Moran Wealth Management LLC Trims Holdings in Laboratory Co. of America Holdings (NYSE:LH)

by · The Markets Daily

Moran Wealth Management LLC reduced its stake in Laboratory Co. of America Holdings (NYSE:LH – Free Report) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,838 shares of the medical research company’s stock after selling 482 shares during the period. Moran Wealth Management LLC’s holdings in Laboratory Co. of America were worth $2,869,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Insight Inv LLC lifted its position in shares of Laboratory Co. of America by 1.3% in the 2nd quarter. Insight Inv LLC now owns 3,530 shares of the medical research company’s stock worth $718,000 after buying an additional 45 shares during the last quarter. Athena Investment Management increased its position in shares of Laboratory Co. of America by 4.8% during the 2nd quarter. Athena Investment Management now owns 1,040 shares of the medical research company’s stock valued at $212,000 after purchasing an additional 48 shares during the period. Empirical Finance LLC lifted its holdings in Laboratory Co. of America by 1.7% in the 3rd quarter. Empirical Finance LLC now owns 3,055 shares of the medical research company’s stock valued at $683,000 after acquiring an additional 50 shares during the last quarter. Concord Wealth Partners boosted its holdings in Laboratory Co. of America by 43.3% during the third quarter. Concord Wealth Partners now owns 172 shares of the medical research company’s stock worth $38,000 after buying an additional 52 shares in the last quarter. Finally, Pure Financial Advisors LLC raised its position in shares of Laboratory Co. of America by 5.1% during the second quarter. Pure Financial Advisors LLC now owns 1,089 shares of the medical research company’s stock worth $222,000 after purchasing an additional 53 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Laboratory Co. of America Stock Up 1.1 %

Laboratory Co. of America stock opened at $240.42 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $20.11 billion, a P/E ratio of 46.50, a P/E/G ratio of 1.94 and a beta of 1.05. The firm has a 50 day moving average price of $225.75 and a 200-day moving average price of $216.66. Laboratory Co. of America Holdings has a twelve month low of $191.97 and a twelve month high of $247.99.

Laboratory Co. of America (NYSE:LH – Get Free Report) last issued its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.48 by $0.02. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the previous year, the company posted $3.38 earnings per share. The business’s revenue was up 7.4% on a year-over-year basis. As a group, equities analysts predict that Laboratory Co. of America Holdings will post 14.53 EPS for the current year.

Laboratory Co. of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 26th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio (DPR) is currently 55.71%.

Insider Activity at Laboratory Co. of America

In other Laboratory Co. of America news, CEO Adam H. Schechter sold 6,189 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $243.47, for a total value of $1,506,835.83. Following the completion of the transaction, the chief executive officer now owns 87,441 shares in the company, valued at $21,289,260.27. This trade represents a 6.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the director now owns 13,722 shares in the company, valued at approximately $3,156,060. This represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Piper Sandler increased their price objective on Laboratory Co. of America from $235.00 to $240.00 and gave the stock a “neutral” rating in a report on Monday, October 28th. Hsbc Global Res upgraded Laboratory Co. of America from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Bank of America boosted their price objective on Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Jefferies Financial Group increased their target price on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Finally, UBS Group increased their price objective on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $255.92.

Get Our Latest Report on LH

About Laboratory Co. of America

(Free Report)

Labcorp Holdings Inc provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid, PAP, hemoglobin A1C and vitamin D, prostate-specific antigens, sexually transmitted diseases, hepatitis C, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

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