Freestone Grove Partners LP Invests $48.69 Million in Laboratory Co. of America Holdings (NYSE:LH)

Freestone Grove Partners LP purchased a new stake in Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 212,335 shares of the medical research company's stock, valued at approximately $48,693,000. Freestone Grove Partners LP owned 0.25% of Laboratory Co. of America as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Graney & King LLC acquired a new position in Laboratory Co. of America during the 4th quarter worth $26,000. Fortitude Family Office LLC lifted its position in shares of Laboratory Co. of America by 312.5% during the 4th quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company's stock worth $30,000 after purchasing an additional 100 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Laboratory Co. of America by 309.8% during the 4th 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 acquired a new stake in Laboratory Co. of America in the 4th quarter valued at approximately $39,000. Finally, Heck Capital Advisors LLC bought a new position in Laboratory Co. of America in the 4th quarter worth approximately $44,000. Institutional investors own 95.94% of the company's stock.

Insider Activity at Laboratory Co. of America

In related news, CEO Adam H. Schechter sold 6,121 shares of Laboratory Co. of America stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $244.62, for a total transaction of $1,497,319.02. Following the transaction, the chief executive officer now owns 86,445 shares of the company's stock, valued at $21,146,175.90. This trade represents a 6.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Peter J. Wilkinson sold 829 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the sale, the chief accounting officer now owns 2,054 shares in the company, valued at approximately $497,602.04. This trade represents a 28.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,987 shares of company stock worth $4,171,895 over the last ninety days. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, February 6th. Redburn Atlantic assumed coverage on shares of Laboratory Co. of America in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target on the stock. Evercore ISI raised shares of Laboratory Co. of America from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $260.00 to $265.00 in a report on Tuesday, January 7th. Citigroup raised shares of Laboratory Co. of America from a "neutral" rating to a "buy" rating and increased their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. Finally, UBS Group lowered their price objective on Laboratory Co. of America from $293.00 to $286.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Laboratory Co. of America presently has a consensus rating of "Moderate Buy" and an average price target of $269.38.

Laboratory Co. of America Price Performance

Shares of LH traded down $1.12 during mid-day trading on Tuesday, hitting $245.70. 139,150 shares of the company traded hands, compared to its average volume of 637,347. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $20.56 billion, a price-to-earnings ratio of 27.91, a PEG ratio of 1.71 and a beta of 0.82. The business has a 50-day moving average of $234.19 and a 200 day moving average of $236.33. 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 released its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. The firm's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.68 earnings per share. As a group, equities analysts expect that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.17%. Laboratory Co. of America's dividend payout ratio is 33.29%.

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.