Laboratory Co. of America Holdings (NYSE:LH) Shares Acquired by Xponance Inc.

Posted by Defense World Staff on Jul 1st, 2023

Xponance Inc. lifted its stake in Laboratory Co. of America Holdings (NYSE:LH – Free Report) by 31.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 14,468 shares of the medical research company’s stock after acquiring an additional 3,462 shares during the quarter. Xponance Inc.’s holdings in Laboratory Co. of America were worth $3,319,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Laboratory Co. of America by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,859,128 shares of the medical research company’s stock worth $2,863,118,000 after purchasing an additional 106,063 shares during the period. Lazard Asset Management LLC increased its stake in Laboratory Co. of America by 532.2% during the 4th quarter. Lazard Asset Management LLC now owns 1,530,675 shares of the medical research company’s stock worth $360,441,000 after buying an additional 1,288,574 shares during the period. Morgan Stanley lifted its holdings in Laboratory Co. of America by 19.8% during the 4th quarter. Morgan Stanley now owns 1,317,815 shares of the medical research company’s stock worth $310,319,000 after buying an additional 218,161 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Laboratory Co. of America by 1.0% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 1,217,674 shares of the medical research company’s stock valued at $249,392,000 after buying an additional 12,157 shares during the period. Finally, Norges Bank acquired a new position in shares of Laboratory Co. of America in the fourth quarter worth $219,236,000. Hedge funds and other institutional investors own 87.75% of the company’s stock.

Insider Transactions at Laboratory Co. of America

In related news, COO Mark S. Schroeder sold 1,500 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $216.77, for a total transaction of $325,155.00. Following the completion of the sale, the chief operating officer now owns 6,687 shares in the company, valued at approximately $1,449,540.99. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Paul R. Kirchgraber sold 4,300 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $216.91, for a total transaction of $932,713.00. Following the completion of the sale, the chief executive officer now owns 12,946 shares in the company, valued at $2,808,116.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Mark S. Schroeder sold 1,500 shares of Laboratory Co. of America stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $216.77, for a total transaction of $325,155.00. Following the completion of the transaction, the chief operating officer now owns 6,687 shares in the company, valued at $1,449,540.99. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LH. StockNews.com initiated coverage on Laboratory Co. of America in a research note on Friday. They issued a “buy” rating on the stock. Citigroup decreased their price objective on Laboratory Co. of America from $260.00 to $235.00 in a research note on Wednesday, April 26th. Mizuho cut their target price on shares of Laboratory Co. of America from $277.00 to $257.00 in a research note on Tuesday, May 16th. Truist Financial decreased their price target on shares of Laboratory Co. of America from $285.00 to $275.00 in a research note on Monday, May 1st. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Laboratory Co. of America from $265.00 to $240.00 in a research report on Wednesday, April 26th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $273.50.

Laboratory Co. of America Trading Up 0.4 %

Shares of Laboratory Co. of America stock opened at $241.33 on Friday. The company has a fifty day simple moving average of $224.18 and a 200-day simple moving average of $232.72. Laboratory Co. of America Holdings has a 12-month low of $200.32 and a 12-month high of $263.13. The company has a current ratio of 1.63, a quick ratio of 1.46 and a debt-to-equity ratio of 0.50. The stock has a market cap of $21.38 billion, a price-to-earnings ratio of 21.90 and a beta of 1.04.

Laboratory Co. of America (NYSE:LH – Free Report) last issued its quarterly earnings data on Tuesday, April 25th. The medical research company reported $3.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.99 by ($0.17). The firm had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Laboratory Co. of America had a return on equity of 15.56% and a net margin of 6.78%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $6.11 EPS. On average, equities analysts forecast that Laboratory Co. of America Holdings will post 16.83 EPS for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 8th. Stockholders of record on Thursday, May 18th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Wednesday, May 17th. Laboratory Co. of America’s payout ratio is currently 26.13%.

About Laboratory Co. of America

(Free Report)

Laboratory Corporation of America Holdings operates as a 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 and Labcorp Drug Development.