Laboratory Co. of America Holdings Forecasted to Earn Q3 2024 Earnings of $3.29 Per Share (NYSE:LH)

Laboratory Co. of America Holdings (NYSE:LH) – Equities research analysts at Leerink Partnrs cut their Q3 2024 earnings estimates for Laboratory Co. of America in a note issued to investors on Thursday, August 1st. Leerink Partnrs analyst M. Cherny now anticipates that the medical research company will post earnings of $3.29 per share for the quarter, down from their prior forecast of $3.63. The consensus estimate for Laboratory Co. of America’s current full-year earnings is $14.84 per share. Leerink Partnrs also issued estimates for Laboratory Co. of America’s Q4 2024 earnings at $3.26 EPS and FY2024 earnings at $14.70 EPS.

Laboratory Co. of America (NYSE:LH) last issued its quarterly earnings results on Thursday, August 1st. The medical research company reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the firm earned $3.42 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis.

Several other analysts also recently weighed in on the stock. StockNews.com downgraded shares of Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Tuesday, June 4th. Truist Financial boosted their price objective 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. Deutsche Bank Aktiengesellschaft boosted their price objective 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. Robert W. Baird boosted their price objective 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. Finally, Bank of America boosted their price objective on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Monday. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $249.15.

Laboratory Co. of America Stock Down 1.3 %

Shares of Laboratory Co. of America stock opened at $225.67 on Monday. Laboratory Co. of America has a 52-week low of $191.97 and a 52-week high of $238.46. The company has a 50 day moving average of $205.81 and a 200 day moving average of $210.38. 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 capitalization of $19.02 billion, a P/E ratio of 45.41, a P/E/G 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. Shareholders of record on Thursday, August 29th will be paid a $0.72 dividend. The ex-dividend date is Thursday, August 29th. This represents a $2.88 annualized dividend and a yield of 1.28%. Laboratory Co. of America’s dividend payout ratio is currently 57.95%.

Insider Buying and Selling at Laboratory Co. of America

In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 2,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $210.83, for a total value of $421,660.00. Following the transaction, the executive vice president now directly owns 5,637 shares of the company’s stock, valued at approximately $1,188,448.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Laboratory Co. of America

Several institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Laboratory Co. of America by 2.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 114,488 shares of the medical research company’s stock valued at $25,012,000 after acquiring an additional 2,934 shares during the period. Northern Trust Corp lifted its position in shares of Laboratory Co. of America by 3.0% during the 4th quarter. Northern Trust Corp now owns 1,163,252 shares of the medical research company’s stock valued at $264,396,000 after acquiring an additional 33,493 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Laboratory Co. of America by 17.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,019 shares of the medical research company’s stock valued at $22,069,000 after acquiring an additional 14,708 shares during the period. Bank of Nova Scotia lifted its position in shares of Laboratory Co. of America by 1,715.7% during the 4th quarter. Bank of Nova Scotia now owns 175,176 shares of the medical research company’s stock valued at $39,814,000 after acquiring an additional 165,528 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of Laboratory Co. of America by 283.1% during the 1st quarter. SG Americas Securities LLC now owns 23,217 shares of the medical research company’s stock valued at $5,072,000 after acquiring an additional 17,156 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

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).