Nuveen Asset Management LLC Sells 527,411 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Nuveen Asset Management LLC cut its stake in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 70.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 217,713 shares of the medical research company's stock after selling 527,411 shares during the period. Nuveen Asset Management LLC owned 0.26% of Laboratory Co. of America worth $49,926,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Graney & King LLC bought a new position in shares of Laboratory Co. of America in the fourth quarter worth approximately $26,000. Geneos Wealth Management Inc. increased its position in shares of Laboratory Co. of America by 309.8% in the fourth quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company's stock worth $39,000 after purchasing an additional 127 shares during the last quarter. Human Investing LLC bought a new position in shares of Laboratory Co. of America in the fourth quarter worth approximately $39,000. Heck Capital Advisors LLC bought a new position in shares of Laboratory Co. of America in the fourth quarter worth approximately $44,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Laboratory Co. of America in the fourth quarter worth approximately $52,000. 95.94% of the stock is currently owned by institutional investors.

Laboratory Co. of America Stock Performance

NYSE:LH opened at $249.39 on Tuesday. The firm has a market cap of $20.87 billion, a PE ratio of 28.28, 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 $191.97 and a fifty-two week high of $258.59. 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 business has a 50 day moving average price of $233.83 and a 200-day moving average price of $237.86.

Laboratory Co. of America (NYSE:LH - Get Free Report) last released its quarterly earnings data 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. 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 return on equity of 15.29% and a net margin of 5.73%. The business's quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.68 earnings per share. Equities research 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 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 yield of 1.15%. Laboratory Co. of America's payout ratio is 33.29%.

Analysts Set New Price Targets

Several research analysts recently weighed in on LH shares. Piper Sandler restated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Laboratory Co. of America in a research report on Tuesday, May 6th. Citigroup raised Laboratory Co. of America from a "neutral" rating to a "buy" rating and upped their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, March 4th. Jefferies Financial Group upped their target price on 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. Truist Financial upped their target price on Laboratory Co. of America from $274.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Redburn Atlantic assumed coverage on Laboratory Co. of America in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price for the company. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Laboratory Co. of America has an average rating of "Moderate Buy" and an average price target of $270.62.

Insider Buying and Selling

In other Laboratory Co. of America news, Director Kerrii B. Anderson sold 500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $255.63, for a total value of $127,815.00. Following the completion of the transaction, the director now owns 13,166 shares in the company, valued at approximately $3,365,624.58. This represents a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam H. Schechter sold 6,105 shares of the 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 completion of the transaction, the chief executive officer now owns 98,962 shares of the company's stock, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,971 shares of company stock valued at $4,193,073 over the last quarter. 0.84% of the stock is owned by company insiders.

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.

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