Concord Wealth Partners Lowers Stock Holdings in Laboratory Co. of America Holdings (NYSE:LH)

Concord Wealth Partners cut its stake in shares of Laboratory Co. of America Holdings (NYSE:LH) by 50.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 183 shares of the medical research company’s stock after selling 189 shares during the quarter. Concord Wealth Partners’ holdings in Laboratory Co. of America were worth $42,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Provence Wealth Management Group bought a new stake in shares of Laboratory Co. of America in the third quarter valued at about $29,000. Mendota Financial Group LLC purchased a new position in Laboratory Co. of America during the 4th quarter valued at about $29,000. Tradewinds Capital Management LLC bought a new stake in shares of Laboratory Co. of America in the 3rd quarter valued at about $34,000. Exchange Traded Concepts LLC purchased a new stake in shares of Laboratory Co. of America in the 3rd quarter worth approximately $37,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Laboratory Co. of America during the fourth quarter valued at approximately $60,000. Institutional investors own 95.94% of the company’s stock.

Insider Buying and Selling

In other news, Director Kerrii B. Anderson sold 250 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $200.10, for a total value of $50,025.00. Following the completion of the transaction, the director now owns 15,722 shares of the company’s stock, valued at approximately $3,145,972.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CMO Amy B. Summy sold 227 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $218.45, for a total transaction of $49,588.15. Following the sale, the chief marketing officer now directly owns 3,859 shares of the company’s stock, valued at $842,998.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kerrii B. Anderson sold 250 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $200.10, for a total transaction of $50,025.00. Following the sale, the director now owns 15,722 shares in the company, valued at approximately $3,145,972.20. The disclosure for this sale can be found here. Insiders sold a total of 57,244 shares of company stock valued at $12,360,478 over the last 90 days. Insiders own 0.85% of the company’s stock.

Laboratory Co. of America Stock Performance

Shares of LH stock opened at $201.32 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.88 and a quick ratio of 0.76. The business has a fifty day moving average of $210.48 and a 200 day moving average of $214.70. The firm has a market capitalization of $16.97 billion, a price-to-earnings ratio of 40.51, a price-to-earnings-growth ratio of 1.51 and a beta of 1.02. Laboratory Co. of America Holdings has a 1 year low of $174.20 and a 1 year high of $234.09.

Laboratory Co. of America (NYSE:LH) last released its earnings results on Thursday, April 25th. The medical research company reported $3.68 EPS for the quarter, topping analysts’ consensus estimates of $3.48 by $0.20. Laboratory Co. of America had a return on equity of 14.68% and a net margin of 3.52%. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $3.82 earnings per share. The company’s revenue was up 4.6% compared to the same quarter last year. As a group, research analysts expect that Laboratory Co. of America Holdings will post 14.87 earnings per share for the current year.

Laboratory Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Tuesday, May 28th will be paid a $0.72 dividend. The ex-dividend date is Tuesday, May 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.43%. Laboratory Co. of America’s payout ratio is currently 57.95%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. SVB Leerink assumed coverage on shares of Laboratory Co. of America in a research note on Monday, February 26th. They issued an “outperform” rating and a $260.00 price objective for the company. Truist Financial decreased their price objective on Laboratory Co. of America from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Friday, April 26th. Robert W. Baird dropped their price objective on Laboratory Co. of America from $255.00 to $244.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Barclays reduced their target price on shares of Laboratory Co. of America from $234.00 to $213.00 and set an “equal weight” rating for the company in a report on Friday, April 26th. Finally, Leerink Partnrs restated an “outperform” rating on shares of Laboratory Co. of America in a report on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Laboratory Co. of America currently has an average rating of “Moderate Buy” and a consensus target price of $243.14.

About Laboratory Co. of America

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics (Dx) and Biopharma Laboratory Services (BLS).