Laboratory Co. of America (NYSE:LH) Announces Earnings Results

Laboratory Co. of America (NYSE:LH) released its quarterly earnings results on Thursday. The medical research company reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $3.48 by $0.20, Yahoo Finance reports. Laboratory Co. of America had a net margin of 3.52% and a return on equity of 14.68%. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $3.82 EPS. Laboratory Co. of America’s revenue for the quarter was up 4.6% on a year-over-year basis. Laboratory Co. of America updated its FY 2024 guidance to 14.450-15.350 EPS and its FY24 guidance to $14.45-15.35 EPS.

Laboratory Co. of America Price Performance

Laboratory Co. of America stock traded up $5.77 during midday trading on Monday, reaching $204.17. The company’s stock had a trading volume of 1,415,308 shares, compared to its average volume of 766,689. The stock has a market cap of $17.18 billion, a PE ratio of 39.92, a price-to-earnings-growth ratio of 1.49 and a beta of 1.01. 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 has a 52 week low of $174.20 and a 52 week high of $234.09. The business has a 50-day moving average price of $211.70 and a 200-day moving average price of $214.85.

Laboratory Co. of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Tuesday, May 28th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Tuesday, May 28th. Laboratory Co. of America’s dividend payout ratio (DPR) is presently 57.95%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LH. Truist Financial dropped their price objective on shares of Laboratory Co. of America from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Friday. Leerink Partnrs restated an “outperform” rating on shares of Laboratory Co. of America in a research report on Monday, February 26th. Evercore ISI began coverage on Laboratory Co. of America in a report on Friday, February 9th. They set an “in-line” rating and a $240.00 price objective on the stock. Argus raised shares of 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 note on Monday, March 25th. Finally, Robert W. Baird cut their price objective on Laboratory Co. of America from $255.00 to $244.00 and set an “outperform” rating for the company in a report on Friday. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Laboratory Co. of America has a consensus rating of “Moderate Buy” and a consensus price target of $243.14.

Insider Activity

In related news, COO Mark S. Schroeder sold 5,048 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $218.45, for a total transaction of $1,102,735.60. Following the sale, the chief operating officer now owns 5,036 shares of the company’s stock, valued at approximately $1,100,114.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Glenn A. Eisenberg sold 34,504 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $215.97, for a total value of $7,451,828.88. Following the completion of the sale, the chief financial officer now owns 23,595 shares of the company’s stock, valued at $5,095,812.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Mark S. Schroeder sold 5,048 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $218.45, for a total value of $1,102,735.60. Following the transaction, the chief operating officer now owns 5,036 shares of the company’s stock, valued at $1,100,114.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,305 shares of company stock worth $11,761,059. Corporate insiders own 0.85% of the company’s stock.

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).