1,045,749 Shares in Laboratory Co. of America Holdings (NYSE:LH) Purchased by Norges Bank

Norges Bank acquired a new position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,045,749 shares of the medical research company's stock, valued at approximately $239,811,000. Norges Bank owned 1.25% of Laboratory Co. of America as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its position in Laboratory Co. of America by 0.7% during the 3rd quarter. State Street Corp now owns 3,726,627 shares of the medical research company's stock worth $832,827,000 after acquiring an additional 25,469 shares during the period. Geode Capital Management LLC lifted its holdings in Laboratory Co. of America by 0.7% in the third 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. grew its position in Laboratory Co. of America by 9.5% in 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 buying an additional 167,137 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Laboratory Co. of America by 2.7% during 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 buying an additional 51,045 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Laboratory Co. of America by 2.4% during the 4th 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. 95.94% of the stock is currently owned by institutional investors.

Remove Ads

Laboratory Co. of America Stock Up 1.8 %

NYSE:LH traded up $4.09 during trading hours on Wednesday, hitting $236.74. 776,735 shares of the stock traded hands, compared to its average volume of 624,038. The firm has a market cap of $19.82 billion, a price-to-earnings ratio of 26.84, a PEG ratio of 1.71 and a beta of 1.12. The firm has a 50 day moving average price of $244.45 and a 200 day moving average price of $234.86. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.67. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $258.59.

Laboratory Co. of America (NYSE:LH - Get Free Report) last issued its earnings results on Thursday, February 6th. The medical research company reported $3.45 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 research analysts anticipate that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Thursday, February 27th were given a $0.72 dividend. The ex-dividend date was Thursday, February 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.22%. Laboratory Co. of America's dividend payout ratio is currently 32.65%.

Analysts Set New Price Targets

LH has been the subject of several recent analyst reports. StockNews.com cut shares of Laboratory Co. of America from a "buy" rating to a "hold" rating in a report on Saturday. Jefferies Financial Group increased their price target on Laboratory Co. of America from $275.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. UBS Group dropped their price objective on Laboratory Co. of America from $293.00 to $286.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Piper Sandler raised their target price on Laboratory Co. of America from $240.00 to $260.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Finally, Evercore ISI raised Laboratory Co. of America from an "in-line" rating to an "outperform" rating and lifted their target price for the stock from $260.00 to $265.00 in a report on Tuesday, January 7th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Laboratory Co. of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $270.38.

Insider Transactions at Laboratory Co. of America

In related news, CEO Adam H. Schechter sold 6,121 shares of the company's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $244.62, for a total transaction 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 $21,146,175.90. This represents a 6.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Mark S. Schroeder sold 5,339 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $249.23, for a total value of $1,330,638.97. Following the transaction, the chief operating officer now owns 4,960 shares in the company, valued at $1,236,180.80. This represents a 51.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,258 shares of company stock worth $3,753,177. 0.85% of the stock is owned by corporate insiders.

Laboratory Co. of America Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.