Handelsbanken Fonder AB Boosts Stake in Laboratory Co. of America Holdings (NYSE:LH)

Posted by Defense World Staff on Jul 21st, 2023

Handelsbanken Fonder AB lifted its position in shares of Laboratory Co. of America Holdings (NYSE:LH – Free Report) by 15.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,624 shares of the medical research company’s stock after purchasing an additional 1,805 shares during the quarter. Handelsbanken Fonder AB’s holdings in Laboratory Co. of America were worth $3,126,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in Laboratory Co. of America during the 4th quarter valued at approximately $602,000. Gabelli Funds LLC increased its holdings in shares of Laboratory Co. of America by 0.4% during the fourth quarter. Gabelli Funds LLC now owns 54,270 shares of the medical research company’s stock valued at $12,780,000 after acquiring an additional 200 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Laboratory Co. of America in the 4th quarter worth about $253,000. D.A. Davidson & CO. boosted its stake in Laboratory Co. of America by 1.9% in the 4th quarter. D.A. Davidson & CO. now owns 8,628 shares of the medical research company’s stock worth $2,032,000 after purchasing an additional 165 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Laboratory Co. of America by 3.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 7,692 shares of the medical research company’s stock valued at $1,812,000 after purchasing an additional 248 shares in the last quarter. 87.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. StockNews.com started coverage on shares of Laboratory Co. of America in a report on Saturday, July 8th. They set a “buy” rating on the stock. Citigroup reduced their target price on Laboratory Co. of America from $260.00 to $235.00 in a report on Wednesday, April 26th. Mizuho dropped their price objective on Laboratory Co. of America from $277.00 to $257.00 in a research report on Tuesday, May 16th. Truist Financial reduced 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 lowered their target price on shares of Laboratory Co. of America from $265.00 to $240.00 in a research note on Wednesday, April 26th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $273.50.

Insider Buying and Selling

In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 212 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $240.00, for a total value of $50,880.00. Following the completion of the transaction, the executive vice president now directly owns 7,605 shares in the company, valued at $1,825,200. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Laboratory Co. of America news, COO Mark S. Schroeder sold 1,500 shares of the stock in a transaction that occurred 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 directly owns 6,687 shares of the company’s stock, valued at approximately $1,449,540.99. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Der Vaart Sandra D. Van sold 212 shares of Laboratory Co. of America stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $240.00, for a total transaction of $50,880.00. Following the sale, the executive vice president now owns 7,605 shares in the company, valued at approximately $1,825,200. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,012 shares of company stock valued at $1,308,748. 0.65% of the stock is owned by corporate insiders.

Laboratory Co. of America Stock Performance

Shares of NYSE LH opened at $218.70 on Friday. Laboratory Co. of America Holdings has a 12-month low of $166.93 and a 12-month high of $219.58. The firm has a market capitalization of $19.38 billion, a price-to-earnings ratio of 19.85 and a beta of 1.06. 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 firm has a 50 day moving average of $220.63 and a 200 day moving average of $230.85.

Laboratory Co. of America (NYSE:LH – Get 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 analysts’ consensus estimates of $3.99 by ($0.17). The business had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.70 billion. Laboratory Co. of America had a net margin of 6.78% and a return on equity of 15.56%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $6.11 EPS. On average, research analysts anticipate that Laboratory Co. of America Holdings will post 16.83 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Tuesday, August 8th will be paid a dividend of $0.72 per share. The ex-dividend date is Monday, August 7th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.32%. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 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.