Rhumbline Advisers Sells 5,065 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Rhumbline Advisers lowered its position in Laboratory Co. of America Holdings (NYSE:LH) by 3.3% in the second quarter, HoldingsChannel.com reports. The fund owned 147,374 shares of the medical research company’s stock after selling 5,065 shares during the quarter. Rhumbline Advisers’ holdings in Laboratory Co. of America were worth $29,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of LH. Manchester Capital Management LLC grew its position in shares of Laboratory Co. of America by 1.1% in the fourth quarter. Manchester Capital Management LLC now owns 4,159 shares of the medical research company’s stock valued at $945,000 after purchasing an additional 45 shares during the last quarter. SP Asset Management LLC grew its holdings in shares of Laboratory Co. of America by 0.3% during the fourth quarter. SP Asset Management LLC now owns 14,992 shares of the medical research company’s stock worth $3,407,000 after purchasing an additional 46 shares during the last quarter. Unison Advisors LLC increased its position in Laboratory Co. of America by 0.5% in the 1st quarter. Unison Advisors LLC now owns 11,053 shares of the medical research company’s stock valued at $2,415,000 after acquiring an additional 51 shares during the period. Connecticut Wealth Management LLC increased its holdings in Laboratory Co. of America by 1.8% in the first quarter. Connecticut Wealth Management LLC now owns 2,973 shares of the medical research company’s stock valued at $649,000 after purchasing an additional 52 shares during the period. Finally, Pure Financial Advisors LLC increased its stake 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 buying an additional 53 shares during the period. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Laboratory Co. of America

In related news, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $223.99, for a total value of $3,359,850.00. Following the transaction, the chief financial officer now owns 31,289 shares of the company’s stock, valued at $7,008,423.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $223.99, for a total transaction of $3,359,850.00. Following the transaction, the chief financial officer now owns 31,289 shares of the company’s stock, valued at approximately $7,008,423.11. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Lance Berberian sold 12,093 shares of Laboratory Co. of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $229.10, for a total value of $2,770,506.30. Following the completion of the transaction, the executive vice president now owns 15,921 shares in the company, valued at approximately $3,647,501.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,679 shares of company stock valued at $6,716,306. 0.85% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of Laboratory Co. of America from $261.00 to $277.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Truist Financial upped 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, August 2nd. UBS Group raised their price target on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. StockNews.com raised shares of Laboratory Co. of America from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. Finally, Bank of America boosted their target price on Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Laboratory Co. of America currently has a consensus rating of “Moderate Buy” and an average price target of $250.82.

Laboratory Co. of America Stock Performance

Shares of LH stock opened at $223.91 on Friday. Laboratory Co. of America Holdings has a 12 month low of $191.97 and a 12 month high of $238.46. The stock has a market capitalization of $18.88 billion, a P/E ratio of 45.05, a PEG ratio of 1.77 and a beta of 1.05. The company has a current ratio of 0.88, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The firm’s 50 day moving average is $218.74 and its 200 day moving average is $211.13.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, August 1st. The medical research company reported $3.94 EPS for the quarter, topping the consensus estimate of $3.78 by $0.16. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.19 billion. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.42 EPS. On average, sell-side analysts anticipate that Laboratory Co. of America Holdings will post 14.67 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.29%. The ex-dividend date is Thursday, August 29th. Laboratory Co. of America’s payout ratio is 57.95%.

Laboratory Co. of America 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).