Concentric Wealth Management LLC Increases Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Concentric Wealth Management LLC increased its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 0.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,904 shares of the medical research company’s stock after purchasing an additional 104 shares during the period. Concentric Wealth Management LLC’s holdings in Laboratory Co. of America were worth $4,448,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of LH. Bank of New York Mellon Corp raised its position in Laboratory Co. of America by 135.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock worth $327,616,000 after buying an additional 924,881 shares during the last quarter. Diamond Hill Capital Management Inc. increased its holdings in Laboratory Co. of America by 25.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,949,640 shares of the medical research company’s stock valued at $396,771,000 after buying an additional 395,197 shares in the last quarter. Select Equity Group L.P. acquired a new stake in shares of Laboratory Co. of America during the 2nd quarter valued at approximately $73,928,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Laboratory Co. of America by 16.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,865,460 shares of the medical research company’s stock worth $416,893,000 after acquiring an additional 263,105 shares in the last quarter. Finally, Cooke & Bieler LP grew its holdings in shares of Laboratory Co. of America by 26.8% in the 2nd quarter. Cooke & Bieler LP now owns 928,250 shares of the medical research company’s stock worth $188,908,000 after acquiring an additional 196,119 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Laboratory Co. of America news, CEO Adam H. Schechter sold 6,189 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $243.47, for a total value of $1,506,835.83. Following the transaction, the chief executive officer now owns 87,441 shares of the company’s stock, valued at $21,289,260.27. This trade represents a 6.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kerrii B. Anderson sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the director now owns 13,722 shares in the company, valued at $3,156,060. The trade was a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

LH has been the topic of a number of research reports. HSBC raised shares of Laboratory Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. StockNews.com downgraded Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. Truist Financial lifted their price objective on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. UBS Group upped their target price on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Laboratory Co. of America currently has an average rating of “Moderate Buy” and a consensus price target of $255.92.

Laboratory Co. of America Trading Down 0.2 %

Shares of LH stock opened at $239.67 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.66. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $247.99. The firm’s 50 day moving average price is $226.12 and its two-hundred day moving average price is $217.14. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 46.36, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05.

Laboratory Co. of America (NYSE:LH) last posted its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share for the quarter, beating the consensus estimate of $3.48 by $0.02. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.38 EPS. On average, analysts anticipate 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 issued a $0.72 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.20%. Laboratory Co. of America’s dividend payout ratio (DPR) is 55.71%.

Laboratory Co. of America Company 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.