Stack Financial Management Inc Reduces Stake in Laboratory Co. of America Holdings (NYSE:LH)

Stack Financial Management Inc lowered its position in Laboratory Co. of America Holdings (NYSE:LH) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 75,770 shares of the medical research company’s stock after selling 1,777 shares during the period. Laboratory Co. of America makes up approximately 1.9% of Stack Financial Management Inc’s investment portfolio, making the stock its 25th biggest holding. Stack Financial Management Inc owned approximately 0.09% of Laboratory Co. of America worth $17,222,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in LH. Morgan Stanley lifted its stake in Laboratory Co. of America by 102.6% in the third quarter. Morgan Stanley now owns 2,219,291 shares of the medical research company’s stock worth $446,189,000 after purchasing an additional 1,123,755 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Laboratory Co. of America by 644.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,280,884 shares of the medical research company’s stock worth $257,522,000 after purchasing an additional 1,108,776 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Laboratory Co. of America by 3,836.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 806,975 shares of the medical research company’s stock valued at $162,243,000 after acquiring an additional 786,477 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Laboratory Co. of America by 28.0% during the third quarter. Lazard Asset Management LLC now owns 2,212,497 shares of the medical research company’s stock valued at $444,821,000 after acquiring an additional 483,878 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Laboratory Co. of America by 536.0% during the third quarter. Ameriprise Financial Inc. now owns 540,429 shares of the medical research company’s stock valued at $108,653,000 after acquiring an additional 455,462 shares in the last quarter. Institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Trading Up 0.1 %

Shares of Laboratory Co. of America stock traded up $0.24 during mid-day trading on Friday, hitting $198.59. The stock had a trading volume of 288,334 shares, compared to its average volume of 750,243. The firm has a 50-day moving average of $212.06 and a two-hundred day moving average of $214.69. Laboratory Co. of America Holdings has a 12-month low of $174.20 and a 12-month high of $234.09. The company has a quick ratio of 1.02, a current ratio of 1.17 and a debt-to-equity ratio of 0.52. The firm has a market cap of $16.71 billion, a P/E ratio of 42.55, a price-to-earnings-growth ratio of 1.56 and a beta of 1.01.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings results on Thursday, April 25th. The medical research company reported $3.68 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.22. Laboratory Co. of America had a net margin of 3.24% and a return on equity of 13.99%. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the company posted $3.82 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Sell-side analysts forecast that Laboratory Co. of America Holdings will post 14.84 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Tuesday, May 28th will be issued a $0.72 dividend. The ex-dividend date is Friday, May 24th. This represents a $2.88 annualized dividend and a yield of 1.45%. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 61.67%.

Wall Street Analysts Forecast Growth

LH has been the subject of several research analyst reports. Evercore ISI initiated coverage on shares of Laboratory Co. of America in a research note on Friday, February 9th. They set an “in-line” rating and a $240.00 price target for the company. Truist Financial reduced their price objective on shares of Laboratory Co. of America from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Friday. TheStreet downgraded shares of Laboratory Co. of America from a “b-” rating to a “c+” rating in a research note on Thursday, February 15th. Robert W. Baird cut their price target on shares of Laboratory Co. of America from $255.00 to $244.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Barclays cut their price target on shares of Laboratory Co. of America from $234.00 to $213.00 and set an “equal weight” rating on the stock in a report on Friday. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $242.44.

Insider Activity at Laboratory Co. of America

In related news, CMO Amy B. Summy sold 3,500 shares of Laboratory Co. of America stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $217.29, for a total value of $760,515.00. Following the completion of the sale, the chief marketing officer now owns 3,975 shares in the company, valued at approximately $863,727.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Laboratory Co. of America news, CMO Amy B. Summy sold 3,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $217.29, for a total value of $760,515.00. Following the completion of the transaction, the chief marketing officer now owns 3,975 shares in the company, valued at $863,727.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Glenn A. Eisenberg sold 34,504 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $215.97, for a total transaction of $7,451,828.88. Following the completion of the transaction, the chief financial officer now owns 23,595 shares of the company’s stock, valued at approximately $5,095,812.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,305 shares of company stock worth $11,761,059. Insiders own 0.85% of the company’s stock.

Laboratory Co. of America Company Profile

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics (Dx) and Biopharma Laboratory Services (BLS).