Laboratory Co. of America (NYSE:LH) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Laboratory Co. of America (NYSE:LH) posted its quarterly earnings data on Thursday. The medical research company reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.16, Briefing.com reports. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter last year, the firm earned $3.42 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. Laboratory Co. of America updated its FY24 guidance to $14.30-14.90 EPS.

Laboratory Co. of America Price Performance

Laboratory Co. of America stock traded up $2.61 during midday trading on Friday, hitting $236.00. The company’s stock had a trading volume of 1,194,681 shares, compared to its average volume of 600,207. Laboratory Co. of America has a 12 month low of $191.97 and a 12 month high of $238.46. The company has a quick ratio of 0.76, a current ratio of 0.88 and a debt-to-equity ratio of 0.39. The stock’s 50-day moving average price is $205.23 and its 200-day moving average price is $210.54. The company has a market capitalization of $19.89 billion, a PE ratio of 47.49, a price-to-earnings-growth ratio of 1.76 and a beta of 1.05.

Laboratory Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be issued a $0.72 dividend. The ex-dividend date is Thursday, August 29th. This represents a $2.88 annualized dividend and a dividend yield of 1.22%. Laboratory Co. of America’s dividend payout ratio (DPR) is 57.95%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on LH shares. JPMorgan Chase & Co. reduced their target price on Laboratory Co. of America from $261.00 to $243.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. StockNews.com cut Laboratory Co. of America from a “buy” rating to a “hold” rating in a research note on Tuesday, June 4th. Robert W. Baird boosted their price objective on Laboratory Co. of America from $261.00 to $277.00 and gave the stock an “outperform” rating in a research note on Friday. Truist Financial boosted their price objective on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Barclays boosted their price objective on Laboratory Co. of America from $213.00 to $249.00 and gave the stock an “equal weight” rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $247.79.

Insider Buying and Selling

In related news, EVP Der Vaart Sandra D. Van sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $210.83, for a total transaction of $421,660.00. Following the completion of the sale, the executive vice president now directly owns 5,637 shares in the company, valued at $1,188,448.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.85% of the company’s stock.

About Laboratory Co. of America

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics (Dx) and Biopharma Laboratory Services (BLS).