State of Alaska Department of Revenue Cuts Stake in Laboratory Co. of America Holdings (NYSE:LH)

State of Alaska Department of Revenue reduced its stake in shares of Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 14.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,615 shares of the medical research company’s stock after selling 4,211 shares during the period. State of Alaska Department of Revenue’s holdings in Laboratory Co. of America were worth $6,001,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. MCF Advisors LLC purchased a new position in Laboratory Co. of America in the first quarter valued at approximately $25,000. Tcwp LLC purchased a new position in Laboratory Co. of America in the first quarter valued at approximately $26,000. Washington Trust Advisors Inc. raised its holdings in Laboratory Co. of America by 352.2% in the first quarter. Washington Trust Advisors Inc. now owns 104 shares of the medical research company’s stock valued at $27,000 after buying an additional 81 shares during the period. Ellevest Inc. raised its holdings in Laboratory Co. of America by 991.7% in the first quarter. Ellevest Inc. now owns 131 shares of the medical research company’s stock valued at $35,000 after buying an additional 119 shares during the period. Finally, M&R Capital Management Inc. raised its holdings in Laboratory Co. of America by 800.0% in the first quarter. M&R Capital Management Inc. now owns 225 shares of the medical research company’s stock valued at $59,000 after buying an additional 200 shares during the period. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Laboratory Co. of America Stock Down 0.2 %

LH stock opened at $223.55 on Tuesday. Laboratory Co. of America Holdings has a twelve month low of $212.40 and a twelve month high of $317.17. The company has a current ratio of 1.90, a quick ratio of 1.74 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $20.72 billion, a P/E ratio of 10.70 and a beta of 1.06. The firm has a 50 day simple moving average of $242.80 and a 200-day simple moving average of $249.41.

Laboratory Co. of America (NYSE:LHGet Rating) last released its quarterly earnings results on Thursday, July 28th. The medical research company reported $4.95 earnings per share for the quarter, topping analysts’ consensus estimates of $4.60 by $0.35. Laboratory Co. of America had a net margin of 12.67% and a return on equity of 22.39%. The business had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the company earned $6.13 earnings per share. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. On average, equities research analysts predict that Laboratory Co. of America Holdings will post 20.26 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Thursday, August 18th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Wednesday, August 17th. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 13.78%.

Analysts Set New Price Targets

Several research analysts recently commented on LH shares. Credit Suisse Group cut their price target on shares of Laboratory Co. of America to $308.00 in a report on Tuesday, August 9th. Argus downgraded shares of Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Monday. Robert W. Baird increased their price objective on shares of Laboratory Co. of America from $295.00 to $297.00 and gave the company an “outperform” rating in a research report on Thursday, August 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $300.00 price objective on shares of Laboratory Co. of America in a research report on Monday, August 22nd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Laboratory Co. of America has an average rating of “Moderate Buy” and an average target price of $299.75.

Insider Buying and Selling

In related news, CAO Peter J. Wilkinson sold 2,576 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $258.40, for a total transaction of $665,638.40. Following the transaction, the chief accounting officer now directly owns 1,887 shares in the company, valued at $487,600.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Laboratory Co. of America news, CFO Glenn A. Eisenberg sold 32,100 shares of the firm’s 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 sale, the chief financial officer now directly owns 52,158 shares in the company, valued at $13,245,002.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Peter J. Wilkinson sold 2,576 shares of the firm’s 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 in the company, valued at $487,600.80. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Laboratory Co. of America Profile

(Get Rating)

Laboratory Corporation of America Holdings operates as a global 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 Labcorp Drug Development (DD).

See Also

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)

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