M&T Bank Corp Lowers Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

M&T Bank Corp decreased its holdings in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 12.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,366 shares of the medical research company's stock after selling 3,986 shares during the period. M&T Bank Corp's holdings in Laboratory Co. of America were worth $6,447,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Mendota Financial Group LLC bought a new position in Laboratory Co. of America in the fourth quarter worth approximately $29,000. Provence Wealth Management Group acquired a new position in shares of Laboratory Co. of America during the third quarter worth $29,000. Tradewinds Capital Management LLC purchased a new stake in shares of Laboratory Co. of America during the 3rd quarter valued at $34,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Laboratory Co. of America during the 4th quarter valued at $60,000. Finally, Disciplined Equity Management Inc. purchased a new stake in shares of Laboratory Co. of America during the 4th quarter valued at $68,000. Institutional investors own 95.94% of the company's stock.

Laboratory Co. of America Price Performance

Shares of NYSE:LH traded up $0.46 during trading on Tuesday, reaching $201.50. 618,757 shares of the company's stock traded hands, compared to its average volume of 762,651. Laboratory Co. of America Holdings has a fifty-two week low of $174.20 and a fifty-two week high of $234.09. The company has a quick ratio of 0.76, a current ratio of 0.88 and a debt-to-equity ratio of 0.39. The firm has a market cap of $16.99 billion, a PE ratio of 40.54, a P/E/G ratio of 1.51 and a beta of 1.02. The company has a 50-day simple moving average of $209.55 and a 200-day simple moving average of $214.89.

Laboratory Co. of America (NYSE:LH - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The medical research company reported $3.68 earnings per share for the quarter, beating analysts' consensus estimates of $3.48 by $0.20. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. Laboratory Co. of America had a net margin of 3.52% and a return on equity of 14.68%. Laboratory Co. of America's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company posted $3.82 EPS. As a group, analysts predict that Laboratory Co. of America Holdings will post 14.87 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Tuesday, May 28th will be paid a dividend of $0.72 per share. The ex-dividend date is Tuesday, May 28th. This represents a $2.88 annualized dividend and a yield of 1.43%. Laboratory Co. of America's dividend payout ratio (DPR) is presently 57.95%.

Insider Transactions at Laboratory Co. of America

In other news, Director Kerrii B. Anderson sold 250 shares of the firm's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $200.10, for a total value of $50,025.00. Following the transaction, the director now directly owns 15,722 shares of the company's stock, valued at $3,145,972.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Kerrii B. Anderson sold 250 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $200.10, for a total value of $50,025.00. Following the completion of the sale, the director now owns 15,722 shares of the company's stock, valued at $3,145,972.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Peter J. Wilkinson sold 2,439 shares of the business's stock in a transaction on Monday, April 29th. The stock was sold at an average price of $204.33, for a total value of $498,360.87. Following the transaction, the chief accounting officer now directly owns 2,087 shares in the company, valued at approximately $426,436.71. The disclosure for this sale can be found here. Insiders sold 57,244 shares of company stock valued at $12,360,478 over the last 90 days. 0.85% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on LH shares. Robert W. Baird decreased their price objective on Laboratory Co. of America from $255.00 to $244.00 and set an "outperform" rating for the company in a report on Friday, April 26th. Evercore ISI started coverage on Laboratory Co. of America in a report on Friday, February 9th. They set an "in-line" rating and a $240.00 price objective for the company. Truist Financial decreased their price objective on Laboratory Co. of America from $270.00 to $255.00 and set a "buy" rating for the company in a report on Friday, April 26th. SVB Leerink initiated coverage on Laboratory Co. of America in a report on Monday, February 26th. They set an "outperform" rating and a $260.00 price objective for the company. Finally, Barclays cut their target price on Laboratory Co. of America from $234.00 to $213.00 and set an "equal weight" rating on the stock in a research report on Friday, April 26th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $243.14.

About Laboratory Co. of America

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics (Dx) and Biopharma Laboratory Services (BLS).