CX Institutional Lowers Position in Laboratory Co. of America Holdings (NYSE:LH)

CX Institutional cut its stake in Laboratory Co. of America Holdings (NYSE:LH) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 878 shares of the medical research company’s stock after selling 57 shares during the quarter. CX Institutional’s holdings in Laboratory Co. of America were worth $204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of LH. Capital City Trust Co. FL increased its position in shares of Laboratory Co. of America by 1.5% during the fourth quarter. Capital City Trust Co. FL now owns 15,553 shares of the medical research company’s stock valued at $3,567,000 after acquiring an additional 223 shares during the last quarter. Bryn Mawr Capital Management LLC increased its position in shares of Laboratory Co. of America by 51.2% during the fourth quarter. Bryn Mawr Capital Management LLC now owns 1,495 shares of the medical research company’s stock valued at $343,000 after acquiring an additional 506 shares during the last quarter. LPL Financial LLC increased its position in shares of Laboratory Co. of America by 63.8% during the fourth quarter. LPL Financial LLC now owns 62,546 shares of the medical research company’s stock valued at $14,343,000 after acquiring an additional 24,357 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Laboratory Co. of America by 4.2% during the fourth quarter. CIBC Asset Management Inc now owns 12,806 shares of the medical research company’s stock valued at $2,937,000 after acquiring an additional 521 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Laboratory Co. of America by 64.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,669 shares of the medical research company’s stock valued at $612,000 after acquiring an additional 1,044 shares during the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Amy B. Summy sold 758 shares of the business’s stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $231.67, for a total transaction of $175,605.86. Following the transaction, the executive vice president now owns 5,302 shares in the company, valued at $1,228,314.34. The trade was a 12.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam H. Schechter sold 6,105 shares of the business’s 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 transaction, the chief executive officer now owns 98,962 shares in the company, valued at approximately $24,614,818.26. This represents a 5.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,092 shares of company stock valued at $2,971,820 over the last 90 days. Insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on LH. Robert W. Baird increased their price objective on Laboratory Co. of America from $253.00 to $267.00 and gave the company an “outperform” rating in a report on Wednesday, April 30th. Truist Financial increased their price objective on Laboratory Co. of America from $274.00 to $290.00 and gave the company a “buy” rating in a report on Monday, May 12th. Wall Street Zen lowered Laboratory Co. of America from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Barclays increased their price objective on Laboratory Co. of America from $240.00 to $250.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. Finally, Piper Sandler reissued a “neutral” rating and set a $280.00 price objective (up from $260.00) on shares of Laboratory Co. of America in a report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Laboratory Co. of America has an average rating of “Moderate Buy” and an average target price of $274.00.

Laboratory Co. of America Price Performance

NYSE:LH opened at $260.84 on Friday. The firm has a market capitalization of $21.83 billion, a price-to-earnings ratio of 29.57, a P/E/G ratio of 1.71 and a beta of 0.81. Laboratory Co. of America Holdings has a 52-week low of $198.07 and a 52-week high of $263.60. The stock has a fifty day moving average of $240.58 and a 200 day moving average of $239.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.30 and a current ratio of 1.44.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.73 by $0.11. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the company posted $3.68 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. On average, research analysts expect that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.10%. Laboratory Co. of America’s dividend payout ratio (DPR) is currently 33.29%.

Laboratory Co. of America Profile

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