Synovus Financial Corp Sells 240 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Synovus Financial Corp lessened its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 14.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,428 shares of the medical research company’s stock after selling 240 shares during the quarter. Synovus Financial Corp’s holdings in Laboratory Co. of America were worth $319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Industrial Alliance Investment Management Inc. purchased a new position in Laboratory Co. of America during the second quarter valued at approximately $27,000. SouthState Corp purchased a new position in shares of Laboratory Co. of America during the 3rd quarter valued at $28,000. Horizon Bancorp Inc. IN purchased a new position in shares of Laboratory Co. of America during the 3rd quarter valued at $29,000. Innealta Capital LLC purchased a new stake in Laboratory Co. of America in the 2nd quarter worth $32,000. Finally, Family Firm Inc. purchased a new stake in Laboratory Co. of America in the 2nd quarter worth $37,000. Institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Stock Down 2.0 %

Shares of LH opened at $226.31 on Thursday. 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 Holdings has a 52-week low of $191.97 and a 52-week high of $247.99. The company has a market cap of $18.93 billion, a PE ratio of 43.77, a P/E/G ratio of 1.91 and a beta of 1.05. The business has a fifty day moving average of $231.65 and a 200 day moving average of $221.10.

Laboratory Co. of America (NYSE:LH) last released 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 firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the firm posted $3.38 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. On average, sell-side analysts expect that Laboratory Co. of America Holdings will post 14.52 EPS for the current year.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, November 26th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.27%. The ex-dividend date was Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio is presently 55.71%.

Wall Street Analyst Weigh In

LH has been the subject of a number of recent analyst reports. Bank of America upped their price objective on Laboratory Co. of America from $262.00 to $271.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Morgan Stanley increased their price objective on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday. StockNews.com lowered shares of Laboratory Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. Robert W. Baird lifted their price target on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Barclays increased their price objective on shares of Laboratory Co. of America from $234.00 to $249.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Five equities 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $258.62.

Insider Activity at Laboratory Co. of America

In other news, 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 transaction of $230,000.00. Following the transaction, the director now owns 13,722 shares in the company, valued at approximately $3,156,060. This trade represents a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Glenn A. Eisenberg sold 11,711 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $240.43, for a total transaction of $2,815,675.73. Following the completion of the sale, the executive vice president now directly owns 31,289 shares of the company’s stock, valued at approximately $7,522,814.27. This trade represents a 27.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,572 shares of company stock worth $5,910,209 in the last 90 days. 0.85% of the stock is owned by corporate insiders.

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.