Brooklyn Investment Group Invests $129,000 in Laboratory Co. of America Holdings (NYSE:LH)

Brooklyn Investment Group bought a new position in Laboratory Co. of America Holdings (NYSE:LH) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 577 shares of the medical research company’s stock, valued at approximately $129,000.

Other hedge funds have also recently modified their holdings of the company. Diamond Hill Capital Management Inc. lifted its stake in shares of Laboratory Co. of America by 1.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,978,686 shares of the medical research company’s stock valued at $442,197,000 after purchasing an additional 29,046 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Laboratory Co. of America by 16.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,865,460 shares of the medical research company’s stock valued at $416,893,000 after buying an additional 263,105 shares in the last quarter. Bank of New York Mellon Corp raised its position in Laboratory Co. of America by 135.0% during the second quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock worth $327,616,000 after acquiring an additional 924,881 shares during the period. FMR LLC raised its position in shares of Laboratory Co. of America by 17.0% during the 3rd quarter. FMR LLC now owns 1,586,397 shares of the medical research company’s stock worth $354,528,000 after purchasing an additional 230,708 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Laboratory Co. of America by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,417,645 shares of the medical research company’s stock valued at $288,519,000 after acquiring an additional 33,497 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Stock Performance

Shares of Laboratory Co. of America stock opened at $242.18 on Thursday. The stock has a market capitalization of $20.26 billion, a price-to-earnings ratio of 46.84, a price-to-earnings-growth ratio of 1.99 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. The business has a 50-day moving average of $226.97 and a 200 day moving average of $217.78. Laboratory Co. of America Holdings has a 12 month low of $191.97 and a 12 month high of $247.99.

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, topping the consensus estimate of $3.48 by $0.02. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.26 billion. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.38 earnings per share. As a group, sell-side analysts forecast that Laboratory Co. of America Holdings will post 14.53 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, November 26th will be paid a $0.72 dividend. The ex-dividend date 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 is currently 55.71%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LH shares. Jefferies Financial Group raised 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. Truist Financial upped their price objective on shares of Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 2nd. UBS Group increased their price target on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Piper Sandler upped their price objective on Laboratory Co. of America from $235.00 to $240.00 and gave the company a “neutral” rating in a report on Monday, October 28th. Finally, Bank of America raised their target price on Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $255.92.

Insider Transactions at Laboratory Co. of America

In other news, CEO Adam H. Schechter sold 6,189 shares of Laboratory Co. of America stock in a transaction on 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 transaction, the chief executive officer now directly owns 87,441 shares of the company’s stock, valued at $21,289,260.27. The trade was a 6.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Amy B. Summy sold 3,672 shares of Laboratory Co. of America stock in a transaction that occurred on 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 transaction, the chief marketing officer now owns 4,318 shares in the company, valued at $1,031,613.38. This trade represents a 45.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,861 shares of company stock valued at $2,853,533. 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.