Laboratory Co. of America (NYSE:LH) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Laboratory Co. of America (NYSE:LH) from a buy rating to a hold rating in a research note released on Friday morning.

Several other equities research analysts also recently issued reports on LH. Piper Sandler started coverage on Laboratory Co. of America in a report on Tuesday, October 1st. They issued a “neutral” rating and a $235.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Jefferies Financial Group lifted their price objective on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Bank of America raised their price target on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, UBS Group upped their price objective on Laboratory Co. of America from $260.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Laboratory Co. of America has an average rating of “Moderate Buy” and an average price target of $253.54.

Laboratory Co. of America Trading Down 0.6 %

NYSE LH opened at $228.63 on Friday. 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 capitalization of $19.27 billion, a P/E ratio of 46.00, a PEG ratio of 1.70 and a beta of 1.05. The firm’s 50-day moving average is $222.60 and its two-hundred day moving average is $212.44. Laboratory Co. of America has a 12 month low of $191.97 and a 12 month high of $239.50.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings data on Thursday, October 24th. The medical research company reported $3.50 EPS for the quarter, topping the consensus estimate of $3.48 by $0.02. Laboratory Co. of America had a net margin of 3.60% and a return on equity of 15.39%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the business posted $3.38 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Laboratory Co. of America will post 14.55 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 26th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 57.95%.

Insider Activity at Laboratory Co. of America

In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $229.10, for a total transaction of $2,770,506.30. Following the sale, the executive vice president now owns 15,921 shares of the company’s stock, valued at approximately $3,647,501.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of the firm’s stock in a transaction dated 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 approximately $3,647,501.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 1,000 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, the director now directly owns 13,722 shares of the company’s stock, valued at $3,156,060. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,679 shares of company stock valued at $6,946,306 over the last three months. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Laboratory Co. of America

Hedge funds have recently modified their holdings of the business. Oak Harvest Investment Services purchased a new position in shares of Laboratory Co. of America during the third quarter worth about $894,000. Lodestar Private Asset Management LLC acquired a new position in shares of Laboratory Co. of America in the third quarter valued at approximately $219,000. abrdn plc raised its stake in shares of Laboratory Co. of America by 13.8% during the third quarter. abrdn plc now owns 76,999 shares of the medical research company’s stock worth $17,142,000 after purchasing an additional 9,328 shares during the last quarter. SFE Investment Counsel increased its stake in Laboratory Co. of America by 21.5% in the 3rd quarter. SFE Investment Counsel now owns 28,779 shares of the medical research company’s stock valued at $6,432,000 after buying an additional 5,101 shares during the period. Finally, Pallas Capital Advisors LLC raised its position in Laboratory Co. of America by 20.6% during the 3rd quarter. Pallas Capital Advisors LLC now owns 1,923 shares of the medical research company’s stock worth $442,000 after buying an additional 328 shares during the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Laboratory Co. of America Company Profile

Labcorp Holdings Inc provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid, PAP, hemoglobin A1C and vitamin D, prostate-specific antigens, sexually transmitted diseases, hepatitis C, microbiology cultures and procedures, and alcohol and other substance-abuse tests.