Connor Clark & Lunn Investment Management Ltd. Invests $2.99 Million in Laboratory Co. of America Holdings (NYSE:LH)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,384 shares of the medical research company's stock, valued at approximately $2,991,000.

Other hedge funds have also recently made changes to their positions in the company. Industrial Alliance Investment Management Inc. purchased a new position in Laboratory Co. of America during the 2nd quarter worth $27,000. SouthState Corp purchased a new stake in Laboratory Co. of America in the 3rd quarter valued at about $28,000. Horizon Bancorp Inc. IN bought a new position in shares of Laboratory Co. of America during the 3rd quarter worth approximately $29,000. Pathway Financial Advisers LLC purchased a new position in shares of Laboratory Co. of America in the 1st quarter worth approximately $30,000. Finally, Innealta Capital LLC bought a new position in shares of Laboratory Co. of America in the second quarter valued at approximately $32,000. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Laboratory Co. of America Price Performance

Shares of LH stock traded up $1.57 during trading hours on Monday, reaching $241.24. The stock had a trading volume of 981,981 shares, compared to its average volume of 671,594. The stock's fifty day simple moving average is $226.43 and its 200 day simple moving average is $217.39. The firm has a market capitalization of $20.18 billion, a PE ratio of 46.66, a PEG ratio of 1.97 and a beta of 1.05. Laboratory Co. of America Holdings has a 12 month low of $191.97 and a 12 month high of $247.99. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66.

Laboratory Co. of America (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The medical research company reported $3.50 EPS for the quarter, beating analysts' consensus estimates of $3.48 by $0.02. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The business's revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.38 EPS. On average, equities research analysts predict that Laboratory Co. of America Holdings will post 14.53 EPS for the current year.

Laboratory Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, November 26th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America's dividend payout ratio (DPR) is 55.71%.

Insider Activity at Laboratory Co. of America

In related news, CEO Adam H. Schechter sold 6,189 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $243.47, for a total transaction of $1,506,835.83. Following the transaction, the chief executive officer now owns 87,441 shares of the company's stock, valued at approximately $21,289,260.27. This trade represents a 6.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kerrii B. Anderson sold 1,000 shares of the firm's stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the director now directly owns 13,722 shares in the company, valued at $3,156,060. This trade represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,189 shares of company stock valued at $1,976,256 over the last three months. 0.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LH. Robert W. Baird lifted their price target on Laboratory Co. of America from $282.00 to $289.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. HSBC upgraded Laboratory Co. of America from a "hold" rating to a "buy" rating in a research note on Wednesday, October 30th. StockNews.com lowered shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the stock a "hold" rating in a report on Friday, August 2nd. Finally, Jefferies Financial Group lifted their price target on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the stock a "buy" rating in a report on Monday, September 23rd. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $255.92.

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.