Principal Financial Group Inc. Boosts Stake in Laboratory Co. of America Holdings (NYSE:LH)

Principal Financial Group Inc. lifted its position in shares of Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,596 shares of the medical research company's stock after purchasing an additional 2,595 shares during the quarter. Principal Financial Group Inc. owned approximately 0.12% of Laboratory Co. of America worth $21,587,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Laboratory Co. of America in the 2nd quarter valued at $27,000. Horizon Bancorp Inc. IN bought a new stake in Laboratory Co. of America during the third quarter worth about $29,000. Pathway Financial Advisers LLC acquired a new stake in shares of Laboratory Co. of America during the first quarter worth approximately $30,000. Innealta Capital LLC bought a new position in shares of Laboratory Co. of America in the second quarter valued at approximately $32,000. Finally, Family Firm Inc. bought a new stake in Laboratory Co. of America during the 2nd quarter worth approximately $37,000. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on LH. Evercore ISI cut 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 report on Tuesday, September 24th. Truist Financial boosted their price objective on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the stock a "buy" rating in a research report on Friday, August 2nd. Bank of America increased their target price on Laboratory Co. of America from $240.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. 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. Finally, Hsbc Global Res upgraded shares of Laboratory Co. of America from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Laboratory Co. of America presently has a consensus rating of "Moderate Buy" and an average price target of $255.92.

Insider Activity

In related news, CEO Adam H. Schechter sold 6,189 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was 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 in the company, valued at $21,289,260.27. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Adam H. Schechter sold 6,189 shares of Laboratory Co. of America stock in a transaction 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 completion of the sale, 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Der Vaart Sandra D. Van sold 2,000 shares of the company's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $227.05, for a total transaction of $454,100.00. Following the transaction, the executive vice president now owns 3,670 shares in the company, valued at approximately $833,273.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,189 shares of company stock valued at $2,190,936. Insiders own 0.85% of the company's stock.

Laboratory Co. of America Price Performance

Shares of NYSE:LH traded down $7.37 during midday trading on Thursday, hitting $238.85. The stock had a trading volume of 520,151 shares, compared to its average volume of 666,377. The company's 50-day moving average price is $223.96 and its 200-day moving average price is $215.25. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $247.99. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $19.98 billion, a P/E ratio of 47.62, a price-to-earnings-growth ratio of 2.01 and a beta of 1.05.

Laboratory Co. of America (NYSE:LH - Get Free Report) last announced 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. 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 during the quarter, compared to analysts' expectations of $3.26 billion. During the same period in the prior year, the company earned $3.38 EPS. Laboratory Co. of America's revenue was up 7.4% compared to the same quarter last year. As a group, equities research analysts predict that Laboratory Co. of America Holdings will post 14.53 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, November 26th. Laboratory Co. of America's dividend payout ratio (DPR) is currently 55.71%.

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.