Connectus Wealth LLC Trims Stake in Laboratory Co. of America Holdings (NYSE:LH)

Connectus Wealth LLC reduced its position in Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 13.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,983 shares of the medical research company’s stock after selling 296 shares during the period. Connectus Wealth LLC’s holdings in Laboratory Co. of America were worth $623,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in LH. Norges Bank acquired a new position in Laboratory Co. of America in the 4th quarter valued at about $297,582,000. BlackRock Inc. increased its position in Laboratory Co. of America by 6.8% during the 4th quarter. BlackRock Inc. now owns 8,274,410 shares of the medical research company’s stock worth $2,599,903,000 after purchasing an additional 524,578 shares during the period. International Assets Investment Management LLC increased its position in Laboratory Co. of America by 1,092.8% during the 4th quarter. International Assets Investment Management LLC now owns 240,131 shares of the medical research company’s stock worth $290,000 after purchasing an additional 220,000 shares during the period. Alliancebernstein L.P. increased its position in Laboratory Co. of America by 11.5% during the 4th quarter. Alliancebernstein L.P. now owns 1,488,164 shares of the medical research company’s stock worth $467,596,000 after purchasing an additional 152,947 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in Laboratory Co. of America by 89.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 301,238 shares of the medical research company’s stock worth $94,652,000 after purchasing an additional 142,042 shares during the period. 92.02% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Laboratory Co. of America

In other news, CFO Glenn A. Eisenberg sold 32,100 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total transaction of $8,151,474.00. Following the completion of the sale, the chief financial officer now directly owns 52,158 shares in the company, valued at approximately $13,245,002.52. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Glenn A. Eisenberg sold 32,100 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total value of $8,151,474.00. Following the completion of the sale, the chief financial officer now directly owns 52,158 shares in the company, valued at approximately $13,245,002.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Peter J. Wilkinson sold 2,576 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $258.40, for a total value of $665,638.40. Following the completion of the sale, the chief accounting officer now owns 1,887 shares of the company’s stock, valued at $487,600.80. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on LH. Truist Financial dropped their target price on Laboratory Co. of America from $350.00 to $320.00 in a research report on Friday, April 29th. Credit Suisse Group dropped their target price on Laboratory Co. of America from $312.00 to $308.00 and set an “outperform” rating on the stock in a research report on Monday, August 1st. Morgan Stanley dropped their target price on Laboratory Co. of America from $360.00 to $300.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 25th. Mizuho dropped their target price on Laboratory Co. of America from $354.00 to $323.00 in a research report on Wednesday, May 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Laboratory Co. of America from $294.00 to $265.00 in a research note on Tuesday, May 3rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $299.75.

Laboratory Co. of America Price Performance

LH stock opened at $254.67 on Friday. Laboratory Co. of America Holdings has a 1 year low of $212.40 and a 1 year high of $317.17. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.74 and a current ratio of 1.90. The stock’s 50 day moving average price is $241.12 and its 200 day moving average price is $256.43. The firm has a market cap of $23.61 billion, a P/E ratio of 12.19 and a beta of 1.03.

Laboratory Co. of America (NYSE:LHGet Rating) last posted its earnings results on Thursday, July 28th. The medical research company reported $4.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.60 by $0.35. Laboratory Co. of America had a return on equity of 22.39% and a net margin of 12.67%. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the company earned $6.13 EPS. Laboratory Co. of America’s revenue was down 3.7% on a year-over-year basis. On average, sell-side analysts expect that Laboratory Co. of America Holdings will post 20.21 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Thursday, August 18th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.13%. Laboratory Co. of America’s payout ratio is 13.78%.

About Laboratory Co. of America

(Get Rating)

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

Featured Articles

Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Laboratory Co. of America Holdings (NYSE:LHGet Rating).

Institutional Ownership by Quarter for Laboratory Co. of America (NYSE:LH)

Receive News & Ratings for Laboratory Co. of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Laboratory Co. of America and related companies with MarketBeat.com's FREE daily email newsletter.