Laboratory Co. of America Holdings (NYSE:LH) Shares Acquired by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. increased its position in shares of Laboratory Co. of America Holdings (NYSE:LH) by 0.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,648 shares of the medical research company’s stock after purchasing an additional 562 shares during the period. Burgundy Asset Management Ltd. owned approximately 0.10% of Laboratory Co. of America worth $17,430,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Laboratory Co. of America by 2.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 114,488 shares of the medical research company’s stock valued at $25,012,000 after purchasing an additional 2,934 shares in the last quarter. Northern Trust Corp lifted its position in shares of Laboratory Co. of America by 3.0% during the 4th quarter. Northern Trust Corp now owns 1,163,252 shares of the medical research company’s stock valued at $264,396,000 after acquiring an additional 33,493 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Laboratory Co. of America by 17.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,019 shares of the medical research company’s stock valued at $22,069,000 after acquiring an additional 14,708 shares during the period. SG Americas Securities LLC boosted its stake in shares of Laboratory Co. of America by 283.1% during the 1st quarter. SG Americas Securities LLC now owns 23,217 shares of the medical research company’s stock worth $5,072,000 after acquiring an additional 17,156 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of Laboratory Co. of America by 1,715.7% in the 4th quarter. Bank of Nova Scotia now owns 175,176 shares of the medical research company’s stock worth $39,814,000 after acquiring an additional 165,528 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LH. Truist Financial lifted their price objective on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on Laboratory Co. of America from $261.00 to $243.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Bank of America increased their price objective on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Robert W. Baird lifted their target price on shares of Laboratory Co. of America from $261.00 to $277.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Barclays upped their price target on shares of Laboratory Co. of America from $213.00 to $249.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Laboratory Co. of America presently has an average rating of “Moderate Buy” and an average price target of $250.82.

Laboratory Co. of America Stock Performance

NYSE:LH opened at $227.22 on Thursday. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $238.46. The firm’s 50 day moving average is $222.05 and its two-hundred day moving average is $211.46. The company has a market cap of $19.15 billion, a P/E ratio of 45.72, a P/E/G ratio of 1.68 and a beta of 1.06. The company has a quick ratio of 0.77, a current ratio of 0.88 and a debt-to-equity ratio of 0.39.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings results on Thursday, August 1st. The medical research company reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.16. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.19 billion. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.42 earnings per share. Analysts expect that Laboratory Co. of America Holdings will post 14.67 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.88 dividend on an annualized basis and a yield of 1.27%. Laboratory Co. of America’s dividend payout ratio (DPR) is 57.95%.

Insiders Place Their Bets

In other news, CFO Glenn A. Eisenberg sold 15,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $223.99, for a total value of $3,359,850.00. Following the transaction, the chief financial officer now owns 31,289 shares of the company’s stock, valued at approximately $7,008,423.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $229.10, for a total value of $2,770,506.30. Following the completion of the transaction, the executive vice president now owns 15,921 shares in the company, valued at approximately $3,647,501.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $223.99, for a total transaction of $3,359,850.00. Following the completion of the sale, the chief financial officer now directly owns 31,289 shares of the company’s stock, valued at approximately $7,008,423.11. The disclosure for this sale can be found here. Insiders sold a total of 29,679 shares of company stock worth $6,716,306 over the last ninety days. 0.85% of the stock is owned by company insiders.

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).