Wedge Capital Management L L P NC Boosts Position in Laboratory Co. of America Holdings (NYSE:LH)

Wedge Capital Management L L P NC boosted its position in shares of Laboratory Co. of America Holdings (NYSE:LHGet Rating) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 117,926 shares of the medical research company’s stock after acquiring an additional 8,276 shares during the quarter. Wedge Capital Management L L P NC owned 0.13% of Laboratory Co. of America worth $31,092,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of LH. Dark Forest Capital Management LP purchased a new stake in Laboratory Co. of America during the third quarter valued at $98,000. National Asset Management Inc. increased its position in Laboratory Co. of America by 12.1% in the third quarter. National Asset Management Inc. now owns 4,859 shares of the medical research company’s stock worth $1,368,000 after buying an additional 523 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Laboratory Co. of America by 22.6% in the third quarter. BNP Paribas Arbitrage SA now owns 46,489 shares of the medical research company’s stock worth $13,084,000 after buying an additional 8,571 shares in the last quarter. Cetera Advisor Networks LLC increased its position in Laboratory Co. of America by 8.2% in the third quarter. Cetera Advisor Networks LLC now owns 6,199 shares of the medical research company’s stock worth $1,745,000 after buying an additional 469 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in Laboratory Co. of America by 5.6% in the third quarter. Cetera Investment Advisers now owns 5,363 shares of the medical research company’s stock worth $1,509,000 after buying an additional 283 shares in the last quarter. Institutional investors own 92.02% of the company’s stock.

In related news, EVP Mark S. Schroeder sold 2,356 shares of the stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $277.11, for a total transaction of $652,871.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director R Sanders Williams sold 572 shares of the stock in a transaction on Friday, March 25th. The shares were sold at an average price of $272.98, for a total value of $156,144.56. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

A number of analysts have commented on the company. Mizuho reduced their price target on Laboratory Co. of America from $354.00 to $323.00 in a research report on Wednesday, May 4th. Truist Financial reduced their price target on Laboratory Co. of America from $350.00 to $320.00 in a research report on Friday, April 29th. Morgan Stanley dropped their price objective on Laboratory Co. of America from $360.00 to $300.00 and set an “overweight” rating for the company in a research note on Wednesday, May 25th. Credit Suisse Group decreased their target price on Laboratory Co. of America from $344.00 to $312.00 in a research note on Monday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Laboratory Co. of America from $294.00 to $265.00 in a research note on Tuesday, May 3rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Laboratory Co. of America presently has a consensus rating of “Moderate Buy” and an average target price of $297.72.

LH stock opened at $233.26 on Thursday. Laboratory Co. of America Holdings has a 1-year low of $212.40 and a 1-year high of $317.17. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.98 and a quick ratio of 1.81. The company has a market capitalization of $21.62 billion, a price-to-earnings ratio of 10.70 and a beta of 1.04. The business has a 50 day simple moving average of $245.77 and a two-hundred day simple moving average of $267.54.

Laboratory Co. of America (NYSE:LHGet Rating) last issued its quarterly earnings data on Thursday, April 28th. The medical research company reported $6.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.88 by $0.23. The business had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Laboratory Co. of America had a return on equity of 23.84% and a net margin of 13.24%. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $8.79 EPS. Sell-side analysts anticipate that Laboratory Co. of America Holdings will post 19.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 9th. Stockholders of record on Thursday, May 19th were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Wednesday, May 18th. This represents a $2.88 annualized dividend and a dividend yield of 1.23%. Laboratory Co. of America’s dividend payout ratio (DPR) is 13.22%.

Laboratory Co. of America Company Profile (Get Rating)

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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