Allstate Corp Acquires New Stake in Laboratory Co. of America Holdings (NYSE:LH)

Allstate Corp bought a new stake in Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,578 shares of the medical research company's stock, valued at approximately $591,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp raised its position in Laboratory Co. of America by 0.7% during the third quarter. State Street Corp now owns 3,726,627 shares of the medical research company's stock valued at $832,827,000 after acquiring an additional 25,469 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Laboratory Co. of America by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,964,743 shares of the medical research company's stock worth $437,561,000 after purchasing an additional 13,298 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Laboratory Co. of America by 9.5% during 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 purchasing an additional 167,137 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Laboratory Co. of America by 2.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,916,505 shares of the medical research company's stock valued at $437,357,000 after purchasing an additional 51,045 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Laboratory Co. of America by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,822,964 shares of the medical research company's stock worth $418,042,000 after buying an additional 41,898 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

LH has been the subject of a number of analyst reports. Jefferies Financial Group upped their price objective on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Piper Sandler increased their price target on Laboratory Co. of America from $240.00 to $260.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Barclays cut their price objective on Laboratory Co. of America from $271.00 to $260.00 and set an "equal weight" rating for the company in a research report on Friday, February 7th. StockNews.com raised shares of Laboratory Co. of America from a "hold" rating to a "buy" rating in a research note on Sunday. Finally, UBS Group reduced 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 report on Tuesday, January 28th. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $270.38.

Insider Buying and Selling

In related news, CEO Adam H. Schechter sold 6,121 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $244.62, for a total value of $1,497,319.02. Following the completion of the transaction, the chief executive officer now directly owns 86,445 shares in the company, valued at approximately $21,146,175.90. This represents a 6.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kerrii B. Anderson sold 1,000 shares of Laboratory Co. of America stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $235.00, for a total value 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 represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,258 shares of company stock worth $3,753,177. Insiders own 0.85% of the company's stock.

Laboratory Co. of America Price Performance

NYSE LH traded down $10.97 during trading hours on Friday, hitting $222.49. 1,424,173 shares of the company's stock traded hands, compared to its average volume of 629,067. The company has a market capitalization of $18.62 billion, a PE ratio of 25.23, a PEG ratio of 1.71 and a beta of 1.12. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30. Laboratory Co. of America Holdings has a 52-week low of $191.97 and a 52-week high of $258.59. The firm's 50-day moving average is $243.63 and its 200-day moving average is $234.95.

Laboratory Co. of America (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The medical research company reported $3.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.40 by $0.05. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. Equities analysts forecast that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Thursday, February 27th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, February 27th. Laboratory Co. of America's dividend payout ratio is currently 32.65%.

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.