Insider Buying: Laboratory Co. of America Holdings (NYSE: LH) EVP Acquires 42 Shares


Laboratory Co. of America Holdings (NYSE: LHGet a rating) Executive Vice President Brian J. Caveney purchased 42 shares of the company in a transaction that took place on Tuesday, June 7. The shares were purchased at an average price of $242.19 per share, for a total transaction of $10,171.98. Following the transaction, the executive vice president now owns 14,172 shares of the company, valued at approximately $3,432,316.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink.

NYSE: LH opened at $216.47 on Tuesday. The company’s 50-day moving average price is $252.21 and its 200-day moving average price is $270.45. The company has a current ratio of 1.98, a quick ratio of 1.81 and a debt ratio of 0.51. The company has a market capitalization of $20.07 billion, a P/E ratio of 9.93 and a beta of 1.04. Laboratory Co. of America Holdings has a 12-month low of $215.43 and a 12-month high of $317.17.

Laboratory Co. of America (NYSE: LHGet a rating) last released its quarterly results on Thursday, April 28. The medical research company reported earnings per share of $6.11 for the quarter, beating the consensus estimate of $5.88 by $0.23. Laboratory Co. of America achieved a net margin of 13.24% and a return on equity of 23.84%. The company posted revenue of $3.90 billion for the quarter, versus a consensus estimate of $4.01 billion. During the same period last year, the firm posted earnings per share of $8.79. The company’s revenue for the quarter decreased 7.1% year over year. On average, analysts expect Laboratory Co. of America Holdings to post earnings per share of 19.8 for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 9. Investors of record on Thursday, May 19 received a dividend of $0.72 per share. This represents an annualized dividend of $2.88 and a yield of 1.33%. The ex-dividend date was Wednesday, May 18. Laboratory Co. of America’s payout ratio is currently 13.22%.

LH has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft cut its price target on shares of Laboratory Co. of America from $294.00 to $265.00 in a Tuesday, May 3 report. Mizuho cut its price target on shares of Laboratory Co. of America from $354.00 to $323.00 in a Wednesday, May 4, report. Truist Financial cut its price target on shares of Laboratory Co. of America from $350.00 to $320.00 in a Friday, April 29 report. Wells Fargo & Company cut its price target on shares of Laboratory Co. of America from $290.00 to $235.00 and set an “equal weight” rating on the stock in a Monday, April 25 report . Finally, Morgan Stanley lowered its price target on shares of Laboratory Co. of America from $360.00 to $300.00 and set an “overweight” rating on the stock in a Wednesday, May 25 report. Two research analysts rated the stock with a hold rating and six assigned the company a buy rating. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $297.72.

A number of institutional investors have recently increased or reduced their stake in LH. Kentucky Retirement Systems increased its position in shares of Laboratory Co. of America by 0.6% during the third quarter. Kentucky Retirement Systems now owns 5,721 shares of the medical research company valued at $1,610,000 after acquiring 35 additional shares in the last quarter. Condor Capital Management increased its position in shares of Laboratory Co. of America by 0.4% during the fourth quarter. Condor Capital Management now owns 9,835 shares of the medical research company valued at $3,090,000 after acquiring 37 additional shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of Laboratory Co. of America by 0.5% during the fourth quarter. Valeo Financial Advisors LLC now owns 8,241 shares of the medical research company valued at $2,589,000 after acquiring 41 additional shares in the last quarter. RMB Capital Management LLC increased its position in shares of Laboratory Co. of America by 4.9% during the first quarter. RMB Capital Management LLC now owns 879 shares of the medical research company valued at $232,000 after acquiring 41 additional shares in the last quarter. Finally, Checchi Capital Advisers LLC increased its position in shares of Laboratory Co. of America by 3.8% during the first quarter. Checchi Capital Advisers LLC now owns 1,122 shares of the medical research company valued at $296,000 after acquiring 41 additional shares in the last quarter. Hedge funds and other institutional investors hold 92.02% of the company’s shares.

Company Profile Laboratory Co. of America (Get a 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 tests, urine tests, blood counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate specific antigens, tests for sexually transmitted diseases, tests for hepatitis C, cultures and microbiology procedures, and alcohol and other drug tests.

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