Wedge Capital Management L L P NC Sells 17,868 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Wedge Capital Management L L P NC reduced its position in Laboratory Co. of America Holdings (NYSE:LH) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 125,100 shares of the medical research company’s stock after selling 17,868 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Laboratory Co. of America were worth $28,688,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. SouthState Corp acquired a new stake in Laboratory Co. of America during the 3rd quarter worth about $28,000. Horizon Bancorp Inc. IN acquired a new stake in Laboratory Co. of America during the third quarter worth approximately $29,000. Fortitude Family Office LLC increased its holdings in Laboratory Co. of America by 312.5% in the fourth quarter. Fortitude Family Office LLC now owns 132 shares of the medical research company’s stock worth $30,000 after purchasing an additional 100 shares in the last quarter. Riverview Trust Co lifted its stake in Laboratory Co. of America by 172.6% in the third quarter. Riverview Trust Co now owns 169 shares of the medical research company’s stock valued at $38,000 after buying an additional 107 shares during the period. Finally, Concord Wealth Partners boosted its holdings in shares of Laboratory Co. of America by 43.3% during the 3rd quarter. Concord Wealth Partners now owns 172 shares of the medical research company’s stock worth $38,000 after buying an additional 52 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Laboratory Co. of America

In other news, CEO Adam H. Schechter sold 6,189 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 87,441 shares in the company, valued at approximately $21,289,260.27. This represents a 6.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Amy B. Summy sold 3,672 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $238.91, for a total value of $877,277.52. Following the completion of the sale, the chief marketing officer now owns 4,318 shares in the company, valued at $1,031,613.38. This represents a 45.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,572 shares of company stock worth $6,145,209 in the last quarter. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on LH shares. Bank of America boosted their target price on shares of Laboratory Co. of America from $262.00 to $271.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Jefferies Financial Group reissued a “buy” rating and set a $275.00 price objective (up previously from $265.00) on shares of Laboratory Co. of America in a research report on Tuesday, December 10th. HSBC raised Laboratory Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price objective on Laboratory Co. of America from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Evercore ISI upgraded Laboratory Co. of America from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $260.00 to $265.00 in a report on Tuesday, January 7th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $260.54.

Laboratory Co. of America Stock Performance

LH stock opened at $238.44 on Friday. The business has a 50 day moving average of $234.80 and a 200-day moving average of $225.60. The firm has a market cap of $19.94 billion, a PE ratio of 46.12, a P/E/G ratio of 1.73 and a beta of 1.06. Laboratory Co. of America Holdings has a 12-month low of $191.97 and a 12-month high of $247.99. The company has a quick ratio of 1.30, a current ratio of 1.44 and a debt-to-equity ratio of 0.66.

Laboratory Co. of America (NYSE:LH) last announced its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.48 by $0.02. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The business’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $3.38 EPS. As a group, sell-side analysts expect that Laboratory Co. of America Holdings will post 14.51 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Thursday, February 27th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.21%. Laboratory Co. of America’s dividend payout ratio is currently 55.71%.

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.