Laboratory Co. of America Holdings (NYSE:LH) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank lowered its stake in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 29.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,682 shares of the medical research company's stock after selling 12,401 shares during the period. Toronto Dominion Bank's holdings in Laboratory Co. of America were worth $6,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Laboratory Co. of America during the 4th quarter worth about $239,811,000. Select Equity Group L.P. raised its position in shares of 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 worth $365,985,000 after acquiring an additional 959,981 shares in the last quarter. Amundi raised its position in shares of Laboratory Co. of America by 344.9% during the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company's stock worth $263,161,000 after acquiring an additional 870,903 shares in the last quarter. Madison Investment Advisors LLC acquired a new stake in shares of Laboratory Co. of America during the 4th quarter worth about $123,415,000. Finally, Alliancebernstein L.P. raised its position in shares of Laboratory Co. of America by 59.4% during the 4th 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 in the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LH shares. Truist Financial raised their target price 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. Piper Sandler restated a "neutral" rating and set a $280.00 price target (up previously from $260.00) on shares of Laboratory Co. of America in a research note on Tuesday, May 6th. Redburn Atlantic started coverage on Laboratory Co. of America in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Citigroup upgraded Laboratory Co. of America from a "neutral" rating to a "buy" rating and raised their price target for the stock from $250.00 to $300.00 in a research note on Tuesday, March 4th. Finally, Wall Street Zen downgraded Laboratory Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $270.62.

Insider Activity at Laboratory Co. of America

In related news, CEO Adam H. Schechter sold 6,105 shares of Laboratory Co. of America stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the sale, the chief executive officer now directly owns 98,962 shares in the company, valued at $24,614,818.26. The trade was a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Peter J. Wilkinson sold 829 shares of Laboratory Co. of America stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the sale, the chief accounting officer now 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 disclosure for this sale can be found here. Insiders have sold a total of 15,431 shares of company stock worth $3,806,274 over the last three months. 0.84% of the stock is currently owned by corporate insiders.

Laboratory Co. of America Stock Performance

Shares of LH stock traded up $4.99 during midday trading on Tuesday, hitting $247.52. The company had a trading volume of 114,624 shares, compared to its average volume of 721,089. The company's 50 day simple moving average is $234.31 and its 200 day simple moving average is $238.19. Laboratory Co. of America Holdings has a 52-week low of $191.97 and a 52-week high of $258.59. The stock has a market cap of $20.72 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 1.71 and a beta of 0.82. 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 announced its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share 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 the consensus estimate of $3.41 billion. During the same period last year, the business posted $3.68 EPS. The company's revenue was up 5.3% on a year-over-year basis. Research analysts anticipate that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Investors of record on Thursday, May 29th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.16%. Laboratory Co. of America's dividend payout ratio (DPR) is presently 33.29%.

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.