Redwood Investment Management LLC Sells 19,266 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Redwood Investment Management LLC reduced its position in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 93.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,299 shares of the medical research company's stock after selling 19,266 shares during the quarter. Redwood Investment Management LLC's holdings in Laboratory Co. of America were worth $298,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Graney & King LLC acquired a new position in shares of Laboratory Co. of America in the fourth quarter worth $26,000. Geneos Wealth Management Inc. increased its stake in shares of Laboratory Co. of America by 309.8% in the fourth quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company's stock worth $39,000 after acquiring an additional 127 shares during the last quarter. Human Investing LLC acquired a new position in shares of Laboratory Co. of America in the fourth quarter worth $39,000. Heck Capital Advisors LLC acquired a new position in shares of Laboratory Co. of America in the fourth quarter worth $44,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Laboratory Co. of America in the fourth quarter worth $52,000. 95.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. StockNews.com downgraded shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Barclays increased their target price on shares of Laboratory Co. of America from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. UBS Group lowered their target price 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. Piper Sandler reissued a "neutral" rating and set a $280.00 target price (up from $260.00) on shares of Laboratory Co. of America in a research report on Tuesday, May 6th. Finally, Citigroup raised shares of Laboratory Co. of America from a "neutral" rating to a "buy" rating and increased their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $270.62.

Laboratory Co. of America Stock Performance

LH stock traded up $0.93 during mid-day trading on Tuesday, reaching $250.73. 604,154 shares of the stock traded hands, compared to its average volume of 642,453. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.67. Laboratory Co. of America Holdings has a 52 week low of $191.97 and a 52 week high of $258.59. The business has a 50-day moving average of $233.83 and a two-hundred day moving average of $237.86. The firm has a market capitalization of $20.99 billion, a PE ratio of 28.43, a P/E/G ratio of 1.71 and a beta of 0.82.

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 earnings per share (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%. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period in the prior year, the company earned $3.68 earnings per share. The business's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts predict that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Investors of record on Thursday, May 29th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.15%. Laboratory Co. of America's payout ratio is presently 33.29%.

Insider Activity at Laboratory Co. of America

In related news, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the sale, the chief executive officer now 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Amy B. Summy sold 226 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $250.40, for a total transaction of $56,590.40. Following the completion of the sale, the chief marketing officer now owns 4,544 shares of the company's stock, valued at approximately $1,137,817.60. The trade was a 4.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,971 shares of company stock worth $4,193,073. Company insiders own 0.84% of the company's stock.

About Laboratory Co. of America

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.