Connor Clark & Lunn Investment Management Ltd. Takes $2.99 Million Position in Laboratory Co. of America Holdings (NYSE:LH)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Laboratory Co. of America Holdings (NYSE:LH) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 13,384 shares of the medical research company’s stock, valued at approximately $2,991,000.

A number of other large investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in Laboratory Co. of America by 135.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock valued at $327,616,000 after acquiring an additional 924,881 shares during the period. Diamond Hill Capital Management Inc. increased its holdings in Laboratory Co. of America by 25.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,949,640 shares of the medical research company’s stock valued at $396,771,000 after purchasing an additional 395,197 shares during the period. Select Equity Group L.P. bought a new position in Laboratory Co. of America during the 2nd quarter worth $73,928,000. Allspring Global Investments Holdings LLC grew its position in shares of Laboratory Co. of America by 16.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,865,460 shares of the medical research company’s stock valued at $416,893,000 after buying an additional 263,105 shares during the last quarter. Finally, Cooke & Bieler LP increased its stake in shares of Laboratory Co. of America by 26.8% in the second quarter. Cooke & Bieler LP now owns 928,250 shares of the medical research company’s stock valued at $188,908,000 after buying an additional 196,119 shares during the period. Institutional investors own 95.94% of the company’s stock.

Laboratory Co. of America Trading Down 0.2 %

Shares of Laboratory Co. of America stock opened at $239.67 on Monday. The stock has a market capitalization of $20.05 billion, a PE ratio of 46.36, a price-to-earnings-growth ratio of 1.98 and a beta of 1.05. Laboratory Co. of America Holdings has a 52 week low of $191.97 and a 52 week high of $247.99. The stock has a 50 day moving average price of $226.12 and a two-hundred day moving average price of $217.14. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.30 and a current ratio of 1.44.

Laboratory Co. of America (NYSE:LH) last announced its quarterly earnings results on Thursday, October 24th. The medical research company reported $3.50 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the business posted $3.38 EPS. Laboratory Co. of America’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, equities analysts anticipate that Laboratory Co. of America Holdings will post 14.53 earnings per share for the current fiscal year.

Laboratory Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, November 26th will be given a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.88 annualized dividend and a yield of 1.20%. Laboratory Co. of America’s payout ratio is 55.71%.

Analysts Set New Price Targets

LH has been the topic of a number of recent analyst reports. StockNews.com lowered Laboratory Co. of America from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Robert W. Baird boosted their price target on shares of Laboratory Co. of America from $282.00 to $289.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. HSBC upgraded shares of Laboratory Co. of America from a “hold” rating to a “buy” rating in a research report on Wednesday, October 30th. Hsbc Global Res upgraded shares of Laboratory Co. of America from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, Piper Sandler increased their price target on Laboratory Co. of America from $235.00 to $240.00 and gave the stock a “neutral” rating in a report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $255.92.

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 dated Monday, November 11th. The shares were sold at an average price of $243.47, for a total value of $1,506,835.83. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kerrii B. Anderson sold 1,000 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the director now owns 13,722 shares in the company, valued at approximately $3,156,060. This trade represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Laboratory Co. of America Profile

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.