Cinctive Capital Management LP Buys Shares of 25,091 Laboratory Co. of America Holdings (NYSE:LH)

Cinctive Capital Management LP purchased a new position in shares of Laboratory Co. of America Holdings (NYSE:LH) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 25,091 shares of the medical research company’s stock, valued at approximately $5,754,000.

A number of other large investors have also made changes to their positions in the stock. Norges Bank acquired a new position in Laboratory Co. of America during the fourth quarter worth about $239,811,000. Amundi boosted its stake in shares of Laboratory Co. of America by 344.9% during the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company’s stock worth $263,161,000 after acquiring an additional 870,903 shares in the last quarter. Madison Investment Advisors LLC acquired a new stake in shares of Laboratory Co. of America in the 4th quarter worth approximately $123,415,000. Alliancebernstein L.P. increased its stake in Laboratory Co. of America by 59.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company’s stock valued at $234,160,000 after purchasing an additional 380,624 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Laboratory Co. of America by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 1,930,395 shares of the medical research company’s stock worth $431,405,000 after purchasing an additional 167,137 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. UBS Group cut their price target on Laboratory Co. of America from $293.00 to $286.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Morgan Stanley raised their price objective on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Barclays cut their price objective on Laboratory Co. of America from $271.00 to $260.00 and set an “equal weight” rating for the company in a research report on Friday, February 7th. Piper Sandler increased their target price on Laboratory Co. of America from $240.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Finally, Citigroup raised Laboratory Co. of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $250.00 to $300.00 in a report on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Laboratory Co. of America currently has an average rating of “Moderate Buy” and a consensus target price of $269.92.

Laboratory Co. of America Stock Down 0.0 %

Shares of Laboratory Co. of America stock opened at $232.63 on Wednesday. Laboratory Co. of America Holdings has a 1-year low of $191.97 and a 1-year high of $258.59. The company has a market capitalization of $19.47 billion, a P/E ratio of 26.38, a PEG ratio of 1.71 and a beta of 1.12. The business’s fifty day moving average price is $244.45 and its two-hundred day moving average price is $234.86. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.44 and a quick ratio of 1.30.

Laboratory Co. of America (NYSE:LH) last posted its quarterly earnings data on Thursday, February 6th. The medical research company reported $3.45 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.05. Laboratory Co. of America had a net margin of 5.73% and a return on equity of 15.29%. As a group, research analysts forecast that Laboratory Co. of America Holdings will post 16.01 EPS for the current year.

Laboratory Co. of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Thursday, February 27th were paid a dividend of $0.72 per share. The ex-dividend date was Thursday, February 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.24%. Laboratory Co. of America’s dividend payout ratio is presently 32.65%.

Insider Buying and Selling

In related news, Director Kerrii B. Anderson sold 1,000 shares of Laboratory Co. of America stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $235.00, for a total transaction of $235,000.00. Following the transaction, the director now directly owns 12,722 shares of the company’s stock, valued at $2,989,670. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Amy B. Summy sold 758 shares of the company’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $231.67, for a total transaction of $175,605.86. Following the completion of the sale, the executive vice president now directly owns 5,302 shares of the company’s stock, valued at $1,228,314.34. The trade was a 12.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,258 shares of company stock valued at $3,753,177 over the last quarter. Corporate insiders own 0.85% of the company’s stock.

Laboratory Co. of America Company Profile

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