Mackay Shields LLC cut its holdings in Laboratory Co. of America Holdings (NYSE:LH – Get Rating) by 6.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,423 shares of the medical research company’s stock after selling 912 shares during the period. Mackay Shields LLC’s holdings in Laboratory Co. of America were worth $3,539,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Prudential PLC bought a new position in shares of Laboratory Co. of America during the 1st quarter valued at approximately $1,621,000. RMR Wealth Builders bought a new position in Laboratory Co. of America in the 1st quarter valued at $227,000. Sei Investments Co. grew its position in Laboratory Co. of America by 18.9% in the 1st quarter. Sei Investments Co. now owns 89,167 shares of the medical research company’s stock valued at $23,543,000 after acquiring an additional 14,186 shares during the last quarter. Cibc World Market Inc. bought a new position in Laboratory Co. of America in the 1st quarter valued at $213,000. Finally, Synovus Financial Corp grew its position in Laboratory Co. of America by 105.7% in the 1st quarter. Synovus Financial Corp now owns 1,654 shares of the medical research company’s stock valued at $441,000 after acquiring an additional 850 shares during the last quarter. 88.82% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
LH has been the subject of several research reports. Credit Suisse Group lowered their target price on Laboratory Co. of America to $308.00 in a report on Tuesday, August 9th. Morgan Stanley reiterated an “overweight” rating and issued a $300.00 target price on shares of Laboratory Co. of America in a report on Monday, August 22nd. Finally, Robert W. Baird upped their target price on Laboratory Co. of America from $295.00 to $297.00 and gave the stock an “outperform” rating in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $299.75.
Laboratory Co. of America Trading Up 2.7 %
Laboratory Co. of America (NYSE:LH – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The medical research company reported $4.95 EPS for the quarter, beating analysts’ consensus estimates of $4.60 by $0.35. Laboratory Co. of America had a return on equity of 22.39% and a net margin of 12.67%. The company had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the business posted $6.13 earnings per share. The firm’s revenue was down 3.7% compared to the same quarter last year. Equities research analysts expect that Laboratory Co. of America Holdings will post 20.26 EPS for the current fiscal year.
Laboratory Co. of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Thursday, August 18th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Wednesday, August 17th. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 13.78%.
Insider Buying and Selling at Laboratory Co. of America
In other news, CAO Peter J. Wilkinson sold 2,576 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $258.40, for a total value of $665,638.40. Following the transaction, the chief accounting officer now directly owns 1,887 shares of the company’s stock, valued at $487,600.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Laboratory Co. of America news, CFO Glenn A. Eisenberg sold 32,100 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total transaction of $8,151,474.00. Following the transaction, the chief financial officer now owns 52,158 shares in the company, valued at $13,245,002.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Peter J. Wilkinson sold 2,576 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $258.40, for a total value of $665,638.40. Following the transaction, the chief accounting officer now owns 1,887 shares in the company, valued at approximately $487,600.80. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
About Laboratory Co. of America
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.
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