Parallel Advisors LLC Buys 1,564 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Parallel Advisors LLC boosted its position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 111.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,966 shares of the medical research company's stock after purchasing an additional 1,564 shares during the quarter. Parallel Advisors LLC's holdings in Laboratory Co. of America were worth $690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of LH. Graney & King LLC acquired a new position in shares of Laboratory Co. of America during the 4th quarter valued at about $26,000. Human Investing LLC purchased a new stake in shares of Laboratory Co. of America during the 4th quarter worth about $39,000. Heck Capital Advisors LLC purchased a new stake in shares of Laboratory Co. of America during the 4th quarter worth about $44,000. SBI Securities Co. Ltd. purchased a new stake in shares of Laboratory Co. of America during the 4th quarter worth about $52,000. Finally, Deseret Mutual Benefit Administrators grew its holdings 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 purchasing an additional 51 shares during the period. Institutional investors and hedge funds own 95.94% of the company's stock.

Insiders Place Their Bets

In other Laboratory Co. of America 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 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. This represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Amy B. Summy sold 758 shares of the company's stock in a transaction 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 sale, the executive vice president now owns 5,302 shares in the company, valued at $1,228,314.34. This trade represents a 12.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,592 shares of company stock worth $2,347,820. 0.84% of the stock is currently owned by company insiders.

Analyst Ratings Changes

LH has been the subject of a number of research reports. Redburn Atlantic initiated coverage on Laboratory Co. of America in a report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 target price for the company. Wall Street Zen cut Laboratory Co. of America from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Robert W. Baird boosted their target price on Laboratory Co. of America from $253.00 to $267.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Piper Sandler reiterated a "neutral" rating and set a $280.00 target price (up previously from $260.00) on shares of Laboratory Co. of America in a report on Tuesday, May 6th. Finally, Citigroup upgraded Laboratory Co. of America from a "neutral" rating to a "buy" rating and upped their price target for the stock from $250.00 to $300.00 in a report on Tuesday, March 4th. Four investment 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's stock. According to data from MarketBeat.com, Laboratory Co. of America has a consensus rating of "Moderate Buy" and a consensus price target of $272.92.

Laboratory Co. of America Price Performance

LH stock traded up $3.92 during trading hours on Wednesday, hitting $254.43. 892,607 shares of the stock traded hands, compared to its average volume of 636,799. The stock has a 50-day simple moving average of $235.99 and a 200 day simple moving average of $238.48. Laboratory Co. of America Holdings has a one year low of $192.38 and a one year high of $258.59. The company has a market cap of $21.30 billion, a P/E ratio of 28.85, a P/E/G ratio of 1.71 and a beta of 0.82. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.67.

Laboratory Co. of America (NYSE:LH - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the company posted $3.68 EPS. Laboratory Co. of America's revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts forecast that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.13%. Laboratory Co. of America's payout ratio is presently 33.29%.

About Laboratory Co. of America

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.