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

Laboratory Co. of America (NYSE:LH) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 14.300-14.700 for the period, compared to the consensus earnings per share estimate of 14.560. The company issued revenue guidance of $13.0 billion-$13.1 billion, compared to the consensus revenue estimate of $13.0 billion.

Laboratory Co. of America Stock Down 0.3 %

NYSE LH opened at $219.90 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.88 and a quick ratio of 0.77. The company’s 50 day simple moving average is $222.47 and its 200 day simple moving average is $212.14. Laboratory Co. of America has a 12 month low of $191.97 and a 12 month high of $238.46. The company has a market capitalization of $18.54 billion, a P/E ratio of 44.25, a PEG ratio of 1.67 and a beta of 1.05.

Laboratory Co. of America (NYSE:LH) last released its earnings results on Thursday, August 1st. The medical research company reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.16. Laboratory Co. of America had a net margin of 3.60% and a return on equity of 15.39%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the firm earned $3.42 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts expect that Laboratory Co. of America will post 14.56 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 Friday, December 13th. Investors of record on Tuesday, November 26th will be issued a $0.72 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.31%. Laboratory Co. of America’s payout ratio is currently 57.95%.

Wall Street Analyst Weigh In

LH has been the topic of several analyst reports. StockNews.com raised shares of Laboratory Co. of America from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Truist Financial lifted their target price on shares of 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. Bank of America lifted their target price on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Jefferies Financial Group lifted their target price 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. Finally, Piper Sandler initiated coverage on shares of Laboratory Co. of America in a research report on Tuesday, October 1st. They issued a “neutral” rating and a $235.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $251.85.

Insiders Place Their Bets

In other Laboratory Co. of America news, EVP Der Vaart Sandra D. Van sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $227.05, for a total value of $454,100.00. Following the completion of the sale, the executive vice president now directly owns 3,670 shares of the company’s stock, valued at $833,273.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Der Vaart Sandra D. Van sold 2,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $227.05, for a total value of $454,100.00. Following the completion of the sale, the executive vice president now directly owns 3,670 shares in the company, valued at approximately $833,273.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Glenn A. Eisenberg sold 15,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $223.99, for a total transaction of $3,359,850.00. Following the completion of the sale, the chief financial officer now owns 31,289 shares of the company’s stock, valued at $7,008,423.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,679 shares of company stock valued at $6,716,306 over the last ninety days. Corporate insiders own 0.85% of the company’s stock.

About Laboratory Co. of America

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.