State Board of Administration of Florida Retirement System Has $29.24 Million Holdings in Laboratory Co. of America Holdings (NYSE:LH)

State Board of Administration of Florida Retirement System cut its position in shares of Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 5.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,892 shares of the medical research company’s stock after selling 6,181 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Laboratory Co. of America were worth $29,238,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. MCF Advisors LLC acquired a new stake in shares of Laboratory Co. of America during the first quarter worth $25,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Laboratory Co. of America in the fourth quarter worth $31,000. Washington Trust Advisors Inc. grew its holdings in Laboratory Co. of America by 352.2% in the first quarter. Washington Trust Advisors Inc. now owns 104 shares of the medical research company’s stock worth $27,000 after purchasing an additional 81 shares during the period. Ellevest Inc. grew its holdings in Laboratory Co. of America by 991.7% in the first quarter. Ellevest Inc. now owns 131 shares of the medical research company’s stock worth $35,000 after purchasing an additional 119 shares during the period. Finally, Allegheny Financial Group LTD acquired a new stake in Laboratory Co. of America in the fourth quarter worth $50,000. 92.02% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on LH. Robert W. Baird raised their price target on shares of Laboratory Co. of America from $295.00 to $297.00 and gave the stock an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Laboratory Co. of America from $294.00 to $265.00 in a report on Tuesday, May 3rd. Truist Financial reduced their price target on shares of Laboratory Co. of America from $350.00 to $320.00 in a report on Friday, April 29th. Mizuho dropped their price objective on shares of Laboratory Co. of America from $354.00 to $323.00 in a research note on Wednesday, May 4th. Finally, Credit Suisse Group dropped their price objective on shares of Laboratory Co. of America from $312.00 to $308.00 and set an “outperform” rating on the stock in a research note on Monday, August 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $299.75.

Laboratory Co. of America Stock Up 0.9 %

LH opened at $254.67 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.90 and a quick ratio of 1.74. The company’s 50-day moving average is $241.12 and its 200 day moving average is $256.43. Laboratory Co. of America Holdings has a fifty-two week low of $212.40 and a fifty-two week high of $317.17. The firm has a market capitalization of $23.61 billion, a P/E ratio of 12.19 and a beta of 1.03.

Laboratory Co. of America (NYSE:LHGet Rating) last released its quarterly earnings results on Thursday, July 28th. The medical research company reported $4.95 earnings per share for the quarter, beating analysts’ consensus estimates of $4.60 by $0.35. Laboratory Co. of America had a net margin of 12.67% and a return on equity of 22.39%. The company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the firm earned $6.13 earnings per share. The firm’s revenue was down 3.7% on a year-over-year basis. Research analysts expect that Laboratory Co. of America Holdings will post 20.21 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Thursday, August 18th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $2.88 dividend on an annualized basis and a yield of 1.13%. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 13.78%.

Insider Buying and Selling

In related news, CFO Glenn A. Eisenberg sold 32,100 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $253.94, for a total transaction of $8,151,474.00. Following the completion of the sale, the chief financial officer now owns 52,158 shares in the company, valued at $13,245,002.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Glenn A. Eisenberg sold 32,100 shares of Laboratory Co. of America stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $253.94, for a total value of $8,151,474.00. Following the completion of the transaction, the chief financial officer now owns 52,158 shares in the company, valued at $13,245,002.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Peter J. Wilkinson sold 2,576 shares of Laboratory Co. of America stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $258.40, for a total transaction of $665,638.40. Following the completion of the transaction, the chief accounting officer now owns 1,887 shares of the company’s stock, valued at approximately $487,600.80. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

About Laboratory Co. of America

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Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

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Institutional Ownership by Quarter for Laboratory Co. of America (NYSE:LH)

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