Laboratory Co. of America Holdings (NYSE:LH) Shares Purchased by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury lifted its position in Laboratory Co. of America Holdings (NYSE:LH - Free Report) by 45.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,470 shares of the medical research company's stock after purchasing an additional 5,454 shares during the quarter. State of Tennessee Department of Treasury's holdings in Laboratory Co. of America were worth $4,006,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Graney & King LLC purchased a new position in Laboratory Co. of America during the fourth quarter worth about $26,000. Fortitude Family Office LLC boosted its stake in Laboratory Co. of America by 312.5% during the fourth quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company's stock worth $30,000 after buying an additional 100 shares during the period. Geneos Wealth Management Inc. boosted its stake in Laboratory Co. of America by 309.8% during the fourth quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company's stock worth $39,000 after buying an additional 127 shares during the period. Human Investing LLC purchased a new position in Laboratory Co. of America during the fourth quarter worth about $39,000. Finally, Heck Capital Advisors LLC purchased a new position in Laboratory Co. of America during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Laboratory Co. of America Stock Performance

NYSE LH traded up $2.14 during trading hours on Monday, hitting $230.45. The company had a trading volume of 983,764 shares, compared to its average volume of 633,708. The company has a debt-to-equity ratio of 0.67, 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 $258.59. The company has a market cap of $19.28 billion, a PE ratio of 26.13, a price-to-earnings-growth ratio of 1.71 and a beta of 0.99. The business has a 50 day moving average of $234.95 and a 200-day moving average of $235.38.

Laboratory Co. of America (NYSE:LH - Get Free Report) last announced its earnings results on Thursday, February 6th. The medical research company reported $3.45 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.05. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. As a group, equities research analysts expect that Laboratory Co. of America Holdings will post 16.01 EPS for the current year.

Laboratory Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.25%. Laboratory Co. of America's dividend payout ratio (DPR) is 32.65%.

Analysts Set New Price Targets

Several research analysts have weighed in on LH shares. Barclays lowered their target price on shares of Laboratory Co. of America from $260.00 to $240.00 and set an "equal weight" rating for the company in a research note on Thursday, April 10th. Truist Financial cut their price objective on Laboratory Co. of America from $285.00 to $274.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Redburn Atlantic assumed coverage on Laboratory Co. of America in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price on the stock. Piper Sandler increased their target price on Laboratory Co. of America from $240.00 to $260.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Finally, Jefferies Financial Group increased their target price on Laboratory Co. of America from $275.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $268.77.

Insider Transactions at Laboratory Co. of America

In related news, CMO Amy B. Summy sold 226 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $250.40, for a total value of $56,590.40. Following the completion of the sale, the chief marketing officer now owns 4,544 shares in the company, valued at $1,137,817.60. This trade represents a 4.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam H. Schechter sold 6,121 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now owns 86,445 shares of the company's stock, valued at approximately $21,146,175.90. The trade was a 6.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,258 shares of company stock worth $3,518,177. Company insiders own 0.84% of the company's stock.

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.