Linscomb Wealth Inc. Has $2.66 Million Stake in Laboratory Co. of America Holdings (NYSE:LH)

Linscomb Wealth Inc. grew its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 0.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,044 shares of the medical research company’s stock after purchasing an additional 57 shares during the period. Linscomb Wealth Inc.’s holdings in Laboratory Co. of America were worth $2,655,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new stake in Laboratory Co. of America during the fourth quarter worth about $291,045,000. Bank of New York Mellon Corp boosted its position in shares of Laboratory Co. of America by 135.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock worth $327,616,000 after acquiring an additional 924,881 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Laboratory Co. of America by 58.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,613,854 shares of the medical research company’s stock valued at $352,563,000 after acquiring an additional 597,571 shares during the last quarter. Veritas Investment Partners UK Ltd. raised its position in Laboratory Co. of America by 32.5% during the fourth quarter. Veritas Investment Partners UK Ltd. now owns 1,140,300 shares of the medical research company’s stock valued at $259,133,000 after purchasing an additional 279,628 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Laboratory Co. of America by 2,750.2% during the fourth quarter. Public Sector Pension Investment Board now owns 270,483 shares of the medical research company’s stock worth $61,478,000 after purchasing an additional 260,993 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LH has been the subject of a number of research analyst reports. Truist Financial boosted their price target on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Barclays increased their target price on shares of Laboratory Co. of America from $213.00 to $249.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Bank of America lifted their price target on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the company a “buy” rating in a report on Monday, August 5th. Evercore ISI increased their price objective on shares of Laboratory Co. of America from $210.00 to $215.00 and gave the company an “in-line” rating in a research note on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Laboratory Co. of America has an average rating of “Moderate Buy” and a consensus target price of $250.82.

Insider Activity at Laboratory Co. of America

In related news, EVP Lance Berberian sold 12,093 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $229.10, for a total transaction of $2,770,506.30. Following the sale, the executive vice president now owns 15,921 shares in the company, valued at approximately $3,647,501.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $229.10, for a total value of $2,770,506.30. Following the completion of the sale, the executive vice president now directly owns 15,921 shares in the company, valued at $3,647,501.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 586 shares of Laboratory Co. of America stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $225.00, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 14,722 shares of the company’s stock, valued at $3,312,450. The disclosure for this sale can be found here. Insiders have sold a total of 29,679 shares of company stock worth $6,716,306 over the last quarter. Company insiders own 0.85% of the company’s stock.

Laboratory Co. of America Stock Down 2.9 %

Shares of NYSE:LH opened at $220.33 on Wednesday. The firm has a market cap of $18.50 billion, a P/E ratio of 44.33, a P/E/G ratio of 1.72 and a beta of 1.06. Laboratory Co. of America Holdings has a 12-month low of $191.97 and a 12-month high of $238.46. The business has a fifty day simple moving average of $219.57 and a 200 day simple moving average of $211.12. The company has a quick ratio of 0.77, a current ratio of 0.88 and a debt-to-equity ratio of 0.39.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings data on Thursday, August 1st. The medical research company reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.16. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.19 billion. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.42 earnings per share. Analysts predict that Laboratory Co. of America Holdings will post 14.67 earnings per share 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 13th. Investors of record on Thursday, August 29th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Thursday, August 29th. Laboratory Co. of America’s dividend payout ratio is presently 57.95%.

About Laboratory Co. of America

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).