Laboratory Co. of America Holdings (NYSE:LH) Shares Purchased by Holderness Investments Co.

Holderness Investments Co. increased its holdings in Laboratory Co. of America Holdings (NYSE:LH) by 5.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,932 shares of the medical research company’s stock after buying an additional 275 shares during the quarter. Holderness Investments Co.’s holdings in Laboratory Co. of America were worth $1,004,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new stake in shares of Laboratory Co. of America in the first quarter worth $30,000. Industrial Alliance Investment Management Inc. acquired a new stake in Laboratory Co. of America during the 2nd quarter worth about $27,000. Innealta Capital LLC purchased a new position in shares of Laboratory Co. of America during the 2nd quarter valued at about $32,000. Family Firm Inc. acquired a new position in shares of Laboratory Co. of America in the 2nd quarter valued at about $37,000. Finally, McClarren Financial Advisors Inc. boosted its stake in shares of Laboratory Co. of America by 313.2% in the first quarter. McClarren Financial Advisors Inc. now owns 219 shares of the medical research company’s stock worth $48,000 after buying an additional 166 shares during the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

Laboratory Co. of America Trading Down 1.1 %

LH stock opened at $222.22 on Friday. Laboratory Co. of America Holdings has a 12-month low of $191.97 and a 12-month high of $238.46. The business’s 50-day moving average is $222.74 and its 200 day moving average is $211.54. The company has a current ratio of 0.88, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The stock has a market cap of $18.73 billion, a price-to-earnings ratio of 44.71, a PEG ratio of 1.68 and a beta of 1.06.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings results on Thursday, August 1st. The medical research company reported $3.94 EPS for the quarter, topping the consensus estimate of $3.78 by $0.16. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $3.42 earnings per share. On average, sell-side analysts anticipate that Laboratory Co. of America Holdings will post 14.67 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.88 annualized dividend and a yield of 1.30%. Laboratory Co. of America’s dividend payout ratio is presently 57.95%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LH. Truist Financial boosted their price target on Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Bank of America increased their price target on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Laboratory Co. of America from $261.00 to $243.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Finally, UBS Group raised their target price on 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. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $251.27.

Insiders Place Their Bets

In other 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 sale, the executive vice president now directly owns 15,921 shares in the company, valued at $3,647,501.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Lance Berberian sold 12,093 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $229.10, for a total value of $2,770,506.30. Following the completion of the sale, the executive vice president now owns 15,921 shares of the company’s stock, valued at $3,647,501.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Der Vaart Sandra D. Van sold 2,000 shares of Laboratory Co. of America stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $227.05, for a total transaction of $454,100.00. Following the transaction, the executive vice president now directly owns 3,670 shares in the company, valued at $833,273.50. The disclosure for this sale can be found here. Insiders have sold 29,679 shares of company stock valued at $6,716,306 in the last ninety days. 0.85% of the stock is currently owned by corporate 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).