Parsons Capital Management Inc. RI Cuts Stock Holdings in Laboratory Co. of America Holdings (NYSE:LH)

Parsons Capital Management Inc. RI cut its stake in Laboratory Co. of America Holdings (NYSE:LH) by 10.9% in the fourth quarter, HoldingsChannel reports. The firm owned 2,272 shares of the medical research company’s stock after selling 277 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Laboratory Co. of America were worth $521,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AXA S.A. grew its position in shares of Laboratory Co. of America by 523.2% during the second quarter. AXA S.A. now owns 10,283 shares of the medical research company’s stock worth $2,093,000 after buying an additional 8,633 shares in the last quarter. MBB Public Markets I LLC acquired a new position in Laboratory Co. of America during the 2nd quarter worth approximately $1,180,000. Mackenzie Financial Corp increased its position in shares of Laboratory Co. of America by 65.1% in the 2nd quarter. Mackenzie Financial Corp now owns 13,384 shares of the medical research company’s stock valued at $2,724,000 after purchasing an additional 5,275 shares during the last quarter. Creative Planning raised its holdings in shares of Laboratory Co. of America by 14.7% in the 2nd quarter. Creative Planning now owns 12,854 shares of the medical research company’s stock valued at $2,616,000 after purchasing an additional 1,646 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Laboratory Co. of America by 19.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the medical research company’s stock worth $1,152,000 after purchasing an additional 913 shares during the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. HSBC upgraded Laboratory Co. of America from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. Evercore ISI upgraded Laboratory Co. of America from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $260.00 to $265.00 in a research note on Tuesday, January 7th. Robert W. Baird increased 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 research note on Friday, October 25th. Bank of America upped their target price on shares of Laboratory Co. of America from $262.00 to $271.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, UBS Group reduced their price target on shares of Laboratory Co. of America from $293.00 to $286.00 and set a “buy” rating for the company in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $261.77.

Insider Buying and Selling at Laboratory Co. of America

In other news, CEO Adam H. Schechter sold 6,189 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $243.47, for a total transaction of $1,506,835.83. Following the completion of the transaction, the chief executive officer now directly owns 87,441 shares of the company’s stock, valued at approximately $21,289,260.27. This represents a 6.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 1,000 shares of Laboratory Co. of America stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $239.42, for a total value of $239,420.00. Following the completion of the sale, the executive vice president now owns 2,670 shares in the company, valued at approximately $639,251.40. This trade represents a 27.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,572 shares of company stock valued at $5,915,209. 0.85% of the stock is owned by company insiders.

Laboratory Co. of America Stock Down 0.5 %

Laboratory Co. of America stock opened at $248.44 on Wednesday. The stock has a 50 day moving average of $235.19 and a two-hundred day moving average of $227.66. Laboratory Co. of America Holdings has a twelve month low of $191.97 and a twelve month high of $250.56. The stock has a market capitalization of $20.78 billion, a price-to-earnings ratio of 48.05, a PEG ratio of 1.81 and a beta of 1.06. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66.

Laboratory Co. of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Thursday, February 27th will be given a $0.72 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $2.88 dividend on an annualized basis and a yield of 1.16%. Laboratory Co. of America’s dividend payout ratio (DPR) is 55.71%.

About Laboratory Co. of America

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.