Laboratory Co. of America (NYSE:LH) Releases Earnings Results, Beats Expectations By $0.02 EPS

Laboratory Co. of America (NYSE:LH) issued its quarterly earnings results on Thursday. The medical research company reported $3.50 EPS for the quarter, topping analysts’ consensus estimates of $3.48 by $0.02, RTT News reports. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the company posted $3.38 earnings per share. Laboratory Co. of America’s quarterly revenue was up 7.4% compared to the same quarter last year. Laboratory Co. of America updated its FY 2024 guidance to 14.300-14.700 EPS.

Laboratory Co. of America Stock Performance

Shares of NYSE LH opened at $228.63 on Friday. The stock’s 50-day moving average is $222.60 and its 200 day moving average is $212.41. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 43.30, a P/E/G ratio of 1.70 and a beta of 1.05. Laboratory Co. of America has a 1-year low of $191.97 and a 1-year high of $239.50. The company has a current ratio of 0.88, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39.

Laboratory Co. of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, November 26th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Tuesday, November 26th. Laboratory Co. of America’s payout ratio is currently 54.55%.

Analyst Ratings Changes

A number of research firms have recently commented on LH. Evercore ISI cut their price target on Laboratory Co. of America from $250.00 to $240.00 and set an “in-line” rating for the company in a report on Tuesday, September 24th. Truist Financial lifted their target price on Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Bank of America increased their price target on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Piper Sandler initiated coverage on shares of Laboratory Co. of America in a report on Tuesday, October 1st. They set a “neutral” rating and a $235.00 target price on the stock. Finally, Jefferies Financial Group increased their target price on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $253.54.

Insiders Place Their Bets

In other Laboratory Co. of America news, EVP Lance Berberian sold 12,093 shares of Laboratory Co. of America stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 15,921 shares of the company’s stock, valued at approximately $3,647,501.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Kerrii B. Anderson sold 586 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $225.00, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 14,722 shares in the company, valued at $3,312,450. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lance Berberian sold 12,093 shares of the business’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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,679 shares of company stock valued at $6,946,306 over the last quarter. 0.85% of the stock is owned by corporate insiders.

Laboratory Co. of America Company Profile

Labcorp Holdings Inc provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid, PAP, hemoglobin A1C and vitamin D, prostate-specific antigens, sexually transmitted diseases, hepatitis C, microbiology cultures and procedures, and alcohol and other substance-abuse tests.