Laboratory Co. of America Holdings (NYSE:LH) is Sio Capital Management LLC’s Largest Position

Sio Capital Management LLC reduced its position in Laboratory Co. of America Holdings (NYSE:LH) by 29.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 173,293 shares of the medical research company’s stock after selling 72,609 shares during the period. Laboratory Co. of America comprises about 15.4% of Sio Capital Management LLC’s holdings, making the stock its largest position. Sio Capital Management LLC owned approximately 0.21% of Laboratory Co. of America worth $38,728,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Diamond Hill Capital Management Inc. boosted its holdings in Laboratory Co. of America by 1.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,978,686 shares of the medical research company’s stock worth $442,197,000 after purchasing an additional 29,046 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in 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 purchasing an additional 263,105 shares during the last quarter. Bank of New York Mellon Corp boosted 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 worth $327,616,000 after purchasing an additional 924,881 shares during the period. FMR LLC grew its holdings in Laboratory Co. of America by 17.0% during the third quarter. FMR LLC now owns 1,586,397 shares of the medical research company’s stock valued at $354,528,000 after purchasing an additional 230,708 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Laboratory Co. of America by 2.4% in the second 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 period. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Laboratory Co. of America Price Performance

Shares of LH opened at $242.15 on Friday. The stock has a market cap of $20.25 billion, a P/E ratio of 46.84, a price-to-earnings-growth ratio of 1.99 and a beta of 1.05. Laboratory Co. of America Holdings has a 1 year low of $191.97 and a 1 year high of $247.99. The stock’s 50-day moving average price is $227.32 and its two-hundred day moving average price is $217.95. 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 quarterly earnings data on Thursday, October 24th. The medical research company reported $3.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.48 by $0.02. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.38 earnings per share. On average, equities analysts predict that Laboratory Co. of America Holdings will post 14.53 earnings per share 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 dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio is currently 55.71%.

Insider Buying and Selling

In related news, EVP Der Vaart Sandra D. Van sold 1,000 shares of Laboratory Co. of America stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $239.42, for a total value of $239,420.00. Following the sale, the executive vice president now owns 2,670 shares of the company’s stock, valued at approximately $639,251.40. This trade represents a 27.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Amy B. Summy sold 3,672 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $238.91, for a total value of $877,277.52. Following the transaction, the chief marketing officer now directly owns 4,318 shares of the company’s stock, valued at approximately $1,031,613.38. This trade represents a 45.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,861 shares of company stock valued at $2,853,533. 0.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

LH has been the topic of several recent analyst reports. Bank of America lifted their target price on shares of 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 raised their target price on Laboratory Co. of America from $245.00 to $265.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Evercore ISI cut their price target on Laboratory Co. of America from $250.00 to $240.00 and set an “in-line” rating for the company in a report on Tuesday, September 24th. HSBC upgraded shares of Laboratory Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird increased their price target on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the company an “outperform” rating in a report 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price 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.