Merit Financial Group LLC Increases Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Merit Financial Group LLC grew its position in shares of Laboratory Co. of America Holdings (NYSE:LH) by 10.1% in the fourth quarter, HoldingsChannel reports. The firm owned 1,148 shares of the medical research company’s stock after buying an additional 105 shares during the quarter. Merit Financial Group LLC’s holdings in Laboratory Co. of America were worth $261,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of Laboratory Co. of America by 20.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,487,106 shares of the medical research company’s stock valued at $500,033,000 after buying an additional 424,684 shares in the last quarter. Morgan Stanley lifted its stake in shares of Laboratory Co. of America by 102.6% in the 3rd quarter. Morgan Stanley now owns 2,219,291 shares of the medical research company’s stock valued at $446,189,000 after purchasing an additional 1,123,755 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Laboratory Co. of America by 28.0% in the 3rd quarter. Lazard Asset Management LLC now owns 2,212,497 shares of the medical research company’s stock worth $444,821,000 after purchasing an additional 483,878 shares during the period. Diamond Hill Capital Management Inc. increased its position in Laboratory Co. of America by 644.2% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,280,884 shares of the medical research company’s stock valued at $257,522,000 after acquiring an additional 1,108,776 shares during the last quarter. Finally, Northern Trust Corp raised its position in Laboratory Co. of America by 12.6% in the 3rd quarter. Northern Trust Corp now owns 1,129,759 shares of the medical research company’s stock worth $227,138,000 after purchasing an additional 126,602 shares during the period. 95.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

LH has been the subject of several research reports. Barclays lowered their price objective on shares of Laboratory Co. of America from $234.00 to $213.00 and set an “equal weight” rating for the company in a research report on Friday, April 26th. Truist Financial reduced their price objective on Laboratory Co. of America from $270.00 to $255.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Leerink Partnrs reissued an “outperform” rating on shares of Laboratory Co. of America in a research report on Monday, February 26th. SVB Leerink started coverage on Laboratory Co. of America in a report on Monday, February 26th. They issued an “outperform” rating and a $260.00 price objective for the company. Finally, TheStreet cut shares of Laboratory Co. of America from a “b-” rating to a “c+” rating in a report on Thursday, February 15th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Laboratory Co. of America presently has an average rating of “Moderate Buy” and a consensus price target of $243.14.

Laboratory Co. of America Trading Up 2.2 %

NYSE:LH opened at $206.09 on Friday. Laboratory Co. of America Holdings has a 52 week low of $174.20 and a 52 week high of $234.09. The firm has a 50 day moving average of $209.09 and a 200 day moving average of $214.74. The company has a quick ratio of 0.76, a current ratio of 0.88 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $17.37 billion, a price-to-earnings ratio of 41.47, a PEG ratio of 1.51 and a beta of 1.02.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings results on Thursday, April 25th. The medical research company reported $3.68 earnings per share for the quarter, topping the consensus estimate of $3.48 by $0.20. Laboratory Co. of America had a return on equity of 14.68% and a net margin of 3.52%. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the company earned $3.82 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Laboratory Co. of America Holdings will post 14.87 earnings per share for the current fiscal year.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Tuesday, May 28th will be paid a dividend of $0.72 per share. The ex-dividend date is Tuesday, May 28th. This represents a $2.88 dividend on an annualized basis and a yield of 1.40%. Laboratory Co. of America’s payout ratio is 57.95%.

Insiders Place Their Bets

In related news, Director Kerrii B. Anderson sold 250 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $200.10, for a total value of $50,025.00. Following the transaction, the director now directly owns 15,722 shares of the company’s stock, valued at approximately $3,145,972.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Peter J. Wilkinson sold 2,439 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $204.33, for a total value of $498,360.87. Following the sale, the chief accounting officer now owns 2,087 shares in the company, valued at $426,436.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 250 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $200.10, for a total transaction of $50,025.00. Following the completion of the sale, the director now directly owns 15,722 shares in the company, valued at $3,145,972.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,985 shares of company stock valued at $12,302,964. Insiders own 0.85% of the company’s stock.

Laboratory Co. of America Company Profile

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 (Dx) and Biopharma Laboratory Services (BLS).