Laboratory Co. of America Holdings (NYSE:LH) Position Increased by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. raised its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 25.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,949,640 shares of the medical research company’s stock after purchasing an additional 395,197 shares during the period. Laboratory Co. of America comprises about 1.7% of Diamond Hill Capital Management Inc.’s portfolio, making the stock its 22nd largest holding. Diamond Hill Capital Management Inc. owned approximately 2.31% of Laboratory Co. of America worth $396,771,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Laboratory Co. of America during the fourth quarter worth about $291,045,000. Bank of New York Mellon Corp grew its position in shares of Laboratory Co. of America by 135.0% during the second quarter. Bank of New York Mellon Corp now owns 1,609,826 shares of the medical research company’s stock worth $327,616,000 after acquiring an additional 924,881 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Laboratory Co. of America by 58.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,613,854 shares of the medical research company’s stock worth $352,563,000 after acquiring an additional 597,571 shares during the last quarter. Veritas Investment Partners UK Ltd. grew its position in shares of Laboratory Co. of America by 32.5% during the fourth quarter. Veritas Investment Partners UK Ltd. now owns 1,140,300 shares of the medical research company’s stock worth $259,133,000 after acquiring an additional 279,628 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Laboratory Co. of America by 2,750.2% during the fourth quarter. Public Sector Pension Investment Board now owns 270,483 shares of the medical research company’s stock worth $61,478,000 after acquiring an additional 260,993 shares during the last quarter. Institutional investors own 95.94% of the company’s stock.

Insider Activity

In related news, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $223.99, for a total value of $3,359,850.00. Following the transaction, the chief financial officer now owns 31,289 shares in the company, valued at $7,008,423.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Glenn A. Eisenberg sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $223.99, for a total value of $3,359,850.00. Following the transaction, the chief financial officer now owns 31,289 shares in the company, valued at $7,008,423.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lance Berberian sold 12,093 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $229.10, for a total value of $2,770,506.30. Following the completion of the transaction, the executive vice president now owns 15,921 shares in the company, valued at approximately $3,647,501.10. The disclosure for this sale can be found here. Insiders have sold 29,679 shares of company stock worth $6,716,306 in the last 90 days. Company insiders own 0.85% of the company’s stock.

Laboratory Co. of America Price Performance

LH stock opened at $221.13 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Laboratory Co. of America Holdings has a one year low of $191.97 and a one year high of $238.46. The firm has a market capitalization of $18.57 billion, a PE ratio of 44.49, a P/E/G ratio of 1.68 and a beta of 1.06. The firm has a 50-day moving average of $220.51 and a two-hundred day moving average of $211.24.

Laboratory Co. of America (NYSE:LH) last issued its earnings results on Thursday, August 1st. The medical research company reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.16. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.19 billion. Laboratory Co. of America had a return on equity of 15.39% and a net margin of 3.60%. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.42 EPS. On average, analysts forecast that Laboratory Co. of America Holdings will post 14.67 earnings per share for the current year.

Laboratory Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were issued a $0.72 dividend. The ex-dividend date was Thursday, August 29th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.30%. Laboratory Co. of America’s dividend payout ratio is 57.95%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LH shares. StockNews.com upgraded shares of Laboratory Co. of America from a “hold” rating to a “buy” rating in a research report on Tuesday, August 20th. Barclays increased their target price on shares of Laboratory Co. of America from $213.00 to $249.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America increased their target price on shares of Laboratory Co. of America from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Evercore ISI increased their target price on shares of Laboratory Co. of America from $210.00 to $215.00 and gave the company an “in-line” rating in a research report on Tuesday, July 9th. Finally, Robert W. Baird increased their target price on shares of Laboratory Co. of America from $261.00 to $277.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $250.82.

Laboratory Co. of America Company Profile

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 (Dx) and Biopharma Laboratory Services (BLS).