Sio Capital Management LLC Sells 72,609 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Sio Capital Management LLC lowered its stake in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 29.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,293 shares of the medical research company's stock after selling 72,609 shares during the quarter. Laboratory Co. of America comprises 15.4% of Sio Capital Management LLC's holdings, making the stock its largest holding. Sio Capital Management LLC owned 0.21% of Laboratory Co. of America worth $38,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Private Trust Co. NA grew its stake in Laboratory Co. of America by 3.2% during the 3rd quarter. Private Trust Co. NA now owns 1,342 shares of the medical research company's stock worth $300,000 after buying an additional 41 shares during the last quarter. Insight Inv LLC grew its stake in shares of Laboratory Co. of America by 1.3% during the second quarter. Insight Inv LLC now owns 3,530 shares of the medical research company's stock worth $718,000 after acquiring an additional 45 shares during the last quarter. Athena Investment Management raised its position in shares of Laboratory Co. of America by 4.8% in the 2nd quarter. Athena Investment Management now owns 1,040 shares of the medical research company's stock valued at $212,000 after purchasing an additional 48 shares during the last quarter. Empirical Finance LLC grew its position in Laboratory Co. of America by 1.7% during the 3rd quarter. Empirical Finance LLC now owns 3,055 shares of the medical research company's stock worth $683,000 after purchasing an additional 50 shares during the last quarter. Finally, Concord Wealth Partners lifted its stake in shares of Laboratory Co. of America by 43.3% during the third quarter. Concord Wealth Partners now owns 172 shares of the medical research company's stock worth $38,000 after buying an additional 52 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Laboratory Co. of America Price Performance

Shares of LH stock traded down $1.12 on Friday, reaching $241.03. 293,494 shares of the company were exchanged, compared to its average volume of 668,682. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.30 and a current ratio of 1.44. Laboratory Co. of America Holdings has a 1 year low of $191.97 and a 1 year high of $247.99. The company has a market cap of $20.16 billion, a price-to-earnings ratio of 46.84, a P/E/G ratio of 1.99 and a beta of 1.05. The business has a 50-day moving average price of $227.32 and a 200 day moving average price of $217.95.

Laboratory Co. of America (NYSE:LH - Get Free Report) last issued its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share for the quarter, topping the consensus estimate of $3.48 by $0.02. The business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.26 billion. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The business's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.38 EPS. Equities research analysts forecast that Laboratory Co. of America Holdings will post 14.53 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 26th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.88 annualized dividend and a dividend yield of 1.19%. Laboratory Co. of America's payout ratio is 55.71%.

Insider Buying and Selling

In other news, CEO Adam H. Schechter sold 6,189 shares of the business's 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 of the company's stock, valued at approximately $21,289,260.27. The trade was a 6.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kerrii B. Anderson sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, the director now directly owns 13,722 shares in the company, valued at approximately $3,156,060. The trade was a 6.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,861 shares of company stock worth $2,853,533. Insiders own 0.85% of the company's stock.

Analyst Ratings Changes

LH has been the subject of a number of recent research reports. Jefferies Financial Group raised 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 research report on Monday, September 23rd. Piper Sandler boosted their target price on shares of Laboratory Co. of America from $235.00 to $240.00 and gave the company a "neutral" rating in a research report on Monday, October 28th. Robert W. Baird upped their price target on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Evercore ISI reduced their price objective on Laboratory Co. of America from $250.00 to $240.00 and set an "in-line" rating for the company in a research note on Tuesday, September 24th. Finally, Truist Financial upped their target price on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $255.92.

Laboratory Co. of America Company Profile

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.