Summit Investment Advisors Inc. Decreases Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Summit Investment Advisors Inc. cut its holdings in Laboratory Co. of America Holdings (NYSE:LH) by 8.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 815 shares of the medical research company’s stock after selling 72 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Laboratory Co. of America were worth $187,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of LH. Graney & King LLC purchased a new stake in shares of Laboratory Co. of America during the fourth quarter valued at $26,000. Fortitude Family Office LLC lifted its stake in Laboratory Co. of America by 312.5% during the 4th quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 100 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of Laboratory Co. of America by 309.8% during the 4th quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company’s stock valued at $39,000 after acquiring an additional 127 shares during the last quarter. Human Investing LLC bought a new stake in shares of Laboratory Co. of America in the fourth quarter worth approximately $39,000. Finally, Heck Capital Advisors LLC purchased a new position in shares of Laboratory Co. of America during the fourth quarter valued at approximately $44,000. Institutional investors own 95.94% of the company’s stock.

Insider Activity

In related news, CEO Adam H. Schechter sold 6,121 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $244.62, for a total transaction of $1,497,319.02. Following the completion of the transaction, the chief executive officer now directly owns 86,445 shares of the company’s stock, valued at approximately $21,146,175.90. This represents a 6.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Amy B. Summy sold 226 shares of Laboratory Co. of America stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $250.40, for a total value of $56,590.40. Following the completion of the sale, the chief marketing officer now directly owns 4,544 shares in the company, valued at approximately $1,137,817.60. The trade was a 4.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,258 shares of company stock worth $3,518,177 over the last quarter. Insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

LH has been the subject of a number of research analyst reports. Redburn Atlantic assumed coverage on shares of Laboratory Co. of America in a research report on Wednesday, April 2nd. They issued a “buy” rating and a $276.00 target price for the company. Jefferies Financial Group upped their price objective on Laboratory Co. of America from $275.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Barclays dropped their target price on Laboratory Co. of America from $260.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 10th. Evercore ISI raised shares of Laboratory Co. of America from an “in-line” rating to an “outperform” rating and upped their price target for the company from $260.00 to $265.00 in a research report on Tuesday, January 7th. Finally, Piper Sandler raised their price objective on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $268.77.

Laboratory Co. of America Stock Up 3.8 %

Shares of LH stock opened at $220.32 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30. Laboratory Co. of America Holdings has a one year low of $191.97 and a one year high of $258.59. The company’s fifty day moving average price is $236.47 and its 200-day moving average price is $234.85. The company has a market capitalization of $18.43 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 1.71 and a beta of 0.99.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings results on Thursday, February 6th. The medical research company reported $3.45 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.05. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. Sell-side analysts expect that Laboratory Co. of America Holdings will post 16.01 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.31%. Laboratory Co. of America’s payout ratio is 32.65%.

About Laboratory Co. of America

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.