Cresset Asset Management LLC Decreases Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Cresset Asset Management LLC cut its stake in Laboratory Co. of America Holdings (NYSE:LH) by 67.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,746 shares of the medical research company’s stock after selling 5,711 shares during the quarter. Cresset Asset Management LLC’s holdings in Laboratory Co. of America were worth $630,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LH. Barclays PLC raised its stake in shares of Laboratory Co. of America by 11.8% during the 3rd quarter. Barclays PLC now owns 620,721 shares of the medical research company’s stock valued at $138,718,000 after purchasing an additional 65,356 shares during the period. Franklin Resources Inc. raised its stake in shares of Laboratory Co. of America by 27.3% during the 3rd quarter. Franklin Resources Inc. now owns 20,837 shares of the medical research company’s stock valued at $4,519,000 after purchasing an additional 4,468 shares during the period. Principal Financial Group Inc. raised its stake in shares of Laboratory Co. of America by 2.8% during the 3rd quarter. Principal Financial Group Inc. now owns 96,596 shares of the medical research company’s stock valued at $21,587,000 after purchasing an additional 2,595 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Laboratory Co. of America by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,930,395 shares of the medical research company’s stock valued at $431,405,000 after purchasing an additional 167,137 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Laboratory Co. of America by 0.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 20,275 shares of the medical research company’s stock valued at $4,531,000 after purchasing an additional 71 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Laboratory Co. of America

In other Laboratory Co. of America news, CEO Adam H. Schechter sold 6,105 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the transaction, the chief executive officer now owns 98,962 shares of the company’s stock, valued at $24,614,818.26. This represents a 5.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $255.63, for a total value of $127,815.00. Following the transaction, the director now directly owns 13,166 shares of the company’s stock, valued at $3,365,624.58. The trade was a 3.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,971 shares of company stock valued at $4,193,073 in the last 90 days. Insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

LH has been the topic of a number of research analyst reports. UBS Group decreased their target price on Laboratory Co. of America from $293.00 to $286.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Redburn Atlantic initiated coverage on Laboratory Co. of America in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $276.00 target price on the stock. Citigroup upgraded Laboratory Co. of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, March 4th. Piper Sandler restated a “neutral” rating and issued a $280.00 target price (up from $260.00) on shares of Laboratory Co. of America in a research note on Tuesday, May 6th. Finally, StockNews.com cut Laboratory Co. of America from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $270.62.

Laboratory Co. of America Trading Down 0.3%

Shares of LH stock opened at $250.24 on Wednesday. The stock has a market capitalization of $20.95 billion, a PE ratio of 28.37, a P/E/G ratio of 1.71 and a beta of 0.82. Laboratory Co. of America Holdings has a 1-year low of $191.97 and a 1-year high of $258.59. The business has a 50-day moving average of $233.54 and a 200 day moving average of $237.28. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Laboratory Co. of America had a return on equity of 15.29% and a net margin of 5.73%. Laboratory Co. of America’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business posted $3.68 EPS. As a group, sell-side analysts anticipate that Laboratory Co. of America Holdings will post 16.01 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 Wednesday, June 11th. Shareholders of record on Thursday, May 29th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.15%. Laboratory Co. of America’s payout ratio is 33.29%.

Laboratory Co. of America Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.