Laboratory Co. of America Holdings (NYSE:LH) Shares Sold by Chesapeake Wealth Management

Chesapeake Wealth Management reduced its stake in Laboratory Co. of America Holdings (NYSE:LH) by 11.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,145 shares of the medical research company’s stock after selling 152 shares during the period. Chesapeake Wealth Management’s holdings in Laboratory Co. of America were worth $233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LH. Boston Research & Management Inc. raised its position in Laboratory Co. of America by 0.9% in the 2nd quarter. Boston Research & Management Inc. now owns 24,684 shares of the medical research company’s stock valued at $5,023,000 after purchasing an additional 217 shares in the last quarter. Sei Investments Co. raised its holdings in Laboratory Co. of America by 27.9% in the second quarter. Sei Investments Co. now owns 168,476 shares of the medical research company’s stock valued at $34,286,000 after acquiring an additional 36,720 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Laboratory Co. of America by 16.0% in the second quarter. Pacer Advisors Inc. now owns 19,598 shares of the medical research company’s stock worth $3,988,000 after acquiring an additional 2,705 shares during the last quarter. AE Wealth Management LLC acquired a new position in Laboratory Co. of America during the 2nd quarter worth approximately $239,000. Finally, Banyan Capital Management Inc. increased its position in shares of Laboratory Co. of America by 8.4% in the 2nd quarter. Banyan Capital Management Inc. now owns 37,781 shares of the medical research company’s stock valued at $7,689,000 after purchasing an additional 2,925 shares during the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Laboratory Co. of America Stock Down 1.1 %

Shares of NYSE:LH opened at $222.22 on Friday. Laboratory Co. of America Holdings has a 1-year low of $191.97 and a 1-year high of $238.46. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.88 and a quick ratio of 0.77. The stock has a market cap of $18.73 billion, a P/E ratio of 44.71, a P/E/G ratio of 1.68 and a beta of 1.06. The firm has a fifty day moving average price of $222.74 and a 200 day moving average price of $211.57.

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

Laboratory Co. of America Announces Dividend

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

Insider Buying and Selling at Laboratory Co. of America

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 completion of the sale, the chief financial officer now owns 31,289 shares in the company, valued at approximately $7,008,423.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Lance Berberian sold 12,093 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $229.10, for a total transaction of $2,770,506.30. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 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. In the last three months, insiders have sold 29,679 shares of company stock valued at $6,716,306. 0.85% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. UBS Group boosted their target price on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird upped their price objective on Laboratory Co. of America from $278.00 to $282.00 and gave the stock an “outperform” rating in a research report on Friday. Truist Financial raised their target price on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. StockNews.com upgraded Laboratory Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft increased 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 note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $251.27.

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).