Hartford Investment Management Co. Has $1.51 Million Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Posted by Defense World Staff on Apr 1st, 2023

Hartford Investment Management Co. reduced its stake in Laboratory Co. of America Holdings (NYSE:LH – Get Rating) by 25.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,409 shares of the medical research company’s stock after selling 2,180 shares during the quarter. Hartford Investment Management Co.’s holdings in Laboratory Co. of America were worth $1,509,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Adirondack Trust Co. bought a new position in Laboratory Co. of America in the 3rd quarter valued at $25,000. Eagle Bay Advisors LLC purchased a new stake in shares of Laboratory Co. of America in the 2nd quarter valued at about $29,000. BDO Wealth Advisors LLC raised its holdings in shares of Laboratory Co. of America by 87.5% in the 3rd quarter. BDO Wealth Advisors LLC now owns 150 shares of the medical research company’s stock valued at $31,000 after acquiring an additional 70 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Laboratory Co. of America by 186.3% in the 4th quarter. Quent Capital LLC now owns 146 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 95 shares in the last quarter. Finally, Washington Trust Advisors Inc. increased its position in shares of Laboratory Co. of America by 63.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 176 shares of the medical research company’s stock valued at $36,000 after purchasing an additional 68 shares during the last quarter. 89.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LH shares. Truist Financial raised their price target on Laboratory Co. of America from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. Mizuho boosted their target price on Laboratory Co. of America from $250.00 to $277.00 and gave the stock a “buy” rating in a report on Friday, February 17th. Morgan Stanley upped their price target on Laboratory Co. of America from $290.00 to $303.00 and gave the company an “overweight” rating in a report on Friday, January 6th. Robert W. Baird upped their price objective on Laboratory Co. of America to $300.00 and gave the company an “outperform” rating in a research report on Friday, February 17th. Finally, Wells Fargo & Company reduced their price objective on Laboratory Co. of America from $315.00 to $290.00 and set an “overweight” rating for the company in a research report on Tuesday, February 21st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $283.50.

Insider Transactions at Laboratory Co. of America

In other news, CEO Paul R. Kirchgraber sold 8,000 shares of the business’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $250.58, for a total value of $2,004,640.00. Following the completion of the transaction, the chief executive officer now owns 9,069 shares of the company’s stock, valued at approximately $2,272,510.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Laboratory Co. of America news, EVP Mark S. Schroeder sold 309 shares of the company’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $247.63, for a total transaction of $76,517.67. Following the transaction, the executive vice president now directly owns 6,687 shares in the company, valued at $1,655,901.81. The transaction 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 company’s stock in a transaction on Tuesday, February 21st. The stock was 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 directly owns 9,069 shares in the company, valued at approximately $2,272,510.02. The disclosure for this sale can be found here. Insiders sold 8,701 shares of company stock valued at $2,178,302 in the last quarter. 0.31% of the stock is currently owned by corporate insiders.

Laboratory Co. of America Stock Performance

NYSE:LH opened at $229.42 on Friday. 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 stock has a 50-day moving average price of $237.70 and a 200 day moving average price of $232.08. The stock has a market capitalization of $20.30 billion, a P/E ratio of 16.55 and a beta of 1.06.

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

Laboratory Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 13th. Stockholders of record on Thursday, February 23rd were given a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, February 22nd. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.26%. Laboratory Co. of America’s payout ratio is 20.78%.

Laboratory Co. of America Company 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.

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

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