Laboratory Co. of America (NYSE:LH) Stock Price Up 7.6% on Earnings Beat

Laboratory Co. of America Holdings (NYSE:LH) rose 7.6% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $237.53 and last traded at $236.57. Approximately 434,961 shares were traded during trading, a decline of 34% from the average daily volume of 662,510 shares. The stock had previously closed at $219.90.

The medical research company reported $3.50 earnings per share for the quarter, beating analysts’ consensus estimates of $3.48 by $0.02. Laboratory Co. of America had a net margin of 3.60% and a return on equity of 15.39%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the company posted $3.38 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis.

Laboratory Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th will be given 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 54.55%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on LH shares. Robert W. Baird raised their price target on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the stock an “outperform” rating in a research report on Friday. Bank of America raised 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 report on Monday, August 5th. Truist Financial upped their target price on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. StockNews.com downgraded Laboratory Co. of America from a “buy” rating to a “hold” rating in a research note on Friday. Finally, UBS Group upped their price objective on Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $253.54.

Insider Buying and Selling

In related news, EVP Der Vaart Sandra D. Van sold 2,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $227.05, for a total transaction of $454,100.00. Following the completion of the transaction, the executive vice president now directly owns 3,670 shares in the company, valued at $833,273.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Glenn A. Eisenberg sold 15,000 shares of Laboratory Co. of America stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $223.99, for a total transaction of $3,359,850.00. Following the sale, the chief financial officer now owns 31,289 shares of the company’s stock, valued at approximately $7,008,423.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Der Vaart Sandra D. Van sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $227.05, for a total value of $454,100.00. Following the transaction, the executive vice president now owns 3,670 shares of the company’s stock, valued at approximately $833,273.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,679 shares of company stock valued at $6,946,306. Insiders own 0.85% of the company’s stock.

Institutional Trading of Laboratory Co. of America

Several hedge funds have recently added to or reduced their stakes in the business. Insight Inv LLC increased its holdings in shares of Laboratory Co. of America by 1.3% during the second quarter. Insight Inv LLC now owns 3,530 shares of the medical research company’s stock valued at $718,000 after purchasing an additional 45 shares during the period. Athena Investment Management increased its stake in Laboratory Co. of America by 4.8% during the 2nd quarter. Athena Investment Management now owns 1,040 shares of the medical research company’s stock valued at $212,000 after buying an additional 48 shares during the period. Connecticut Wealth Management LLC raised its position in shares of Laboratory Co. of America by 1.8% during the 1st quarter. Connecticut Wealth Management LLC now owns 2,973 shares of the medical research company’s stock worth $649,000 after buying an additional 52 shares in the last quarter. Concord Wealth Partners lifted its stake in shares of Laboratory Co. of America by 43.3% in the 3rd quarter. Concord Wealth Partners now owns 172 shares of the medical research company’s stock worth $38,000 after acquiring an additional 52 shares during the period. Finally, Pure Financial Advisors LLC boosted its holdings in shares of Laboratory Co. of America by 5.1% in the second quarter. Pure Financial Advisors LLC now owns 1,089 shares of the medical research company’s stock valued at $222,000 after acquiring an additional 53 shares in the last quarter. Institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Stock Down 0.6 %

The firm has a market capitalization of $19.20 billion, a P/E ratio of 43.30, a PEG ratio of 1.70 and a beta of 1.05. The firm’s fifty day moving average price is $222.58 and its 200-day moving average price is $212.26. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.88 and a quick ratio of 0.77.

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.