MAI Capital Management Sells 202 Shares of Laboratory Co. of America Holdings (NYSE:LH)

MAI Capital Management reduced its stake in Laboratory Co. of America Holdings (NYSE:LH) by 6.5% during the third quarter, HoldingsChannel.com reports. The fund owned 2,907 shares of the medical research company’s stock after selling 202 shares during the quarter. MAI Capital Management’s holdings in Laboratory Co. of America were worth $650,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Prudent Man Advisors LLC purchased a new position in shares of Laboratory Co. of America in the 3rd quarter worth $1,406,000. Swiss National Bank grew its stake in shares of Laboratory Co. of America by 0.5% in the 3rd quarter. Swiss National Bank now owns 250,220 shares of the medical research company’s stock worth $55,919,000 after buying an additional 1,200 shares in the last quarter. Claro Advisors LLC purchased a new position in shares of Laboratory Co. of America in the 3rd quarter worth $277,000. Mutual of America Capital Management LLC purchased a new position in shares of Laboratory Co. of America in the 3rd quarter worth $2,316,000. Finally, Natixis Advisors LLC grew its stake in shares of Laboratory Co. of America by 17.3% in the 3rd quarter. Natixis Advisors LLC now owns 291,923 shares of the medical research company’s stock worth $65,239,000 after buying an additional 42,999 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Laboratory Co. of America Price Performance

Laboratory Co. of America stock opened at $239.67 on Friday. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 46.36, a price-to-earnings-growth ratio of 1.94 and a beta of 1.05. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.44 and a quick ratio of 1.30. Laboratory Co. of America Holdings has a 1 year low of $191.97 and a 1 year high of $247.99. The firm has a 50-day moving average of $226.12 and a two-hundred day moving average of $216.93.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings results on Thursday, October 24th. The medical research company reported $3.50 EPS for the quarter, beating the consensus estimate of $3.48 by $0.02. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the business posted $3.38 EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, research analysts forecast that Laboratory Co. of America Holdings will post 14.53 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.88 annualized dividend and a dividend yield of 1.20%. Laboratory Co. of America’s dividend payout ratio is currently 55.71%.

Analyst Ratings Changes

A number of brokerages have commented on LH. StockNews.com cut shares of Laboratory Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Piper Sandler lifted their price target on shares of Laboratory Co. of America from $235.00 to $240.00 and gave the stock a “neutral” rating in a research note on Monday, October 28th. Truist Financial lifted their price target on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays lifted their price target on shares of Laboratory Co. of America from $234.00 to $249.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, Jefferies Financial Group lifted their price target 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, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.92.

Insider Activity

In other news, CEO Adam H. Schechter sold 6,189 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $243.47, for a total value of $1,506,835.83. Following the completion of the sale, the chief executive officer now owns 87,441 shares in the company, valued at approximately $21,289,260.27. The trade was a 6.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the director now owns 13,722 shares of the company’s stock, valued at approximately $3,156,060. This trade represents a 6.79 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Laboratory Co. of America 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.