Connor Clark & Lunn Investment Management Ltd. Makes New $2.99 Million Investment in Laboratory Co. of America Holdings (NYSE:LH)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Laboratory Co. of America Holdings (NYSE:LH) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 13,384 shares of the medical research company’s stock, valued at approximately $2,991,000.

A number of other large investors have also made changes to their positions in the company. Industrial Alliance Investment Management Inc. bought a new position in Laboratory Co. of America in the second quarter valued at approximately $27,000. SouthState Corp acquired a new stake in shares of Laboratory Co. of America during the third quarter worth $28,000. Horizon Bancorp Inc. IN bought a new stake in Laboratory Co. of America in the 3rd quarter valued at $29,000. Pathway Financial Advisers LLC acquired a new stake in shares of Laboratory Co. of America in the 1st quarter valued at about $30,000. Finally, Innealta Capital LLC bought a new stake in shares of Laboratory Co. of America in the second quarter valued at about $32,000. Institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Trading Down 0.2 %

Shares of Laboratory Co. of America stock opened at $239.67 on Monday. Laboratory Co. of America Holdings has a 1 year low of $191.97 and a 1 year high of $247.99. The company has a market capitalization of $20.05 billion, a price-to-earnings ratio of 46.36, a P/E/G ratio of 1.98 and a beta of 1.05. The business has a fifty day simple moving average of $226.12 and a two-hundred day simple moving average of $217.14. 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 (NYSE:LH) last announced its quarterly earnings results on Thursday, October 24th. The medical research company reported $3.50 EPS for the quarter, beating analysts’ consensus estimates of $3.48 by $0.02. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. Laboratory Co. of America’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.38 EPS. Research analysts forecast that Laboratory Co. of America Holdings will post 14.53 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 yield of 1.20%. The ex-dividend date of this dividend is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio is 55.71%.

Insiders Place Their Bets

In related news, CEO Adam H. Schechter sold 6,189 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $243.47, for a total transaction of $1,506,835.83. Following the sale, the chief executive officer now owns 87,441 shares of the company’s stock, valued at $21,289,260.27. This represents a 6.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kerrii B. Anderson sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the director now owns 13,722 shares in the company, valued at $3,156,060. The trade was 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.

Wall Street Analysts Forecast Growth

LH has been the topic of a number of recent research reports. HSBC raised Laboratory Co. of America from a “hold” rating to a “buy” rating in a research report on Wednesday, October 30th. Barclays boosted their price objective on shares of Laboratory Co. of America from $234.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Evercore ISI decreased their target price on shares of Laboratory Co. of America from $250.00 to $240.00 and set an “in-line” rating for the company in a research report on Tuesday, September 24th. Bank of America boosted 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 research report on Monday, August 5th. Finally, Hsbc Global Res upgraded Laboratory Co. of America from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $255.92.

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.