Montgomery Investment Management Inc. Has $1.26 Million Holdings in Laboratory Co. of America Holdings (NYSE:LH)

Montgomery Investment Management Inc. reduced its stake in shares of Laboratory Co. of America Holdings (NYSE:LH) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,510 shares of the medical research company’s stock after selling 100 shares during the quarter. Montgomery Investment Management Inc.’s holdings in Laboratory Co. of America were worth $1,264,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp raised its stake in Laboratory Co. of America by 0.7% during the 3rd quarter. State Street Corp now owns 3,726,627 shares of the medical research company’s stock valued at $832,827,000 after purchasing an additional 25,469 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Laboratory Co. of America by 1.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,978,686 shares of the medical research company’s stock valued at $442,197,000 after buying an additional 29,046 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Laboratory Co. of America by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,964,743 shares of the medical research company’s stock valued at $437,561,000 after buying an additional 13,298 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Laboratory Co. of America by 9.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,930,395 shares of the medical research company’s stock valued at $431,405,000 after buying an additional 167,137 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Laboratory Co. of America by 16.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,865,460 shares of the medical research company’s stock valued at $416,893,000 after buying an additional 263,105 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Adam H. Schechter sold 6,189 shares of Laboratory Co. of America stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $243.47, for a total value of $1,506,835.83. Following the sale, the chief executive officer now directly owns 87,441 shares in the company, valued at $21,289,260.27. This trade represents a 6.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 1,000 shares of Laboratory Co. of America stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $235.00, for a total transaction of $235,000.00. Following the completion of the sale, the director now owns 12,722 shares in the company, valued at $2,989,670. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,572 shares of company stock worth $5,915,209. Company insiders own 0.85% of the company’s stock.

Laboratory Co. of America Stock Performance

Shares of LH stock opened at $246.70 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.30 and a current ratio of 1.44. The company has a market capitalization of $20.63 billion, a P/E ratio of 47.72, a price-to-earnings-growth ratio of 1.86 and a beta of 1.07. The company’s 50 day moving average price is $236.14 and its two-hundred day moving average price is $228.95. Laboratory Co. of America Holdings has a 52 week low of $191.97 and a 52 week high of $258.59.

Laboratory Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Thursday, February 27th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.88 annualized dividend and a yield of 1.17%. Laboratory Co. of America’s dividend payout ratio (DPR) is currently 55.71%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on LH shares. UBS Group dropped their price objective on shares of Laboratory Co. of America from $293.00 to $286.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Bank of America upped their target price on shares of Laboratory Co. of America from $262.00 to $271.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI raised shares of Laboratory Co. of America from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $260.00 to $265.00 in a report on Tuesday, January 7th. Barclays upped their target price on shares of Laboratory Co. of America from $249.00 to $271.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Morgan Stanley upped their target price on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $263.46.

About Laboratory Co. of America

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