Laboratory Co. of America (NYSE:LH) Issues FY 2024 Earnings Guidance

Laboratory Co. of America (NYSE:LH) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 14.450-15.350 for the period, compared to the consensus EPS estimate of 14.820. The company issued revenue guidance of $12.7 billion-$12.9 billion, compared to the consensus revenue estimate of $12.8 billion. Laboratory Co. of America also updated its FY24 guidance to $14.45-15.35 EPS.

Laboratory Co. of America Price Performance

Shares of NYSE LH opened at $198.40 on Friday. The firm has a 50-day simple moving average of $211.70 and a 200-day simple moving average of $214.75. The stock has a market capitalization of $16.69 billion, a price-to-earnings ratio of 39.92, a price-to-earnings-growth ratio of 1.49 and a beta of 1.01. The company has a quick ratio of 1.02, a current ratio of 0.88 and a debt-to-equity ratio of 0.39. Laboratory Co. of America has a 52 week low of $174.20 and a 52 week high of $234.09.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, April 25th. The medical research company reported $3.68 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.22. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Laboratory Co. of America had a net margin of 3.52% and a return on equity of 14.68%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.82 earnings per share. On average, equities analysts predict that Laboratory Co. of America will post 14.85 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Tuesday, May 28th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, May 24th. Laboratory Co. of America’s dividend payout ratio (DPR) is 57.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Truist Financial dropped their price objective on shares of Laboratory Co. of America from $270.00 to $255.00 and set a buy rating for the company in a report on Friday. Argus raised shares of Laboratory Co. of America from a hold rating to a buy rating and set a $250.00 price objective for the company in a report on Monday, March 25th. SVB Leerink assumed coverage on shares of Laboratory Co. of America in a report on Monday, February 26th. They issued an outperform rating and a $260.00 price objective for the company. Robert W. Baird dropped their price objective on shares of Laboratory Co. of America from $255.00 to $244.00 and set an outperform rating for the company in a report on Friday. Finally, Barclays dropped their price objective 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $243.14.

Insiders Place Their Bets

In other news, EVP Jonathan P. Divincenzo sold 500 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $215.49, for a total transaction of $107,745.00. Following the sale, the executive vice president now owns 3,401 shares of the company’s stock, valued at $732,881.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Glenn A. Eisenberg sold 34,504 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $215.97, for a total value of $7,451,828.88. Following the sale, the chief financial officer now owns 23,595 shares of the company’s stock, valued at $5,095,812.15. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan P. Divincenzo sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $215.49, for a total transaction of $107,745.00. Following the completion of the sale, the executive vice president now directly owns 3,401 shares in the company, valued at approximately $732,881.49. The disclosure for this sale can be found here. Insiders sold a total of 54,305 shares of company stock valued at $11,761,059 over the last 90 days. 0.85% of the stock is owned by company insiders.

Laboratory Co. of America Company Profile

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).