Proficio Capital Partners LLC Purchases Shares of 61,259 Laboratory Co. of America Holdings (NYSE:LH)

Posted by Defense World Staff on Jul 5th, 2023

Proficio Capital Partners LLC purchased a new stake in Laboratory Co. of America Holdings (NYSE:LH – Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 61,259 shares of the medical research company’s stock, valued at approximately $61,000. Proficio Capital Partners LLC owned about 0.07% of Laboratory Co. of America as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Laboratory Co. of America by 1.0% in 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 last quarter. Lazard Asset Management LLC raised its position in Laboratory Co. of America by 532.2% during the fourth quarter. Lazard Asset Management LLC now owns 1,530,675 shares of the medical research company’s stock valued at $360,441,000 after acquiring an additional 1,288,574 shares in the last quarter. Morgan Stanley raised its position in Laboratory Co. of America by 19.8% during the fourth quarter. Morgan Stanley now owns 1,317,815 shares of the medical research company’s stock valued at $310,319,000 after acquiring an additional 218,161 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in Laboratory Co. of America by 1.0% during the third 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 acquiring an additional 12,157 shares in the last quarter. Finally, Norges Bank purchased a new position in Laboratory Co. of America during the fourth quarter valued at approximately $219,236,000. 87.75% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 212 shares of the business’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $240.00, for a total transaction of $50,880.00. Following the transaction, the executive vice president now owns 7,605 shares of the company’s stock, valued at $1,825,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 212 shares of Laboratory Co. of America stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $240.00, for a total value of $50,880.00. Following the sale, the executive vice president now owns 7,605 shares in the company, valued at $1,825,200. 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 value 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,012 shares of company stock valued at $1,308,748. Insiders own 0.65% of the company’s stock.

Laboratory Co. of America Stock Performance

Shares of NYSE:LH opened at $208.92 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.63 and a quick ratio of 1.46. The business’s 50 day moving average price is $223.46 and its 200-day moving average price is $232.48. The firm has a market capitalization of $18.51 billion, a PE ratio of 18.96 and a beta of 1.06. Laboratory Co. of America Holdings has a 1 year low of $200.32 and a 1 year high of $263.13.

Laboratory Co. of America (NYSE:LH – Free Report) last issued its quarterly earnings results on Tuesday, April 25th. The medical research company reported $3.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.17). The firm had revenue of $3.78 billion during the quarter, compared to analyst estimates 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 was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $6.11 earnings per share. As a group, equities research analysts expect that Laboratory Co. of America Holdings will post 16.83 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 8th. Shareholders of record on Thursday, May 18th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date was Wednesday, May 17th. Laboratory Co. of America’s dividend payout ratio (DPR) is currently 26.13%.

Analysts Set New Price Targets

LH has been the subject of several recent research reports. Mizuho reduced their price target on Laboratory Co. of America from $277.00 to $257.00 in a research report on Tuesday, May 16th. Citigroup reduced their price target on Laboratory Co. of America from $260.00 to $235.00 in a research report on Wednesday, April 26th. Credit Suisse Group reduced their price target on Laboratory Co. of America from $304.00 to $288.00 and set an “outperform” rating for the company in a research report on Monday, March 13th. Truist Financial dropped their price objective on Laboratory Co. of America from $285.00 to $275.00 in a report on Monday, May 1st. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Laboratory Co. of America from $265.00 to $240.00 in a report on Wednesday, April 26th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $273.50.

Laboratory Co. of America Profile

(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.