Prudential PLC Sells 7,956 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Prudential PLC reduced its position in shares of Laboratory Co. of America Holdings (NYSE:LH) by 85.1% in the second quarter, Holdings Channel reports. The firm owned 1,390 shares of the medical research company’s stock after selling 7,956 shares during the period. Prudential PLC’s holdings in Laboratory Co. of America were worth $283,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Laboratory Co. of America by 4.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 86,311 shares of the medical research company’s stock valued at $19,567,000 after acquiring an additional 3,756 shares during the period. Janney Montgomery Scott LLC increased its holdings in Laboratory Co. of America by 5.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 32,518 shares of the medical research company’s stock valued at $7,391,000 after purchasing an additional 1,790 shares during the period. Foundations Investment Advisors LLC bought a new position in Laboratory Co. of America during the 4th quarter valued at approximately $272,000. Quadrant Capital Group LLC boosted its stake in shares of Laboratory Co. of America by 17.3% during the 4th quarter. Quadrant Capital Group LLC now owns 435 shares of the medical research company’s stock valued at $99,000 after purchasing an additional 64 shares in the last quarter. Finally, Great Lakes Advisors LLC lifted its stake in shares of Laboratory Co. of America by 3.4% in the 4th quarter. Great Lakes Advisors LLC now owns 3,317 shares of the medical research company’s stock valued at $754,000 after purchasing an additional 110 shares during the period. Institutional investors own 95.94% of the company’s stock.

Insider Transactions at Laboratory Co. of America

In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 2,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $227.05, for a total value of $454,100.00. Following the completion of the transaction, the executive vice president now owns 3,670 shares of the company’s stock, valued at $833,273.50. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $223.99, for a total value of $3,359,850.00. Following the sale, the chief financial officer now owns 31,289 shares in the company, valued at $7,008,423.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 2,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were 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 of the company’s stock, valued at $833,273.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,679 shares of company stock worth $6,716,306. Insiders own 0.85% of the company’s stock.

Laboratory Co. of America Stock Performance

LH stock opened at $221.13 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 0.88. The firm has a market cap of $18.57 billion, a price-to-earnings ratio of 44.49, a PEG ratio of 1.68 and a beta of 1.06. The firm has a 50-day simple moving average of $220.51 and a two-hundred day simple moving average of $211.27. Laboratory Co. of America Holdings has a one year low of $191.97 and a one year high of $238.46.

Laboratory Co. of America (NYSE:LH) last released its quarterly earnings results on Thursday, August 1st. The medical research company reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.16. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.19 billion. Laboratory Co. of America had a net margin of 3.60% and a return on equity of 15.39%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the company earned $3.42 earnings per share. On average, equities analysts forecast that Laboratory Co. of America Holdings will post 14.67 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.30%. The ex-dividend date was Thursday, August 29th. Laboratory Co. of America’s dividend payout ratio is presently 57.95%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LH. UBS Group raised their target price on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird upped their price target on shares of Laboratory Co. of America from $261.00 to $277.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Barclays raised their price objective on shares of Laboratory Co. of America from $213.00 to $249.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI upped their target price on shares of Laboratory Co. of America from $210.00 to $215.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 9th. Finally, Truist Financial lifted their target price on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Laboratory Co. of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $250.82.

About Laboratory Co. of America

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).