PNC Financial Services Group Inc. Increases Position in Laboratory Co. of America Holdings (NYSE:LH)

PNC Financial Services Group Inc. boosted its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,346 shares of the medical research company’s stock after acquiring an additional 1,431 shares during the period. PNC Financial Services Group Inc.’s holdings in Laboratory Co. of America were worth $9,252,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of LH. SouthState Corp purchased a new stake in Laboratory Co. of America during the 3rd quarter valued at about $28,000. Fortitude Family Office LLC grew 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 in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Laboratory Co. of America by 309.8% in the 4th quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company’s stock valued at $39,000 after buying an additional 127 shares during the period. Human Investing LLC purchased a new stake in shares of Laboratory Co. of America in the 4th quarter valued at approximately $39,000. Finally, Kennebec Savings Bank purchased a new stake in shares of Laboratory Co. of America in the 3rd quarter valued at approximately $42,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Insider Activity

In other news, CEO Adam H. Schechter sold 6,121 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $244.62, for a total value of $1,497,319.02. Following the sale, the chief executive officer now directly owns 86,445 shares in the company, valued at approximately $21,146,175.90. This trade represents a 6.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Amy B. Summy sold 226 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $250.40, for a total transaction of $56,590.40. Following the completion of the sale, the chief marketing officer now owns 4,544 shares in the company, valued at $1,137,817.60. The trade was a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,500 shares of company stock worth $3,577,572. 0.85% of the stock is currently owned by corporate insiders.

Laboratory Co. of America Price Performance

Laboratory Co. of America stock opened at $239.44 on Wednesday. The firm has a market cap of $20.04 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. Laboratory Co. of America Holdings has a 52-week low of $191.97 and a 52-week high of $258.59. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.67. The company’s 50 day moving average is $244.18 and its two-hundred day moving average is $233.91.

Laboratory Co. of America (NYSE:LH) last released its earnings results on Thursday, February 6th. The medical research company reported $3.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.05. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. On average, research 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Thursday, February 27th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.20%. Laboratory Co. of America’s payout ratio is 32.65%.

Analyst Ratings Changes

Several analysts have recently weighed in on LH shares. Morgan Stanley increased their price target on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Jefferies Financial Group increased their price target on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Bank of America increased their price target on shares of Laboratory Co. of America from $262.00 to $271.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Piper Sandler increased their price target on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, Citigroup raised shares of Laboratory Co. of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $250.00 to $300.00 in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Laboratory Co. of America presently has an average rating of “Moderate Buy” and a consensus price target of $268.38.

Laboratory Co. of America Profile

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