Oppenheimer Asset Management Inc. boosted its stake in shares of Laboratory Co. of America Holdings (NYSE:LH – Free Report) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,735 shares of the medical research company’s stock after purchasing an additional 470 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Laboratory Co. of America were worth $2,846,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Avantax Advisory Services Inc. increased its stake in shares of Laboratory Co. of America by 5.9% during the first quarter. Avantax Advisory Services Inc. now owns 1,729 shares of the medical research company’s stock worth $378,000 after buying an additional 97 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Laboratory Co. of America by 20.6% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 88,443 shares of the medical research company’s stock worth $19,230,000 after acquiring an additional 15,098 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Laboratory Co. of America in the 1st quarter valued at approximately $4,493,000. Penobscot Investment Management Company Inc. lifted its position in shares of Laboratory Co. of America by 5.8% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 5,539 shares of the medical research company’s stock worth $1,210,000 after purchasing an additional 304 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of Laboratory Co. of America by 4.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 4,890 shares of the medical research company’s stock worth $1,068,000 after purchasing an additional 203 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.
Analysts Set New Price Targets
LH has been the topic of a number of analyst reports. Piper Sandler raised their price target on Laboratory Co. of America from $235.00 to $240.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Robert W. Baird boosted their target price on Laboratory Co. of America from $282.00 to $289.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Jefferies Financial Group increased their price target on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Bank of America boosted their price objective on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, UBS Group increased their target price on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Five 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, the company has an average rating of “Moderate Buy” and a consensus target price of $255.92.
Insider Transactions at Laboratory Co. of America
In other news, CEO Adam H. Schechter sold 6,189 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $243.47, for a total transaction of $1,506,835.83. Following the completion of the transaction, the chief executive officer now directly owns 87,441 shares of the company’s stock, valued at approximately $21,289,260.27. This represents a 6.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 2,000 shares of Laboratory Co. of America stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $227.05, for a total value of $454,100.00. Following the completion of the sale, the executive vice president now owns 3,670 shares in the company, valued at approximately $833,273.50. This trade represents a 35.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,189 shares of company stock worth $2,190,936. Company insiders own 0.85% of the company’s stock.
Laboratory Co. of America Stock Performance
NYSE LH opened at $235.21 on Friday. The firm has a market cap of $19.67 billion, a P/E ratio of 45.50, a P/E/G ratio of 2.03 and a beta of 1.05. Laboratory Co. of America Holdings has a 52-week low of $191.97 and a 52-week high of $247.99. The business’s 50-day moving average price is $224.40 and its 200 day moving average price is $215.63. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.66.
Laboratory Co. of America (NYSE:LH – Get Free Report) last announced its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share for the quarter, beating the consensus estimate of $3.48 by $0.02. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the business posted $3.38 EPS. The company’s revenue was up 7.4% on a year-over-year basis. On average, equities research analysts expect that Laboratory Co. of America Holdings will post 14.53 earnings per share for the current year.
Laboratory Co. of America Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th will be given a dividend of $0.72 per share. The ex-dividend date is Tuesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.22%. Laboratory Co. of America’s payout ratio is currently 55.71%.
About Laboratory Co. of America
Labcorp Holdings Inc provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid, PAP, hemoglobin A1C and vitamin D, prostate-specific antigens, sexually transmitted diseases, hepatitis C, microbiology cultures and procedures, and alcohol and other substance-abuse tests.
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