Brooklyn Investment Group Takes $129,000 Position in Laboratory Co. of America Holdings (NYSE:LH)

Brooklyn Investment Group bought a new stake in shares of Laboratory Co. of America Holdings (NYSE:LH) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 577 shares of the medical research company’s stock, valued at approximately $129,000.

Several other hedge funds also recently bought and sold shares of the company. SouthState Corp purchased a new stake in Laboratory Co. of America during the 3rd quarter valued at approximately $28,000. Horizon Bancorp Inc. IN purchased a new position in Laboratory Co. of America during the third quarter valued at $29,000. Pathway Financial Advisers LLC purchased a new position in Laboratory Co. of America during the first quarter valued at $30,000. Industrial Alliance Investment Management Inc. bought a new stake in Laboratory Co. of America in the 2nd quarter valued at $27,000. Finally, Innealta Capital LLC purchased a new stake in Laboratory Co. of America in the 2nd quarter worth $32,000. Institutional investors own 95.94% of the company’s stock.

Insiders Place Their Bets

In related news, CMO Amy B. Summy sold 3,672 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $238.91, for a total transaction of $877,277.52. Following the completion of the sale, the chief marketing officer now directly owns 4,318 shares in the company, valued at $1,031,613.38. This represents a 45.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kerrii B. Anderson sold 1,000 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the director now owns 13,722 shares in the company, valued at $3,156,060. This represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,861 shares of company stock worth $2,853,533. 0.85% of the stock is currently owned by company insiders.

Laboratory Co. of America Trading Up 1.4 %

NYSE LH opened at $242.18 on Thursday. The stock has a market cap of $20.26 billion, a PE ratio of 46.84, a PEG ratio of 1.99 and a beta of 1.05. Laboratory Co. of America Holdings has a 12 month low of $191.97 and a 12 month high of $247.99. The company’s 50-day moving average price is $226.97 and its 200-day moving average price is $217.78. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, October 24th. The medical research company reported $3.50 EPS for the quarter, topping analysts’ consensus estimates of $3.48 by $0.02. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the firm earned $3.38 EPS. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts forecast that Laboratory Co. of America Holdings will post 14.53 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 55.71%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LH shares. Truist Financial lifted their target price 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 upped their price objective on Laboratory Co. of America from $234.00 to $249.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Bank of America raised their target price 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. UBS Group upped their price target on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, 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, October 25th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $255.92.

Laboratory Co. of America Company Profile

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.