State of Alaska Department of Revenue Has $4.34 Million Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Posted by Defense World Staff on Mar 24th, 2023

State of Alaska Department of Revenue cut its stake in Laboratory Co. of America Holdings (NYSE:LH – Get Rating) by 3.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,450 shares of the medical research company’s stock after selling 620 shares during the period. State of Alaska Department of Revenue’s holdings in Laboratory Co. of America were worth $4,343,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Seeyond boosted its position in Laboratory Co. of America by 0.6% during the 2nd quarter. Seeyond now owns 6,677 shares of the medical research company’s stock valued at $1,564,000 after buying an additional 39 shares during the period. Yousif Capital Management LLC boosted its position in Laboratory Co. of America by 0.3% during the 4th quarter. Yousif Capital Management LLC now owns 13,133 shares of the medical research company’s stock valued at $3,093,000 after buying an additional 42 shares during the period. SP Asset Management raised its holdings in Laboratory Co. of America by 0.3% in the 3rd quarter. SP Asset Management now owns 15,369 shares of the medical research company’s stock worth $3,148,000 after purchasing an additional 45 shares in the last quarter. Allen Investment Management LLC raised its holdings in Laboratory Co. of America by 3.5% in the 3rd quarter. Allen Investment Management LLC now owns 1,346 shares of the medical research company’s stock worth $276,000 after purchasing an additional 46 shares in the last quarter. Finally, Harbor Investment Advisory LLC raised its holdings in Laboratory Co. of America by 2.2% in the 3rd quarter. Harbor Investment Advisory LLC now owns 2,200 shares of the medical research company’s stock worth $451,000 after purchasing an additional 47 shares in the last quarter. 89.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Paul R. Kirchgraber sold 8,000 shares of the business’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $250.58, for a total value of $2,004,640.00. Following the sale, the chief executive officer now owns 9,069 shares in the company, valued at $2,272,510.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Der Vaart Sandra D. Van sold 219 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $243.01, for a total transaction of $53,219.19. Following the completion of the sale, the executive vice president now directly owns 5,341 shares of the company’s stock, valued at $1,297,916.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul R. Kirchgraber sold 8,000 shares of the business’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $250.58, for a total transaction of $2,004,640.00. Following the sale, the chief executive officer now directly owns 9,069 shares of the company’s stock, valued at $2,272,510.02. The disclosure for this sale can be found here. Insiders have sold a total of 8,701 shares of company stock worth $2,178,302 over the last quarter. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on LH. Robert W. Baird increased their price target on shares of Laboratory Co. of America to $300.00 and gave the stock an “outperform” rating in a research note on Friday, February 17th. Morgan Stanley increased their price target on shares of Laboratory Co. of America from $290.00 to $303.00 and gave the stock an “overweight” rating in a research note on Friday, January 6th. StockNews.com began coverage on shares of Laboratory Co. of America in a research note on Thursday, March 16th. They set a “hold” rating for the company. Wells Fargo & Company reduced their price objective on shares of Laboratory Co. of America from $315.00 to $290.00 and set an “overweight” rating for the company in a research note on Tuesday, February 21st. Finally, Citigroup raised their price objective on shares of Laboratory Co. of America from $250.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday, February 17th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $283.50.

Laboratory Co. of America Price Performance

NYSE LH opened at $214.65 on Friday. The stock has a market cap of $19.00 billion, a price-to-earnings ratio of 15.49 and a beta of 1.06. The company has a current ratio of 1.50, a quick ratio of 1.35 and a debt-to-equity ratio of 0.51. Laboratory Co. of America Holdings has a 12 month low of $200.32 and a 12 month high of $280.72. The company’s 50 day moving average is $241.36 and its two-hundred day moving average is $232.54.

Laboratory Co. of America (NYSE:LH – Get Rating) last released its quarterly earnings data on Thursday, February 16th. The medical research company reported $4.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.08. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Laboratory Co. of America had a net margin of 8.60% and a return on equity of 17.68%. The company’s revenue for the quarter was down 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $6.77 earnings per share. As a group, research analysts anticipate that Laboratory Co. of America Holdings will post 17.18 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 13th. Stockholders of record on Thursday, February 23rd were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Wednesday, February 22nd. Laboratory Co. of America’s payout ratio is currently 20.78%.

Laboratory Co. of America Profile

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Laboratory Corp. of America Holdings operates as a life sciences company, which engages in the provision of vital information to help health professionals make clear and confident decisions. It operates through the Drug Development and Diagnostics segments. The Drug Development segment consists of lead optimization, preclinical safety assessment, analytical services, clinical trials, central laboratories, biomarkers, and companion diagnostics, market access, and technology solutions.