of America in a research report on Tuesday, May 6th. Truist Financial boosted their price target on Laboratory Co. of America from $274.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, Jefferies Financial Group boosted their price target on Laboratory Co. of America from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $272.92.
Check Out Our Latest Stock Report on LH
Laboratory Co. of America Stock Down 0.9%
Shares of LH traded down $2.17 during trading on Thursday, reaching $252.20. The company's stock had a trading volume of 704,283 shares, compared to its average volume of 636,608. The company has a fifty day moving average of $236.87 and a two-hundred day moving average of $238.69. Laboratory Co. of America Holdings has a twelve month low of $192.38 and a twelve month high of $258.59. The company has a market cap of $21.11 billion, a price-to-earnings ratio of 28.59, a P/E/G ratio of 1.71 and a beta of 0.82. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.67.
Laboratory Co. of America (NYSE:LH - Get Free Report) last announced its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.73 by $0.11. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. Laboratory Co. of America's quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $3.68 EPS. On average, sell-side analysts predict that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.
Laboratory Co. of America Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Investors 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 1.14%. Laboratory Co. of America's dividend payout ratio is currently 33.29%.
About Laboratory Co. of America
(
Free Report)
Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.
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