3,079 Shares in Laboratory Co. of America Holdings (NYSE:LH) Bought by USA Financial Formulas

USA Financial Formulas purchased a new position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,079 shares of the medical research company's stock, valued at approximately $717,000.

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

Laboratory Co. of America Stock Performance

Shares of Laboratory Co. of America stock traded down $0.82 during trading hours on Friday, reaching $260.84. 555,237 shares of the stock traded hands, compared to its average volume of 637,389. The company has a 50 day moving average price of $240.58 and a 200 day moving average price of $239.50. The firm has a market capitalization of $21.83 billion, a price-to-earnings ratio of 29.57, a P/E/G ratio of 1.71 and a beta of 0.81. Laboratory Co. of America Holdings has a one year low of $195.21 and a one year high of $263.60. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.67.

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 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 in the previous year, the firm earned $3.68 EPS. The business's quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.10%. Laboratory Co. of America's dividend payout ratio is presently 33.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Piper Sandler reaffirmed a "neutral" rating and set a $280.00 price objective (up from $260.00) on shares of Laboratory Co. of America in a report on Tuesday, May 6th. Morgan Stanley upped their price objective on shares of Laboratory Co. of America from $270.00 to $283.00 and gave the company an "overweight" rating in a report on Wednesday. Truist Financial upped their price objective on shares of Laboratory Co. of America from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Redburn Atlantic initiated coverage on Laboratory Co. of America in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $274.00.

Insider Buying and Selling

In other news, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $260.00, for a total transaction of $130,000.00. Following the sale, the director now directly owns 12,666 shares of the company's stock, valued at $3,293,160. This represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam H. Schechter sold 6,105 shares of the company's stock in a transaction on Monday, May 12th. The shares were 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 directly owns 98,962 shares in the company, valued at $24,614,818.26. This trade represents a 5.81% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,092 shares of company stock valued at $2,971,820. Corporate insiders own 0.84% of the company's stock.

Laboratory Co. of America Profile

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