Bank of America Corp DE Boosts Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Bank of America Corp DE grew its stake in shares of Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 16.7% during the first quarter, Holdings Channel reports. The institutional investor owned 1,778,329 shares of the medical research company’s stock after buying an additional 253,972 shares during the period. Bank of America Corp DE’s holdings in Laboratory Co. of America were worth $468,873,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Walleye Capital LLC purchased a new position in shares of Laboratory Co. of America during the 1st quarter valued at about $769,000. Kestra Private Wealth Services LLC lifted its holdings in Laboratory Co. of America by 70.1% in the 1st quarter. Kestra Private Wealth Services LLC now owns 2,666 shares of the medical research company’s stock worth $703,000 after purchasing an additional 1,099 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in Laboratory Co. of America by 5.4% in the 1st quarter. Neuberger Berman Group LLC now owns 7,373 shares of the medical research company’s stock worth $1,944,000 after purchasing an additional 378 shares in the last quarter. Toroso Investments LLC lifted its holdings in Laboratory Co. of America by 10.5% in the 1st quarter. Toroso Investments LLC now owns 10,832 shares of the medical research company’s stock worth $2,856,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Sawgrass Asset Management LLC purchased a new position in Laboratory Co. of America in the 1st quarter worth approximately $11,432,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Peter J. Wilkinson sold 2,576 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $258.40, for a total transaction of $665,638.40. Following the completion of the transaction, the chief accounting officer now owns 1,887 shares in the company, valued at approximately $487,600.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Glenn A. Eisenberg sold 32,100 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total transaction of $8,151,474.00. Following the completion of the transaction, the chief financial officer now owns 52,158 shares in the company, valued at approximately $13,245,002.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Peter J. Wilkinson sold 2,576 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $258.40, for a total value of $665,638.40. Following the completion of the sale, the chief accounting officer now owns 1,887 shares of the company’s stock, valued at $487,600.80. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on LH shares. Morgan Stanley reissued an “overweight” rating and issued a $300.00 price target on shares of Laboratory Co. of America in a report on Monday, August 22nd. Credit Suisse Group lowered their price target on Laboratory Co. of America to $308.00 in a report on Tuesday, August 9th. Finally, Robert W. Baird lifted their price objective on Laboratory Co. of America from $295.00 to $297.00 and gave the stock an “outperform” rating in a research note on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.75.

Laboratory Co. of America Stock Performance

NYSE:LH opened at $223.99 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.90 and a quick ratio of 1.74. Laboratory Co. of America Holdings has a 1 year low of $212.40 and a 1 year high of $317.17. The stock’s 50 day simple moving average is $242.80 and its two-hundred day simple moving average is $249.56. The company has a market cap of $20.76 billion, a price-to-earnings ratio of 10.72 and a beta of 1.06.

Laboratory Co. of America (NYSE:LHGet Rating) last released its earnings results on Thursday, July 28th. The medical research company reported $4.95 earnings per share for the quarter, beating the consensus estimate of $4.60 by $0.35. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.76 billion. Laboratory Co. of America had a return on equity of 22.39% and a net margin of 12.67%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.13 EPS. As a group, equities analysts anticipate that Laboratory Co. of America Holdings will post 20.26 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Thursday, August 18th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Wednesday, August 17th. Laboratory Co. of America’s dividend payout ratio is currently 13.78%.

About Laboratory Co. of America

(Get Rating)

Laboratory Corporation of America Holdings operates as a global 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 Labcorp Drug Development (DD).

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Institutional Ownership by Quarter for Laboratory Co. of America (NYSE:LH)

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