Laboratory Co. of America (NYSE:LH) Sets New 52-Week High – Here’s What Happened

Laboratory Co. of America Holdings (NYSE:LH)’s stock price hit a new 52-week high on Monday . The stock traded as high as $249.89 and last traded at $249.13, with a volume of 32820 shares changing hands. The stock had previously closed at $246.00.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Laboratory Co. of America from $262.00 to $271.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. StockNews.com downgraded Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. Jefferies Financial Group reissued a “buy” rating and set a $275.00 target price (up previously from $265.00) on shares of Laboratory Co. of America in a research note on Tuesday, December 10th. Piper Sandler upped their price target on Laboratory Co. of America from $235.00 to $240.00 and gave the stock a “neutral” rating in a research note on Monday, October 28th. Finally, Morgan Stanley lifted their price objective on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $261.77.

Laboratory Co. of America Stock Performance

The firm has a market capitalization of $20.78 billion, a PE ratio of 48.05, a P/E/G ratio of 1.81 and a beta of 1.06. The business has a 50-day simple moving average of $235.19 and a 200-day simple moving average of $227.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.44 and a quick ratio of 1.30.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Thursday, February 27th will be given a $0.72 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.88 dividend on an annualized basis and a yield of 1.16%. Laboratory Co. of America’s dividend payout ratio is presently 55.71%.

Insider Buying and Selling at Laboratory Co. of America

In related news, EVP Der Vaart Sandra D. Van sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $239.42, for a total transaction of $239,420.00. Following the completion of the sale, the executive vice president now directly owns 2,670 shares of the company’s stock, valued at approximately $639,251.40. This trade represents a 27.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Glenn A. Eisenberg sold 11,711 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $240.43, for a total value of $2,815,675.73. Following the completion of the transaction, the executive vice president now directly owns 31,289 shares in the company, valued at $7,522,814.27. This trade represents a 27.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,572 shares of company stock worth $5,915,209 over the last quarter. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Laboratory Co. of America

Hedge funds have recently added to or reduced their stakes in the stock. SouthState Corp purchased a new position in shares of Laboratory Co. of America during the third quarter valued at $28,000. Horizon Bancorp Inc. IN bought a new stake in shares of Laboratory Co. of America in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC lifted its position in shares of Laboratory Co. of America by 312.5% in the 4th quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company’s stock worth $30,000 after purchasing an additional 100 shares during the period. Riverview Trust Co boosted its stake in shares of Laboratory Co. of America by 172.6% during the third quarter. Riverview Trust Co now owns 169 shares of the medical research company’s stock valued at $38,000 after purchasing an additional 107 shares in the last quarter. Finally, Concord Wealth Partners increased its holdings in Laboratory Co. of America by 43.3% during the third quarter. Concord Wealth Partners now owns 172 shares of the medical research company’s stock valued at $38,000 after buying an additional 52 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Laboratory Co. of America Company Profile

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