Public Sector Pension Investment Board Decreases Position in Laboratory Co. of America Holdings (NYSE:LH)

Public Sector Pension Investment Board trimmed its holdings in Laboratory Co. of America Holdings (NYSE:LH) by 98.5% in the second quarter, HoldingsChannel.com reports. The firm owned 3,272 shares of the medical research company’s stock after selling 217,311 shares during the quarter. Public Sector Pension Investment Board’s holdings in Laboratory Co. of America were worth $666,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in LH. TD Asset Management Inc grew its holdings in shares of Laboratory Co. of America by 1.7% during the fourth quarter. TD Asset Management Inc now owns 30,441 shares of the medical research company’s stock worth $6,919,000 after purchasing an additional 520 shares during the last quarter. NEOS Investment Management LLC purchased a new stake in Laboratory Co. of America during the fourth quarter worth about $226,000. Belpointe Asset Management LLC purchased a new stake in shares of Laboratory Co. of America during the 4th quarter worth approximately $203,000. Tower Research Capital LLC TRC grew its holdings in shares of Laboratory Co. of America by 28.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 12,251 shares of the medical research company’s stock worth $2,785,000 after acquiring an additional 2,700 shares during the period. Finally, Crossmark Global Holdings Inc. increased its stake in Laboratory Co. of America by 5.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,306 shares of the medical research company’s stock valued at $1,433,000 after purchasing an additional 307 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of Laboratory Co. of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $229.10, for a total value of $2,770,506.30. Following the transaction, the executive vice president now owns 15,921 shares in the company, valued at approximately $3,647,501.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Lance Berberian sold 12,093 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $229.10, for a total value of $2,770,506.30. Following the transaction, the executive vice president now directly owns 15,921 shares in the company, valued at approximately $3,647,501.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Glenn A. Eisenberg sold 15,000 shares of Laboratory Co. of America stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 31,289 shares in the company, valued at $7,008,423.11. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,679 shares of company stock valued at $6,716,306. Insiders own 0.85% of the company’s stock.

Laboratory Co. of America Trading Down 0.1 %

Shares of Laboratory Co. of America stock opened at $219.00 on Thursday. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $238.46. The business’s fifty day moving average is $224.17 and its two-hundred day moving average is $211.85. The company has a quick ratio of 0.77, a current ratio of 0.88 and a debt-to-equity ratio of 0.39. The firm has a market cap of $18.46 billion, a PE ratio of 44.06, a P/E/G ratio of 1.74 and a beta of 1.06.

Laboratory Co. of America (NYSE:LH) last released its earnings results on Thursday, August 1st. The medical research company reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.16. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.19 billion. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.42 earnings per share. Analysts anticipate that Laboratory Co. of America Holdings will post 14.61 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were issued a $0.72 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.88 dividend on an annualized basis and a yield of 1.32%. Laboratory Co. of America’s payout ratio is 57.95%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Evercore ISI decreased their target price on Laboratory Co. of America from $250.00 to $240.00 and set an “in-line” rating on the stock in a research report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Robert W. Baird raised their target price on shares of Laboratory Co. of America from $278.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Truist Financial upped their price target on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Barclays raised their price objective on shares of Laboratory Co. of America from $213.00 to $249.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.00.

Laboratory Co. of America 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).