CIBC Asset Management Inc Acquires 910 Shares of Laboratory Co. of America Holdings (NYSE:LH)

CIBC Asset Management Inc lifted its stake in Laboratory Co. of America Holdings (NYSE:LH) by 8.0% during the third quarter, HoldingsChannel reports. The firm owned 12,285 shares of the medical research company’s stock after purchasing an additional 910 shares during the period. CIBC Asset Management Inc’s holdings in Laboratory Co. of America were worth $2,745,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Laboratory Co. of America by 2.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 114,488 shares of the medical research company’s stock valued at $25,012,000 after acquiring an additional 2,934 shares in the last quarter. Great Valley Advisor Group Inc. bought a new position in shares of Laboratory Co. of America during the 2nd quarter worth $473,000. CANADA LIFE ASSURANCE Co increased its stake in shares of Laboratory Co. of America by 18.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 150,046 shares of the medical research company’s stock valued at $32,802,000 after buying an additional 23,860 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in shares of Laboratory Co. of America by 13.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 187,286 shares of the medical research company’s stock valued at $40,259,000 after acquiring an additional 22,759 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Laboratory Co. of America by 35.4% in the second quarter. SG Americas Securities LLC now owns 31,435 shares of the medical research company’s stock worth $6,397,000 after acquiring an additional 8,218 shares during the period. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Robert W. Baird increased their price objective 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. Barclays boosted their price target on Laboratory Co. of America from $234.00 to $249.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Truist Financial raised their price objective on Laboratory Co. of America from $255.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. UBS Group boosted their target price on shares of Laboratory Co. of America from $260.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Jefferies Financial Group raised their price target on shares of Laboratory Co. of America from $245.00 to $265.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $255.92.

Laboratory Co. of America Price Performance

Shares of NYSE:LH opened at $238.64 on Tuesday. Laboratory Co. of America Holdings has a twelve month low of $191.97 and a twelve month high of $247.99. The company has a current ratio of 1.44, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66. The company has a market cap of $19.96 billion, a PE ratio of 46.16, a price-to-earnings-growth ratio of 1.93 and a beta of 1.05. The company’s 50 day moving average is $224.64 and its 200 day moving average is $216.10.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, October 24th. The medical research company reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.48 by $0.02. Laboratory Co. of America had a net margin of 3.43% and a return on equity of 15.27%. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the company posted $3.38 earnings per share. The firm’s revenue was up 7.4% compared to the same quarter last year. On average, sell-side analysts forecast that Laboratory Co. of America Holdings will post 14.53 EPS for the current year.

Laboratory Co. of America Dividend Announcement

The business 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 dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.21%. The ex-dividend date is Tuesday, November 26th. Laboratory Co. of America’s dividend payout ratio (DPR) is 55.71%.

Insider Activity at Laboratory Co. of America

In related news, Director Kerrii B. Anderson sold 1,000 shares of Laboratory Co. of America stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the director now owns 13,722 shares in the company, valued at $3,156,060. The trade was a 6.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $1,506,835.83. Following the transaction, the chief executive officer now owns 87,441 shares in the company, valued at $21,289,260.27. This represents a 6.61 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is owned by company insiders.

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.