Laboratory Co. of America (NYSE:LH) Reaches New 1-Year High Following Strong Earnings

Laboratory Co. of America Holdings (NYSE:LH) shares reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $237.97 and last traded at $236.13, with a volume of 96780 shares traded. The stock had previously closed at $233.39.

The medical research company reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.16. Laboratory Co. of America had a net margin of 3.52% and a return on equity of 14.68%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the firm posted $3.42 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis.

Laboratory Co. of America Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have commented on LH. JPMorgan Chase & Co. dropped their price target on 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. Robert W. Baird boosted their target price on shares of Laboratory Co. of America from $258.00 to $261.00 and gave the stock an “outperform” rating in a research report on Monday, July 8th. Barclays reduced their price target on shares of Laboratory Co. of America from $234.00 to $213.00 and set an “equal weight” rating for the company in a report on Friday, April 26th. Evercore ISI upped their price objective on shares of Laboratory Co. of America from $210.00 to $215.00 and gave the company an “in-line” rating in a research report on Tuesday, July 9th. Finally, Truist Financial lifted their target price on Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $242.71.

Insider Transactions at Laboratory Co. of America

In related news, EVP Der Vaart Sandra D. Van sold 2,000 shares of Laboratory Co. of America stock in a transaction dated 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 owns 5,637 shares of the company’s stock, valued at approximately $1,188,448.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Laboratory Co. of America

A number of institutional investors have recently modified their holdings of LH. Allspring Global Investments Holdings LLC lifted its stake in Laboratory Co. of America by 58.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,613,854 shares of the medical research company’s stock valued at $352,563,000 after purchasing an additional 597,571 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Laboratory Co. of America by 135.0% in the 2nd 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 in the last quarter. Norges Bank bought a new position in Laboratory Co. of America in the fourth quarter valued at about $291,045,000. Northern Trust Corp grew its holdings in shares of Laboratory Co. of America by 3.0% during the fourth quarter. Northern Trust Corp now owns 1,163,252 shares of the medical research company’s stock worth $264,396,000 after purchasing an additional 33,493 shares during the last quarter. Finally, Veritas Investment Partners UK Ltd. boosted its position in Laboratory Co. of America by 32.5% during the 4th 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 period. Institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Trading Up 1.2 %

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 company has a market cap of $19.91 billion, a P/E ratio of 46.58, a PEG ratio of 1.62 and a beta of 1.05. The firm’s 50 day moving average is $204.51 and its two-hundred day moving average is $210.45.

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).