Laboratory Co. of America (NYSE:LH) Sets New 52-Week High - Time to Buy?

Laboratory Co. of America Holdings (NYSE:LH - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $263.60 and last traded at $261.20, with a volume of 555237 shares. The stock had previously closed at $261.65.

Wall Street Analyst Weigh In

LH has been the subject of several research reports. Truist Financial lifted their price target on Laboratory Co. of America from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. Robert W. Baird increased their target price 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 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. Wall Street Zen lowered Laboratory Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Citigroup raised Laboratory Co. of America from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $250.00 to $300.00 in a report on Tuesday, March 4th. Four equities research 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.00.

Laboratory Co. of America Trading Up 0.6%

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 cap of $21.99 billion, a PE ratio of 29.79, a PEG ratio of 1.71 and a beta of 0.81. The business has a 50-day moving average of $240.58 and a 200 day moving average of $239.46.

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 EPS for the quarter, beating the consensus estimate of $3.73 by $0.11. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter last year, the company earned $3.68 EPS. Laboratory Co. of America's quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts predict that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

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

Insider Transactions at Laboratory Co. of America

In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $238.36, for a total transaction of $452,884.00. Following the sale, the executive vice president now directly owns 2,244 shares in the company, valued at $534,879.84. This represents a 45.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were 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 of the company's stock, 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. In the last three months, insiders sold 12,092 shares of company stock worth $2,971,820. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Laboratory Co. of America

Several hedge funds and other institutional investors have recently bought and sold shares of LH. eCIO Inc. purchased a new position in shares of Laboratory Co. of America in the first quarter valued at $94,000. Strs Ohio acquired a new stake in Laboratory Co. of America in the first quarter worth approximately $23,639,000. IFM Investors Pty Ltd grew its stake in shares of Laboratory Co. of America by 2.6% in the 1st quarter. IFM Investors Pty Ltd now owns 15,859 shares of the medical research company's stock worth $3,691,000 after purchasing an additional 404 shares during the last quarter. Belpointe Asset Management LLC boosted its stake in shares of Laboratory Co. of America by 7.4% during the 1st quarter. Belpointe Asset Management LLC now owns 1,725 shares of the medical research company's stock worth $402,000 after acquiring an additional 119 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of Laboratory Co. of America by 245.3% in the first quarter. Intech Investment Management LLC now owns 11,120 shares of the medical research company's stock worth $2,588,000 after buying an additional 7,900 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.