NewEdge Advisors LLC Grows Stake in Laboratory Co. of America Holdings (NYSE:LH)

NewEdge Advisors LLC grew its position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 2,278.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,825 shares of the medical research company's stock after purchasing an additional 6,538 shares during the period. NewEdge Advisors LLC's holdings in Laboratory Co. of America were worth $1,565,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Laboratory Co. of America during the fourth quarter worth approximately $239,811,000. Amundi increased its holdings in shares of Laboratory Co. of America by 344.9% during the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company's stock worth $263,161,000 after acquiring an additional 870,903 shares during the last quarter. Madison Investment Advisors LLC acquired a new position in shares of Laboratory Co. of America during the 4th quarter worth approximately $123,415,000. Alliancebernstein L.P. lifted its holdings in Laboratory Co. of America by 59.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock valued at $234,160,000 after purchasing an additional 380,624 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Laboratory Co. of America by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 1,930,395 shares of the medical research company's stock worth $431,405,000 after purchasing an additional 167,137 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Laboratory Co. of America Stock Performance

Shares of Laboratory Co. of America stock traded up $0.69 during trading hours on Tuesday, reaching $230.29. The company had a trading volume of 330,743 shares, compared to its average volume of 632,951. The business has a fifty day simple moving average of $234.95 and a 200 day simple moving average of $235.38. The firm has a market cap of $19.27 billion, a PE ratio of 26.12, a price-to-earnings-growth ratio of 1.71 and a beta of 0.99. 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 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 quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, beating analysts' consensus estimates 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%. During the same quarter last year, the company posted $3.68 earnings per share. Laboratory Co. of America's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts anticipate 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 will be paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.25%. Laboratory Co. of America's dividend payout ratio is presently 32.65%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LH. Redburn Atlantic initiated coverage on shares of Laboratory Co. of America in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target on the stock. Truist Financial lowered their target price on Laboratory Co. of America from $285.00 to $274.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Citigroup upgraded Laboratory Co. of America from a "neutral" rating to a "buy" rating and boosted their price target for the company from $250.00 to $300.00 in a research note on Tuesday, March 4th. Piper Sandler boosted their target price on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Finally, UBS Group lowered their price target on shares of Laboratory Co. of America from $293.00 to $286.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $268.77.

Insider Buying and Selling at Laboratory Co. of America

In other news, COO Mark S. Schroeder sold 5,339 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $249.23, for a total value of $1,330,638.97. Following the completion of the sale, the chief operating officer now directly owns 4,960 shares of the company's stock, valued at approximately $1,236,180.80. This trade represents a 51.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam H. Schechter sold 6,121 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $244.62, for a total value of $1,497,319.02. Following the transaction, the chief executive officer now owns 86,445 shares in the company, valued at $21,146,175.90. This trade represents a 6.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock worth $3,518,177 over the last three months. Company insiders own 0.84% of the company's stock.

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.