Westpac Banking Corp Sells 8,203 Shares of Laboratory Co. of America Holdings (NYSE:LH)

Westpac Banking Corp cut its position in Laboratory Co. of America Holdings (NYSE:LH) by 98.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 120 shares of the medical research company’s stock after selling 8,203 shares during the period. Westpac Banking Corp’s holdings in Laboratory Co. of America were worth $29,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. WealthPLAN Partners LLC bought a new position in shares of Laboratory Co. of America during the first quarter worth about $25,000. Eagle Bay Advisors LLC acquired a new stake in Laboratory Co. of America during the second quarter worth approximately $29,000. Clear Street Markets LLC grew its stake in Laboratory Co. of America by 93.3% during the first quarter. Clear Street Markets LLC now owns 174 shares of the medical research company’s stock worth $40,000 after purchasing an additional 84 shares during the period. Raleigh Capital Management Inc. grew its stake in Laboratory Co. of America by 38.7% during the first quarter. Raleigh Capital Management Inc. now owns 215 shares of the medical research company’s stock worth $49,000 after purchasing an additional 60 shares during the period. Finally, Oakworth Capital Inc. grew its stake in Laboratory Co. of America by 310.0% during the second quarter. Oakworth Capital Inc. now owns 246 shares of the medical research company’s stock worth $59,000 after purchasing an additional 186 shares during the period. 89.37% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Peter J. Wilkinson sold 1,384 shares of Laboratory Co. of America stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $210.71, for a total value of $291,622.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,087 shares in the company, valued at $439,751.77. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.65% of the stock is owned by company insiders.

Laboratory Co. of America Stock Performance

Shares of Laboratory Co. of America stock opened at $211.10 on Tuesday. The business’s fifty day simple moving average is $203.45 and its 200 day simple moving average is $212.67. The firm has a market capitalization of $17.92 billion, a P/E ratio of 28.22 and a beta of 1.07. Laboratory Co. of America Holdings has a 12 month low of $174.20 and a 12 month high of $222.33. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.57.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, October 26th. The medical research company reported $3.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.37 by $0.01. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $2.99 billion. Laboratory Co. of America had a return on equity of 14.09% and a net margin of 4.88%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.68 earnings per share. As a group, analysts anticipate that Laboratory Co. of America Holdings will post 13.58 EPS for the current year.

Laboratory Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Wednesday, November 8th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Tuesday, November 7th. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 38.50%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on LH. Wells Fargo & Company decreased their target price on Laboratory Co. of America from $290.00 to $270.00 and set an “overweight” rating for the company in a research note on Monday, August 14th. HSBC initiated coverage on Laboratory Co. of America in a research note on Wednesday, September 6th. They issued a “hold” rating and a $210.00 price objective for the company. Truist Financial reissued a “buy” rating and issued a $270.00 price objective on shares of Laboratory Co. of America in a research note on Friday, September 15th. Mizuho reduced their price objective on Laboratory Co. of America from $257.00 to $230.00 and set a “buy” rating for the company in a research note on Tuesday, October 31st. Finally, TheStreet cut Laboratory Co. of America from a “b-” rating to a “c” rating in a research note on Thursday, October 26th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $243.67.

About Laboratory Co. of America

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics and Labcorp Drug Development.