Laboratory Co. of America (NYSE:LH) Stock Price Up 7.6% on Earnings Beat

Laboratory Co. of America Holdings (NYSE:LH)’s stock price was up 7.6% on Thursday following a stronger than expected earnings report. The company traded as high as $237.53 and last traded at $236.57. Approximately 434,961 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 662,510 shares. The stock had previously closed at $219.90.

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 company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the previous year, the firm earned $3.38 EPS. The business’s revenue was up 7.4% on a year-over-year basis.

Laboratory Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, November 26th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio is currently 54.55%.

Wall Street Analyst Weigh In

LH has been the subject of several research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Laboratory Co. of America from $220.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Truist Financial boosted their price objective on shares of 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. Evercore ISI dropped their target price on shares of Laboratory Co. of America from $250.00 to $240.00 and set an “in-line” rating for the company in a report on Tuesday, September 24th. Robert W. Baird lifted their target price on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group increased their price target on shares of 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. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $253.54.

Insider Transactions at Laboratory Co. of America

In other Laboratory Co. of America news, CFO Glenn A. Eisenberg sold 15,000 shares of Laboratory Co. of America stock in a transaction dated Thursday, August 15th. The stock was 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 $7,008,423.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Laboratory Co. of America news, CFO Glenn A. Eisenberg sold 15,000 shares of Laboratory Co. of America 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 in the company, valued at $7,008,423.11. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Der Vaart Sandra D. Van sold 2,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $227.05, for a total transaction of $454,100.00. Following the sale, the executive vice president now directly owns 3,670 shares of the company’s stock, valued at $833,273.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,679 shares of company stock worth $6,946,306 over the last quarter. 0.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Laboratory Co. of America

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Laboratory Co. of America by 2.6% during 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 acquiring an additional 2,934 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Laboratory Co. of America by 17.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,019 shares of the medical research company’s stock worth $22,069,000 after buying an additional 14,708 shares during the period. SG Americas Securities LLC grew its stake in shares of Laboratory Co. of America by 283.1% in the first quarter. SG Americas Securities LLC now owns 23,217 shares of the medical research company’s stock valued at $5,072,000 after buying an additional 17,156 shares in the last quarter. Duality Advisers LP grew its stake in shares of Laboratory Co. of America by 141.3% in the first quarter. Duality Advisers LP now owns 29,580 shares of the medical research company’s stock valued at $6,462,000 after buying an additional 17,323 shares in the last quarter. Finally, Great Valley Advisor Group Inc. purchased a new stake in shares of Laboratory Co. of America during the 2nd quarter valued at about $473,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Laboratory Co. of America Stock Down 0.6 %

The stock has a market capitalization of $19.20 billion, a price-to-earnings ratio of 43.30, a price-to-earnings-growth ratio of 1.70 and a beta of 1.05. The firm has a 50-day moving average of $222.58 and a 200 day moving average of $212.26. The company has a current ratio of 0.88, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39.

About Laboratory Co. of America

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.