Laboratory Co. of America (NYSE:LH) Given New $283.00 Price Target at Morgan Stanley

Laboratory Co. of America (NYSE:LH - Get Free Report) had its price objective increased by equities research analysts at Morgan Stanley from $270.00 to $283.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the medical research company's stock. Morgan Stanley's price objective would indicate a potential upside of 8.50% from the company's current price.

A number of other equities analysts have also recently commented on the stock. Redburn Atlantic assumed coverage on shares of Laboratory Co. of America in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price objective for the company. Truist Financial increased 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 report on Monday, May 12th. Robert W. Baird raised their price objective on shares of Laboratory Co. of America from $253.00 to $267.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Piper Sandler restated a "neutral" rating and set a $280.00 price objective (up previously from $260.00) on shares of Laboratory Co. of America in a report on Tuesday, May 6th. Finally, Wall Street Zen cut shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Laboratory Co. of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.00.

Laboratory Co. of America Price Performance

Shares of LH traded down $0.82 during trading hours on Wednesday, hitting $260.84. The stock had a trading volume of 555,237 shares, compared to its average volume of 637,388. The company's fifty day moving average is $239.71 and its two-hundred day moving average is $239.34. The stock 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. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30. Laboratory Co. of America has a 52 week low of $195.21 and a 52 week high of $263.59.

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 (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 company's revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.68 EPS. On average, analysts anticipate that Laboratory Co. of America will post 16.01 EPS for the current year.

Insider Activity

In related news, CEO Adam H. Schechter sold 6,105 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the sale, the chief executive officer now directly owns 98,962 shares in the company, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Amy B. Summy sold 758 shares of the firm'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 transaction of $175,605.86. Following the completion of the transaction, the executive vice president now directly owns 5,302 shares of the company's stock, valued at approximately $1,228,314.34. The trade was a 12.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,092 shares of company stock valued at $2,971,820 in the last ninety days. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Laboratory Co. of America

Several institutional investors have recently bought and sold shares of LH. Vanguard Group Inc. boosted its stake in shares of Laboratory Co. of America by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company's stock worth $2,262,817,000 after purchasing an additional 71,464 shares during the last quarter. Select Equity Group L.P. raised its stake in shares of Laboratory Co. of America by 39.1% during the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock valued at $516,696,000 after purchasing an additional 624,099 shares during the period. Geode Capital Management LLC raised its stake in shares of Laboratory Co. of America by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock valued at $458,334,000 after purchasing an additional 39,255 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Laboratory Co. of America by 2.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock worth $455,370,000 after buying an additional 40,814 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Laboratory Co. of America by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,822,964 shares of the medical research company's stock worth $418,042,000 after purchasing an additional 41,898 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

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.