Tidal Investments LLC Raises Position in Laboratory Co. of America Holdings (NYSE:LH)

Tidal Investments LLC raised its holdings in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 53.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,473 shares of the medical research company's stock after purchasing an additional 1,895 shares during the period. Tidal Investments LLC's holdings in Laboratory Co. of America were worth $1,255,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Laboratory Co. of America in the 4th quarter worth about $239,811,000. Select Equity Group L.P. lifted its holdings in shares of Laboratory Co. of America by 150.9% in the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after buying an additional 959,981 shares in the last quarter. Amundi boosted its position in shares of Laboratory Co. of America by 344.9% in the fourth quarter. Amundi now owns 1,123,409 shares of the medical research company's stock valued at $263,161,000 after acquiring an additional 870,903 shares during the period. Madison Investment Advisors LLC bought a new position in shares of Laboratory Co. of America in the fourth quarter valued at approximately $123,415,000. Finally, Alliancebernstein L.P. grew its stake in Laboratory Co. of America by 59.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock valued at $234,160,000 after acquiring an additional 380,624 shares in the last quarter. Institutional investors own 95.94% of the company's stock.

Laboratory Co. of America Trading Up 0.3%

Shares of LH stock traded up $0.69 on Friday, hitting $247.44. 122,548 shares of the company's stock traded hands, compared to its average volume of 637,644. 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 stock has a market capitalization of $20.71 billion, a price-to-earnings ratio of 28.11, a P/E/G ratio of 1.71 and a beta of 0.82. The company's fifty day simple moving average is $235.02 and its 200 day simple moving average is $238.33. Laboratory Co. of America Holdings has a one year low of $191.97 and a one year high of $258.59.

Laboratory Co. of America (NYSE:LH - Get Free Report) last announced 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. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the firm earned $3.68 earnings per share. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts forecast that Laboratory Co. of America Holdings will post 16.01 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th will be paid a dividend of $0.72 per share. 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%.

Insider Transactions at Laboratory Co. of America

In other news, CEO Adam H. Schechter sold 6,105 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 98,962 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Also, EVP Amy B. Summy sold 758 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president now owns 5,302 shares of the company's stock, valued at approximately $1,228,314.34. This represents a 12.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,092 shares of company stock worth $2,475,635. Insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on LH. Barclays raised their price target on shares of Laboratory Co. of America from $240.00 to $250.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Robert W. Baird increased their price objective 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. Truist Financial boosted 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. Citigroup upgraded 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. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 price target (up previously from $260.00) on shares of Laboratory Co. of America in a report on Tuesday, May 6th. Four research 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 stock. According to MarketBeat, Laboratory Co. of America currently has a consensus rating of "Moderate Buy" and an average target price of $270.62.

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.