PNC Financial Services Group Inc. Acquires 1,431 Shares of Laboratory Co. of America Holdings (NYSE:LH)

PNC Financial Services Group Inc. increased its holdings in Laboratory Co. of America Holdings (NYSE:LH) by 3.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,346 shares of the medical research company’s stock after buying an additional 1,431 shares during the period. PNC Financial Services Group Inc.’s holdings in Laboratory Co. of America were worth $9,252,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of LH. SouthState Corp purchased a new position in Laboratory Co. of America in the third quarter worth $28,000. Fortitude Family Office LLC grew its holdings in Laboratory Co. of America by 312.5% in the fourth quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company’s stock worth $30,000 after purchasing an additional 100 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Laboratory Co. of America by 309.8% in the fourth quarter. Geneos Wealth Management Inc. now owns 168 shares of the medical research company’s stock worth $39,000 after purchasing an additional 127 shares during the last quarter. Human Investing LLC purchased a new position in Laboratory Co. of America in the fourth quarter worth $39,000. Finally, Kennebec Savings Bank purchased a new position in Laboratory Co. of America in the third quarter worth $42,000. Institutional investors own 95.94% of the company’s stock.

Insider Buying and Selling

In related news, CMO Amy B. Summy sold 226 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $250.40, for a total transaction of $56,590.40. Following the completion of the transaction, the chief marketing officer now owns 4,544 shares in the company, valued at $1,137,817.60. This represents a 4.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 500 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $255.63, for a total transaction of $127,815.00. Following the transaction, the director now owns 13,166 shares of the company’s stock, valued at approximately $3,365,624.58. This trade represents a 3.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,500 shares of company stock worth $3,577,572 in the last 90 days. Insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

LH has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Jefferies Financial Group lifted their price target on shares of Laboratory Co. of America from $275.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Evercore ISI raised shares of Laboratory Co. of America from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $260.00 to $265.00 in a report on Tuesday, January 7th. Morgan Stanley lifted their price target on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Finally, Citigroup raised shares of Laboratory Co. of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $250.00 to $300.00 in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Laboratory Co. of America presently has a consensus rating of “Moderate Buy” and an average target price of $268.38.

Laboratory Co. of America Trading Down 1.9 %

Shares of Laboratory Co. of America stock opened at $239.44 on Wednesday. The firm has a 50-day simple moving average of $244.18 and a two-hundred day simple moving average of $233.91. The company has a market cap of $20.04 billion, a P/E ratio of 27.15, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. Laboratory Co. of America Holdings has a fifty-two week low of $191.97 and a fifty-two week high of $258.59. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.30 and a current ratio of 1.44.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings data on Thursday, February 6th. The medical research company reported $3.45 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.05. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. As a group, equities analysts predict that Laboratory Co. of America Holdings will post 16.01 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Thursday, February 27th will be given a dividend of $0.72 per share. The ex-dividend date is Thursday, February 27th. This represents a $2.88 annualized dividend and a dividend yield of 1.20%. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 32.65%.

About Laboratory Co. of America

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.