Abbrea Capital LLC Sells 414 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Abbrea Capital LLC lowered its holdings in Laboratory Co. of America Holdings (NYSE:LH) by 26.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,153 shares of the medical research company’s stock after selling 414 shares during the quarter. Abbrea Capital LLC’s holdings in Laboratory Co. of America were worth $235,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in LH. Norges Bank bought a new stake in Laboratory Co. of America during the fourth quarter worth about $291,045,000. Bank of New York Mellon Corp grew its stake 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 buying an additional 924,881 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Laboratory Co. of America by 58.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,613,854 shares of the medical research company’s stock worth $352,563,000 after buying an additional 597,571 shares during the last quarter. Veritas Investment Partners UK Ltd. grew its stake in Laboratory Co. of America by 32.5% during the fourth quarter. Veritas Investment Partners UK Ltd. now owns 1,140,300 shares of the medical research company’s stock worth $259,133,000 after buying an additional 279,628 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in Laboratory Co. of America by 2,750.2% during the fourth quarter. Public Sector Pension Investment Board now owns 270,483 shares of the medical research company’s stock worth $61,478,000 after buying an additional 260,993 shares during the last quarter. 95.94% of the stock is owned by institutional investors.

Laboratory Co. of America Trading Up 0.5 %

Shares of NYSE LH opened at $221.13 on Friday. The company’s 50 day simple moving average is $220.51 and its 200 day simple moving average is $211.27. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $238.46. The firm has a market capitalization of $18.57 billion, a P/E ratio of 44.49, a P/E/G ratio of 1.68 and a beta of 1.06. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.88 and a quick ratio of 0.77.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, August 1st. The medical research company reported $3.94 EPS for the quarter, beating the consensus estimate of $3.78 by $0.16. Laboratory Co. of America had a net margin of 3.60% and a return on equity of 15.39%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the prior year, the firm earned $3.42 earnings per share. The business’s quarterly revenue was up 6.2% on a year-over-year basis. On average, analysts predict that Laboratory Co. of America Holdings will post 14.67 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.30%. The ex-dividend date was Thursday, August 29th. Laboratory Co. of America’s payout ratio is presently 57.95%.

Insider Buying and Selling at Laboratory Co. of America

In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of the company’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 owns 15,921 shares of the company’s stock, valued at $3,647,501.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Lance Berberian sold 12,093 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $229.10, for a total transaction of $2,770,506.30. Following the completion of the sale, the executive vice president now owns 15,921 shares of the company’s stock, valued at $3,647,501.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $223.99, for a total transaction of $3,359,850.00. Following the sale, the chief financial officer now directly owns 31,289 shares of the company’s stock, valued at approximately $7,008,423.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,679 shares of company stock valued at $6,716,306. Corporate insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LH shares. JPMorgan Chase & Co. reduced their target price on shares of Laboratory Co. of America from $261.00 to $243.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Barclays upped their target price on shares of Laboratory Co. of America from $213.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Robert W. Baird upped their target price on shares of Laboratory Co. of America from $261.00 to $277.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Truist Financial upped their target price on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Laboratory Co. of America from $220.00 to $230.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $250.82.

Laboratory Co. of America Company Profile

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).