Cidel Asset Management Inc. Makes New $205,000 Investment in Laboratory Co. of America Holdings (NYSE:LH)

Cidel Asset Management Inc. purchased a new stake in shares of Laboratory Co. of America Holdings (NYSE:LH) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 892 shares of the medical research company’s stock, valued at approximately $205,000.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake 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 period. FMR LLC lifted its holdings in shares of Laboratory Co. of America by 17.0% in the third quarter. FMR LLC now owns 1,586,397 shares of the medical research company’s stock worth $354,528,000 after buying an additional 230,708 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Laboratory Co. of America by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 1,930,395 shares of the medical research company’s stock worth $431,405,000 after acquiring an additional 167,137 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Laboratory Co. of America by 22.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 577,189 shares of the medical research company’s stock valued at $128,990,000 after acquiring an additional 105,443 shares in the last quarter. Finally, River Road Asset Management LLC increased its holdings in Laboratory Co. of America by 37.8% in the 3rd quarter. River Road Asset Management LLC now owns 284,097 shares of the medical research company’s stock valued at $63,490,000 after acquiring an additional 77,921 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CMO Amy B. Summy sold 3,672 shares of Laboratory Co. of America stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $238.91, for a total value 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. The trade was a 45.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kerrii B. Anderson sold 1,000 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $235.00, for a total transaction of $235,000.00. Following the transaction, the director now owns 12,722 shares in the company, valued at approximately $2,989,670. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,383 shares of company stock valued at $4,408,373 in the last 90 days. Company insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

LH has been the subject of several research reports. Piper Sandler increased their price objective on shares of Laboratory Co. of America from $235.00 to $240.00 and gave the company a “neutral” rating in a report on Monday, October 28th. Jefferies Financial Group increased their price target on Laboratory Co. of America from $275.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday. HSBC raised Laboratory Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. Bank of America raised their target price on shares of Laboratory Co. of America from $262.00 to $271.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Barclays decreased their price target on shares of Laboratory Co. of America from $271.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Friday. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $263.77.

Laboratory Co. of America Stock Performance

Laboratory Co. of America stock opened at $246.18 on Monday. Laboratory Co. of America Holdings has a 1-year low of $191.97 and a 1-year high of $258.59. The company’s 50-day moving average is $236.67 and its 200 day moving average is $229.85. The firm has a market capitalization of $20.59 billion, a P/E ratio of 27.91, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings results on Thursday, February 6th. The medical research company reported $3.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.05. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. Research analysts forecast that Laboratory Co. of America Holdings will post 15.96 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Thursday, February 27th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Thursday, February 27th. Laboratory Co. of America’s dividend payout ratio is currently 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.