M&T Bank Corp Sells 7,755 Shares of Laboratory Co. of America Holdings (NYSE:LH)

M&T Bank Corp decreased its stake in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 33.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,430 shares of the medical research company's stock after selling 7,755 shares during the period. M&T Bank Corp's holdings in Laboratory Co. of America were worth $3,449,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LH. SouthState Corp acquired a new stake in shares of Laboratory Co. of America in the third quarter valued at $28,000. Horizon Bancorp Inc. IN acquired a new stake in Laboratory Co. of America in the 3rd quarter valued at about $29,000. Industrial Alliance Investment Management Inc. bought a new position in shares of Laboratory Co. of America during the 2nd quarter valued at about $27,000. Innealta Capital LLC acquired a new position in shares of Laboratory Co. of America in the 2nd quarter worth approximately $32,000. Finally, Riverview Trust Co raised its holdings in shares of Laboratory Co. of America by 172.6% in the 3rd quarter. Riverview Trust Co now owns 169 shares of the medical research company's stock worth $38,000 after purchasing an additional 107 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Dwight Gary Gilliland sold 1,000 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $241.00, for a total value of $241,000.00. Following the completion of the sale, the director now directly owns 7,712 shares in the company, valued at approximately $1,858,592. The trade was a 11.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Amy B. Summy sold 3,672 shares of Laboratory Co. of America stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $238.91, for a total transaction of $877,277.52. Following the completion of the transaction, the chief marketing officer now directly owns 4,318 shares in the company, valued at approximately $1,031,613.38. This represents a 45.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,572 shares of company stock valued at $5,910,209 over the last ninety days. Corporate insiders own 0.85% of the company's stock.

Laboratory Co. of America Stock Up 0.1 %

Shares of Laboratory Co. of America stock traded up $0.17 on Friday, hitting $232.01. 318,499 shares of the company traded hands, compared to its average volume of 660,595. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.66. 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 50-day moving average price of $230.72 and a 200 day moving average price of $220.36. The company has a market cap of $19.41 billion, a PE ratio of 44.88, a PEG ratio of 1.89 and a beta of 1.05.

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. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. The business's revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.38 EPS. Sell-side analysts predict that Laboratory Co. of America Holdings will post 14.52 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date was Tuesday, November 26th. Laboratory Co. of America's dividend payout ratio (DPR) is presently 55.71%.

Wall Street Analysts Forecast Growth

LH has been the subject of a number of research reports. Piper Sandler raised their target price on shares of Laboratory Co. of America from $235.00 to $240.00 and gave the stock a "neutral" rating in a report on Monday, October 28th. Bank of America lifted their target price on Laboratory Co. of America from $262.00 to $271.00 and gave the stock a "buy" rating in a report on Friday. Jefferies Financial Group reaffirmed a "buy" rating and set a $275.00 target price (up from $265.00) on shares of Laboratory Co. of America in a report on Tuesday. Hsbc Global Res raised Laboratory Co. of America from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Finally, Evercore ISI cut their price objective on Laboratory Co. of America from $250.00 to $240.00 and set an "in-line" rating on the stock in a report on Tuesday, September 24th. Five 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $257.67.

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.