Clear Harbor Asset Management LLC Raises Position in Laboratory Co. of America Holdings (NYSE:LH)

by · The Markets Daily

Clear Harbor Asset Management LLC grew its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH – Free Report) by 14.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,933 shares of the medical research company’s stock after acquiring an additional 500 shares during the period. Clear Harbor Asset Management LLC’s holdings in Laboratory Co. of America were worth $879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of LH. Diamond Hill Capital Management Inc. raised its position in shares of Laboratory Co. of America by 25.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,949,640 shares of the medical research company’s stock valued at $396,771,000 after buying an additional 395,197 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Laboratory Co. of America by 16.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,865,460 shares of the medical research company’s stock worth $416,893,000 after buying an additional 263,105 shares during the last quarter. Bank of New York Mellon Corp raised its position in Laboratory Co. of America by 135.0% during the second quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock valued at $327,616,000 after purchasing an additional 924,881 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Laboratory Co. of America by 2.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,417,645 shares of the medical research company’s stock valued at $288,519,000 after purchasing an additional 33,497 shares during the last quarter. Finally, Cooke & Bieler LP raised its holdings in Laboratory Co. of America by 26.8% during the 2nd quarter. Cooke & Bieler LP now owns 928,250 shares of the medical research company’s stock valued at $188,908,000 after buying an additional 196,119 shares during the period. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Kerrii B. Anderson sold 1,000 shares of Laboratory Co. of America stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the director now directly owns 13,722 shares in the company, valued at approximately $3,156,060. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 1,000 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the director now directly owns 13,722 shares in the company, valued at approximately $3,156,060. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,679 shares of company stock worth $6,946,306 over the last 90 days. Company insiders own 0.85% of the company’s stock.

Laboratory Co. of America Price Performance

LH opened at $228.63 on Monday. The company has a market capitalization of $19.27 billion, a price-to-earnings ratio of 46.00, a PEG ratio of 1.70 and a beta of 1.05. The company has a current ratio of 0.88, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Laboratory Co. of America Holdings has a 12-month low of $191.97 and a 12-month high of $239.50. The business’s fifty day simple moving average is $222.60 and its 200-day simple moving average is $212.44.

Laboratory Co. of America (NYSE:LH – Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The medical research company reported $3.50 earnings per share for the quarter, topping analysts’ consensus estimates of $3.48 by $0.02. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. Laboratory Co. of America had a net margin of 3.60% and a return on equity of 15.39%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.38 earnings per share. On average, equities research analysts anticipate that Laboratory Co. of America Holdings will post 14.55 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, November 26th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio (DPR) is 57.95%.

Analysts Set New Price Targets

Several research analysts have commented on LH shares. Robert W. Baird lifted their price objective on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the stock an “outperform” rating in a research note on Friday. Truist Financial lifted their price target on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Evercore ISI reduced their price objective on shares of Laboratory Co. of America from $250.00 to $240.00 and set an “in-line” rating on the stock in a research report on Tuesday, September 24th. StockNews.com lowered Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Jefferies Financial Group increased their price target on Laboratory Co. of America from $245.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $253.54.

View Our Latest Stock Analysis on LH

Laboratory Co. of America Company Profile

(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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