Laboratory Co. of America Holdings (NYSE:LH) Holdings Trimmed by AMI Asset Management Corp

AMI Asset Management Corp cut its stake in shares of Laboratory Co. of America Holdings (NYSE:LH) by 2.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 209,179 shares of the medical research company’s stock after selling 4,818 shares during the period. Laboratory Co. of America comprises approximately 2.5% of AMI Asset Management Corp’s holdings, making the stock its 16th largest position. AMI Asset Management Corp owned approximately 0.25% of Laboratory Co. of America worth $46,747,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Diamond Hill Capital Management Inc. increased its position in Laboratory Co. of America by 25.4% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,949,640 shares of the medical research company’s stock worth $396,771,000 after buying an additional 395,197 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Laboratory Co. of America by 16.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,865,460 shares of the medical research company’s stock valued at $416,893,000 after buying an additional 263,105 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Laboratory Co. of America by 135.0% in the second quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock valued at $327,616,000 after buying an additional 924,881 shares during the period. Dimensional Fund Advisors LP increased its stake in Laboratory Co. of America by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,417,645 shares of the medical research company’s stock valued at $288,519,000 after acquiring an additional 33,497 shares during the period. Finally, Cooke & Bieler LP raised its stake in shares of Laboratory Co. of America by 26.8% in the second quarter. Cooke & Bieler LP now owns 928,250 shares of the medical research company’s stock valued at $188,908,000 after purchasing an additional 196,119 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Insider Buying and Selling

In related news, Director Kerrii B. Anderson sold 586 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $225.00, for a total value of $131,850.00. Following the completion of the transaction, the director now owns 14,722 shares in the company, valued at $3,312,450. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kerrii B. Anderson sold 586 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $225.00, for a total transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 14,722 shares in the company, valued at $3,312,450. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lance Berberian sold 12,093 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $229.10, for a total transaction of $2,770,506.30. Following the sale, the executive vice president now directly owns 15,921 shares of the company’s stock, valued at $3,647,501.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,679 shares of company stock worth $6,946,306 in the last 90 days. Insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LH. Barclays increased their target price on Laboratory Co. of America from $234.00 to $249.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Truist Financial raised their target price on Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their target price 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. StockNews.com cut Laboratory Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Finally, Piper Sandler upped their price target on Laboratory Co. of America from $235.00 to $240.00 and gave the company a “neutral” rating in a research note on Monday. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $253.92.

Laboratory Co. of America Stock Up 0.4 %

Shares of LH opened at $229.01 on Wednesday. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $19.23 billion, a PE ratio of 44.12, a P/E/G ratio of 1.77 and a beta of 1.05. The firm’s 50 day moving average is $222.68 and its 200-day moving average is $212.75. Laboratory Co. of America Holdings has a 12 month low of $191.97 and a 12 month high of $239.50.

Laboratory Co. of America (NYSE:LH) last released its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share for the quarter, topping the consensus estimate of $3.48 by $0.02. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the company earned $3.38 earnings per share. Equities research analysts forecast that Laboratory Co. of America Holdings will post 14.53 EPS for the current year.

Laboratory Co. of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 26th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Tuesday, November 26th. Laboratory Co. of America’s payout ratio is 55.71%.

Laboratory Co. of America Profile

Labcorp Holdings Inc provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid, PAP, hemoglobin A1C and vitamin D, prostate-specific antigens, sexually transmitted diseases, hepatitis C, microbiology cultures and procedures, and alcohol and other substance-abuse tests.