Norges Bank Makes New Investment in Laboratory Co. of America Holdings (NYSE:LH)

Norges Bank purchased a new position in Laboratory Co. of America Holdings (NYSE:LH) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 909,993 shares of the medical research company’s stock, valued at approximately $185,229,000. Norges Bank owned approximately 0.93% of Laboratory Co. of America as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Birchcreek Wealth Management LLC purchased a new stake in Laboratory Co. of America in the fourth quarter worth about $28,000. Ropes Wealth Advisors LLC purchased a new stake in Laboratory Co. of America in the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC increased its position in Laboratory Co. of America by 44.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 146 shares of the medical research company’s stock worth $30,000 after buying an additional 45 shares in the last quarter. Burt Wealth Advisors bought a new position in shares of Laboratory Co. of America in the fourth quarter worth about $33,000. Finally, BNC Wealth Management LLC bought a new position in shares of Laboratory Co. of America in the third quarter worth about $34,000. Institutional investors and hedge funds own 89.31% of the company’s stock.

NYSE:LH opened at $252.30 on Thursday. The firm has a market capitalization of $24.62 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 1.15 and a beta of 1.09. Laboratory Co. of America Holdings has a 1 year low of $134.59 and a 1 year high of $259.29. The business has a 50 day simple moving average of $243.70 and a 200-day simple moving average of $216.01. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.36 and a quick ratio of 1.23.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings data on Wednesday, February 10th. The medical research company reported $10.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.11 by $2.45. Laboratory Co. of America had a return on equity of 21.05% and a net margin of 6.79%. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $3.98 billion. As a group, analysts expect that Laboratory Co. of America Holdings will post 20.84 earnings per share for the current fiscal year.

A number of equities analysts have recently weighed in on LH shares. JPMorgan Chase & Co. upped their price objective on Laboratory Co. of America from $261.00 to $279.00 and gave the stock an “overweight” rating in a research note on Friday, February 12th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Laboratory Co. of America in a research note on Thursday, April 1st. Argus raised Laboratory Co. of America from a “hold” rating to a “buy” rating and set a $245.00 price objective for the company in a research note on Monday, January 11th. Mizuho increased their price target on Laboratory Co. of America from $242.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, February 12th. Finally, Wolfe Research lowered Laboratory Co. of America from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $237.87.

In other Laboratory Co. of America news, CAO Peter J. Wilkinson sold 2,317 shares of the firm’s stock in a transaction on Thursday, February 18th. The stock was sold at an average price of $241.51, for a total transaction of $559,578.67. Following the transaction, the chief accounting officer now directly owns 710 shares in the company, valued at approximately $171,472.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark S. Schroeder sold 667 shares of the firm’s stock in a transaction on Tuesday, March 30th. The stock was sold at an average price of $251.88, for a total value of $168,003.96. Following the transaction, the executive vice president now owns 5,006 shares in the company, valued at $1,260,911.28. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

Laboratory Co. of America Profile

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

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Institutional Ownership by Quarter for Laboratory Co. of America (NYSE:LH)

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