Bank of America Corp DE Raises Stake in Laboratory Co. of America Holdings (NYSE:LH)

Bank of America Corp DE increased its stake in Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 16.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,778,329 shares of the medical research company’s stock after buying an additional 253,972 shares during the quarter. Bank of America Corp DE owned 1.92% of Laboratory Co. of America worth $468,873,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Walleye Capital LLC purchased a new stake in Laboratory Co. of America during the first quarter valued at about $769,000. Kestra Private Wealth Services LLC lifted its holdings in Laboratory Co. of America by 70.1% during the first quarter. Kestra Private Wealth Services LLC now owns 2,666 shares of the medical research company’s stock valued at $703,000 after purchasing an additional 1,099 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in Laboratory Co. of America by 5.4% during the first quarter. Neuberger Berman Group LLC now owns 7,373 shares of the medical research company’s stock valued at $1,944,000 after purchasing an additional 378 shares during the last quarter. Toroso Investments LLC lifted its holdings in Laboratory Co. of America by 10.5% during the first quarter. Toroso Investments LLC now owns 10,832 shares of the medical research company’s stock valued at $2,856,000 after purchasing an additional 1,032 shares during the last quarter. Finally, Sawgrass Asset Management LLC bought a new stake in shares of Laboratory Co. of America during the first quarter valued at about $11,432,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Laboratory Co. of America Stock Down 0.1 %

Shares of NYSE LH opened at $223.99 on Monday. Laboratory Co. of America Holdings has a one year low of $212.40 and a one year high of $317.17. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.90 and a quick ratio of 1.74. The firm’s 50 day simple moving average is $242.80 and its two-hundred day simple moving average is $249.56. The stock has a market capitalization of $20.76 billion, a P/E ratio of 10.72 and a beta of 1.06.

Laboratory Co. of America (NYSE:LHGet Rating) last issued 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 net margin of 12.67% and a return on equity of 22.39%. The business had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the business earned $6.13 earnings per share. The business’s quarterly revenue was down 3.7% on a year-over-year basis. As a group, 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 was paid on Friday, September 9th. Shareholders of record on Thursday, August 18th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date was Wednesday, August 17th. Laboratory Co. of America’s payout ratio is currently 13.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Robert W. Baird upped their price target on Laboratory Co. of America from $295.00 to $297.00 and gave the company an “outperform” rating in a research report on Thursday, August 4th. Credit Suisse Group decreased their price target on Laboratory Co. of America to $308.00 in a research report on Tuesday, August 9th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $300.00 price target on shares of Laboratory Co. of America in a research report on Monday, August 22nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.75.

Insider Buying and Selling at Laboratory Co. of America

In related news, CAO Peter J. Wilkinson sold 2,576 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer now owns 1,887 shares of the company’s stock, valued at $487,600.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Laboratory Co. of America news, CFO Glenn A. Eisenberg sold 32,100 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $253.94, for a total value of $8,151,474.00. Following the completion of the transaction, the chief financial officer now owns 52,158 shares in the company, valued at $13,245,002.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Peter J. Wilkinson sold 2,576 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 1,887 shares of the company’s stock, valued at approximately $487,600.80. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

About Laboratory Co. of America

(Get Rating)

Laboratory Corporation of America Holdings operates as a global 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 (Dx) and Labcorp Drug Development (DD).

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

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