CIBC Asset Management Inc Raises Holdings in Laboratory Co. of America Holdings (NYSE:LH)

CIBC Asset Management Inc increased its position in shares of Laboratory Co. of America Holdings (NYSE:LH) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,806 shares of the medical research company’s stock after purchasing an additional 521 shares during the quarter. CIBC Asset Management Inc’s holdings in Laboratory Co. of America were worth $2,937,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SouthState Corp acquired a new position in Laboratory Co. of America during the third quarter worth $28,000. Horizon Bancorp Inc. IN acquired a new position in Laboratory Co. of America during the third quarter worth $29,000. 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 last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Laboratory Co. of America by 309.8% in the 4th quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company’s stock valued at $39,000 after purchasing an additional 127 shares during the last quarter. Finally, Human Investing LLC acquired a new position in shares of Laboratory Co. of America in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 95.94% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Adam H. Schechter sold 6,121 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $244.62, for a total value of $1,497,319.02. Following the transaction, the chief executive officer now owns 86,445 shares in the company, valued at approximately $21,146,175.90. This represents a 6.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dwight Gary Gilliland sold 1,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $241.00, for a total value of $241,000.00. Following the completion of the transaction, the director now owns 7,712 shares in the company, valued at approximately $1,858,592. The trade was a 11.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,832 shares of company stock worth $4,788,995 in the last quarter. 0.85% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LH. Hsbc Global Res raised Laboratory Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price target on Laboratory Co. of America from $275.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Evercore ISI raised Laboratory Co. of America from an “in-line” rating to an “outperform” rating and upped their price target for the company from $260.00 to $265.00 in a research note on Tuesday, January 7th. Morgan Stanley upped their price target on Laboratory Co. of America from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Piper Sandler upped their price target on Laboratory Co. of America from $240.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $265.31.

Laboratory Co. of America Price Performance

Shares of NYSE LH opened at $249.15 on Friday. The stock’s 50-day moving average is $238.23 and its two-hundred day moving average is $231.42. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30. 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 $20.84 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 1.69 and a beta of 1.07.

Laboratory Co. of America (NYSE:LH) last issued its quarterly 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 return on equity of 15.29% and a net margin of 5.73%. Analysts forecast that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Thursday, February 27th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.88 annualized dividend and a yield of 1.16%. Laboratory Co. of America’s dividend payout ratio (DPR) is 32.65%.

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.