SP Asset Management Increases Position in Laboratory Co. of America Holdings (NYSE:LH)

SP Asset Management increased its position in shares of Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 1.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,530 shares of the medical research company’s stock after purchasing an additional 210 shares during the period. SP Asset Management’s holdings in Laboratory Co. of America were worth $4,095,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Laboratory Co. of America during the 4th quarter valued at $297,582,000. BlackRock Inc. increased its position in shares of Laboratory Co. of America by 6.8% in the 4th quarter. BlackRock Inc. now owns 8,274,410 shares of the medical research company’s stock worth $2,599,903,000 after purchasing an additional 524,578 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Laboratory Co. of America by 1,092.8% in the 4th quarter. International Assets Investment Management LLC now owns 240,131 shares of the medical research company’s stock worth $290,000 after purchasing an additional 220,000 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Laboratory Co. of America by 11.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,488,164 shares of the medical research company’s stock worth $467,596,000 after purchasing an additional 152,947 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Laboratory Co. of America by 89.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 301,238 shares of the medical research company’s stock worth $94,652,000 after purchasing an additional 142,042 shares during the last quarter. 92.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on LH shares. Robert W. Baird lifted their price target on shares of Laboratory Co. of America from $295.00 to $297.00 and gave the company an “outperform” rating in a report on Thursday. Credit Suisse Group lowered their price objective on Laboratory Co. of America from $312.00 to $308.00 and set an “outperform” rating for the company in a research note on Monday, August 1st. Morgan Stanley cut their target price on Laboratory Co. of America from $360.00 to $300.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 25th. Wells Fargo & Company dropped their price objective on shares of Laboratory Co. of America from $290.00 to $235.00 and set an “equal weight” rating on the stock in a report on Monday, April 25th. Finally, Mizuho reduced their target price on shares of Laboratory Co. of America from $354.00 to $323.00 in a research note on Wednesday, May 4th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $299.75.

Laboratory Co. of America Price Performance

NYSE:LH traded up $2.28 during midday trading on Friday, hitting $254.67. 588,509 shares of the stock were exchanged, compared to its average volume of 602,161. The company has a market capitalization of $23.61 billion, a price-to-earnings ratio of 12.19 and a beta of 1.03. The company has a current ratio of 1.90, a quick ratio of 1.74 and a debt-to-equity ratio of 0.52. Laboratory Co. of America Holdings has a one year low of $212.40 and a one year high of $317.17. The business has a 50-day moving average price of $241.12 and a two-hundred day moving average price of $256.43.

Laboratory Co. of America (NYSE:LHGet Rating) last announced its earnings results on Thursday, July 28th. The medical research company reported $4.95 earnings per share for the quarter, beating the consensus estimate of $4.60 by $0.35. The business had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Laboratory Co. of America had a return on equity of 22.39% and a net margin of 12.67%. The company’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the business posted $6.13 earnings per share. Sell-side analysts predict that Laboratory Co. of America Holdings will post 20.21 EPS for the current year.

Laboratory Co. of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Thursday, August 18th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Wednesday, August 17th. Laboratory Co. of America’s payout ratio is currently 13.78%.

Insider Buying and Selling

In related news, CAO Peter J. Wilkinson sold 2,576 shares of Laboratory Co. of America 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 owns 1,887 shares of the company’s stock, valued at approximately $487,600.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Peter J. Wilkinson sold 2,576 shares of Laboratory Co. of America 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 owns 1,887 shares of the company’s stock, valued at approximately $487,600.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Glenn A. Eisenberg sold 32,100 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 52,158 shares of the company’s stock, valued at $13,245,002.52. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Laboratory Co. of America Profile

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

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