Penobscot Investment Management Company Inc. Grows Position in Laboratory Co. of America Holdings (NYSE:LH)

Penobscot Investment Management Company Inc. raised its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 5.8% during the first quarter, Holdings Channel.com reports. The fund owned 5,539 shares of the medical research company’s stock after buying an additional 304 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Laboratory Co. of America were worth $1,210,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of LH. Dynamic Advisor Solutions LLC bought a new stake in Laboratory Co. of America during the fourth quarter valued at about $216,000. Whittier Trust Co. of Nevada Inc. raised its holdings in Laboratory Co. of America by 1,107.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 785 shares of the medical research company’s stock valued at $178,000 after acquiring an additional 720 shares during the period. SG Americas Securities LLC raised its holdings in Laboratory Co. of America by 347.3% during the fourth quarter. SG Americas Securities LLC now owns 6,061 shares of the medical research company’s stock valued at $1,378,000 after acquiring an additional 4,706 shares during the period. Cooper Financial Group raised its holdings in Laboratory Co. of America by 21.8% during the fourth quarter. Cooper Financial Group now owns 4,190 shares of the medical research company’s stock valued at $952,000 after acquiring an additional 751 shares during the period. Finally, Salem Investment Counselors Inc. raised its holdings in Laboratory Co. of America by 202.4% during the fourth quarter. Salem Investment Counselors Inc. now owns 9,243 shares of the medical research company’s stock valued at $2,101,000 after acquiring an additional 6,186 shares during the period. 95.94% of the stock is owned by institutional investors.

Laboratory Co. of America Trading Down 3.4 %

Shares of NYSE LH traded down $7.25 during trading hours on Tuesday, reaching $207.09. The stock had a trading volume of 725,444 shares, compared to its average volume of 717,763. Laboratory Co. of America Holdings has a 52-week low of $191.97 and a 52-week high of $234.09. The firm has a market cap of $17.46 billion, a price-to-earnings ratio of 41.80, a P/E/G ratio of 1.59 and a beta of 1.05. The business’s fifty day moving average price is $203.48 and its two-hundred day moving average price is $210.89. The company has a current ratio of 0.88, a quick ratio of 0.76 and a debt-to-equity ratio of 0.39.

Laboratory Co. of America (NYSE:LH) last announced its quarterly earnings data on Thursday, April 25th. The medical research company reported $3.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.48 by $0.20. Laboratory Co. of America had a return on equity of 14.68% and a net margin of 3.52%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the firm earned $3.82 earnings per share. Laboratory Co. of America’s revenue was up 4.6% compared to the same quarter last year. Analysts expect that Laboratory Co. of America Holdings will post 14.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. StockNews.com cut Laboratory Co. of America from a “buy” rating to a “hold” rating in a report on Tuesday, June 4th. JPMorgan Chase & Co. reduced their target price on Laboratory Co. of America from $261.00 to $243.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Truist Financial reduced their target price on Laboratory Co. of America from $270.00 to $255.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Barclays reduced their target price on Laboratory Co. of America from $234.00 to $213.00 and set an “equal weight” rating on the stock in a report on Friday, April 26th. Finally, Argus upgraded Laboratory Co. of America from a “hold” rating to a “buy” rating and set a $250.00 price target for the company in a research report on Monday, March 25th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.29.

Insider Buying and Selling

In related news, CAO Peter J. Wilkinson sold 2,439 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $204.33, for a total value of $498,360.87. Following the transaction, the chief accounting officer now owns 2,087 shares of the company’s stock, valued at $426,436.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Laboratory Co. of America news, CAO Peter J. Wilkinson sold 2,439 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $204.33, for a total transaction of $498,360.87. Following the sale, the chief accounting officer now owns 2,087 shares of the company’s stock, valued at approximately $426,436.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 250 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $204.13, for a total value of $51,032.50. Following the sale, the director now directly owns 15,972 shares in the company, valued at approximately $3,260,364.36. The disclosure for this sale can be found here. Insiders have sold a total of 4,939 shares of company stock valued at $1,021,078 over the last quarter. 0.85% of the stock is owned by corporate insiders.

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).