Sio Capital Management LLC Has $38.73 Million Stock Position in Laboratory Co. of America Holdings (NYSE:LH)

Sio Capital Management LLC reduced its position in shares of Laboratory Co. of America Holdings (NYSE:LH) by 29.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 173,293 shares of the medical research company’s stock after selling 72,609 shares during the quarter. Laboratory Co. of America accounts for 15.4% of Sio Capital Management LLC’s investment portfolio, making the stock its biggest holding. Sio Capital Management LLC’s holdings in Laboratory Co. of America were worth $38,728,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. SouthState Corp bought a new position in Laboratory Co. of America during the third quarter worth $28,000. Horizon Bancorp Inc. IN acquired a new position in Laboratory Co. of America in the 3rd quarter valued at about $29,000. Pathway Financial Advisers LLC bought a new position in Laboratory Co. of America in the 1st quarter valued at about $30,000. Industrial Alliance Investment Management Inc. acquired a new stake in Laboratory Co. of America during the second quarter worth approximately $27,000. Finally, Innealta Capital LLC acquired a new position in shares of Laboratory Co. of America in the second quarter valued at approximately $32,000. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LH has been the subject of several recent research reports. Robert W. Baird boosted their price target on Laboratory Co. of America from $282.00 to $289.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Jefferies Financial Group upped their price objective on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Piper Sandler increased their price target on Laboratory Co. of America from $235.00 to $240.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Truist Financial boosted their price objective 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. Finally, StockNews.com downgraded Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.92.

Insiders Place Their Bets

In related 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 transaction of $1,506,835.83. Following the transaction, the chief executive officer now directly owns 87,441 shares in the company, valued at approximately $21,289,260.27. The trade was a 6.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kerrii B. Anderson sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the director now directly owns 13,722 shares of the company’s stock, valued at $3,156,060. The trade was a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,861 shares of company stock valued at $2,853,533. Corporate insiders own 0.85% of the company’s stock.

Laboratory Co. of America Stock Up 1.4 %

Laboratory Co. of America stock opened at $242.15 on Friday. The company has a market capitalization of $20.25 billion, a PE ratio of 46.84, a PEG ratio of 1.99 and a beta of 1.05. Laboratory Co. of America Holdings has a 12-month low of $191.97 and a 12-month high of $247.99. The firm’s fifty day moving average is $227.32 and its 200 day moving average is $217.95. 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 issued its 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. Laboratory Co. of America had a return on equity of 15.27% and a net margin of 3.43%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same period in the previous year, the company posted $3.38 EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts predict that Laboratory Co. of America Holdings will post 14.53 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.19%. Laboratory Co. of America’s dividend payout ratio (DPR) is currently 55.71%.

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.