Public Employees Retirement System of Ohio Sells 2,254 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Public Employees Retirement System of Ohio lowered its stake in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,885 shares of the medical research company's stock after selling 2,254 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Laboratory Co. of America were worth $7,312,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in LH. Norges Bank acquired a new position in Laboratory Co. of America during the 4th quarter valued at about $239,811,000. Select Equity Group L.P. lifted its position 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 purchasing an additional 959,981 shares during the period. Amundi lifted its position in 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 valued at $263,161,000 after purchasing an additional 870,903 shares during the period. Madison Investment Advisors LLC acquired a new position in Laboratory Co. of America during the 4th quarter valued at about $123,415,000. Finally, Alliancebernstein L.P. lifted its position in 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 valued at $234,160,000 after purchasing an additional 380,624 shares during the period. Institutional investors own 95.94% of the company's stock.

Insider Activity at Laboratory Co. of America

In other news, EVP Amy B. Summy sold 758 shares of the firm's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $231.67, for a total transaction of $175,605.86. Following the completion of the sale, the executive vice president now owns 5,302 shares in the company, valued at approximately $1,228,314.34. This trade represents a 12.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $255.63, for a total transaction 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 trade represents a 3.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,092 shares of company stock worth $2,475,635. Insiders own 0.84% of the company's stock.

Laboratory Co. of America Stock Up 0.8%

Shares of NYSE LH traded up $1.87 during midday trading on Friday, reaching $248.62. The company's stock had a trading volume of 1,185,977 shares, compared to its average volume of 636,380. 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 Holdings has a fifty-two week low of $192.38 and a fifty-two week high of $258.59. The stock has a market capitalization of $20.81 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.71 and a beta of 0.82. The stock has a 50 day simple moving average of $235.32 and a 200-day simple moving average of $238.31.

Laboratory Co. of America (NYSE:LH - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate of $3.41 billion. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. The firm's revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th will be issued 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 payout ratio is 33.29%.

Wall Street Analyst Weigh In

LH has been the topic of a number of research reports. Piper Sandler restated a "neutral" rating and set a $280.00 target price (up from $260.00) on shares of Laboratory Co. of America in a research report on Tuesday, May 6th. Barclays lifted their price objective on shares of Laboratory Co. of America from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Redburn Atlantic started coverage on shares of Laboratory Co. of America in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price objective on the stock. Robert W. Baird lifted their price objective on shares of Laboratory Co. of America from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Finally, Truist Financial lifted their price objective on shares of 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. 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $272.92.

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.